Common use of Date of Rate Determination Clause in Contracts

Date of Rate Determination. The LIBOR Rate in effect for any applicable Interest Period shall be determined using LIBOR in effect on the following dates, as applicable: (i) for new LIBOR Loans that are not Daily LIBOR Loans, two (2) LIBOR Business Days before the Draw Date; (ii) for continuations of and conversions to LIBOR Loans, the LIBOR Business Day the Lender receives (or is deemed to receive) the required Notice in accordance with the terms of this Agreement; (iii) for Daily LIBOR Loans, as in effect on the Draw Date; and (iv) for LIBOR Loans where the Automatic Continuation Option is in effect, the applicable Automatic Adjustment Rate Determination Date for such LIBOR Loan.