LIBOR Loan Limitations Sample Clauses
The LIBOR Loan Limitations clause sets boundaries on the use of loans that are based on the London Interbank Offered Rate (LIBOR) as a reference interest rate. Typically, this clause outlines conditions under which LIBOR-based loans may be restricted, such as in the event of LIBOR's unavailability, regulatory changes, or market disruptions. For example, it may specify alternative rates to be used or procedures to follow if LIBOR is discontinued. The core function of this clause is to ensure that both parties have a clear process for handling situations where LIBOR cannot be used, thereby reducing uncertainty and mitigating financial risk.
LIBOR Loan Limitations. Individual LIBOR Loans shall be in the minimum amount of Three Million and No/100 Dollars ($3,000,000.00) each (and in multiples of $1,000,000 if in excess thereof). No more than four (4) LIBOR Loans may be outstanding under the Revolving Credit Loan.
LIBOR Loan Limitations. Except for Revolving Credit Loans made for the purpose of reimbursing the Issuing Lender in respect of a drawing under a Letter of Credit pursuant to Section 2.17.5, individual LIBOR Loans shall be in the minimum amount of $1,000,000.00 each and shall be requested in increments of $500,000.00. For purposes hereof, LIBOR Loans with different Interest Periods shall be considered as separate LIBOR Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new single LIBOR Loan with a single Interest Period. No more than eight (8) LIBOR Loans may be outstanding hereunder at any time.
LIBOR Loan Limitations. Individual LIBOR Loans shall be in the minimum amount of $1,000,000.00 each and shall be requested in increments of $500,000.00. For purposes hereof, LIBOR Loans with different Interest Periods shall be considered as separate LIBOR Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new single LIBOR Loan with a single Interest Period. No more than five (5) LIBOR Loans may be outstanding hereunder at any time.