LIBOR Tranche Clause Samples
A LIBOR Tranche clause defines a specific portion of a loan or credit facility that is subject to an interest rate based on the London Interbank Offered Rate (LIBOR). This clause typically outlines the amount, duration, and applicable interest calculation method for the tranche, and may specify how interest periods are selected or reset. By segmenting the loan into LIBOR-based tranches, the clause allows borrowers and lenders to manage interest rate exposure and align financing terms with market benchmarks, thereby providing flexibility and predictability in interest payments.
LIBOR Tranche. The Borrowers shall give the Bank irrevocable notice of each conversion or continuation either orally or in writing (by delivering to the Bank a properly completed and executed Disbursement Request) no later than 5:00 p.m., Tulsa time, at least one (1) Business Day prior to the conversion or continuation date; provided, however, that the Borrowers shall confirm all oral conversion or continuation notices under the Revolving Credit Facility by delivering to the Bank a properly completed and executed Disbursement Request within three (3) Business Days after the date of the oral request. Each conversion or continuation notice shall specify (i) the proposed conversion or continuation date (which shall be a Business Day), (ii) the aggregate amount to be converted or continued, (iii) the nature of the proposed conversion or continuation, and (iv) in the case of conversion to or continuation as a LIBOR Tranche, the requested Interest Period. No LIBOR Tranche may be converted or continued (i) at any time other than on the last day of the Interest Period applicable thereto, or (ii) at any time that a Default or Event of Default has occurred and is continuing.
LIBOR Tranche. LIBOR Tranche" shall mean each portion of the ------------- Advances under the Revolving Credit Facility which the Borrowers designate as such pursuant to a Rate Election.
LIBOR Tranche. The unpaid principal of each LIBOR Tranche ------------- pursuant to the Note shall bear interest for the Interest Period applicable thereto at a rate per annum which shall be equal to the lesser of (i) the Adjusted LIBOR Rate for the Interest Period applicable thereto, or (ii) the Highest Lawful Rate.
LIBOR Tranche. Borrower shall pay interest in arrears on the unpaid principal amount of each LIBOR Tranche at the Adjusted LIBO Rate, (1) with respect to any LIBOR Tranche having a LIBOR Interest Period longer than 3 months, on the 3 month anniversary of the first day of such LIBOR Interest Period, (2) on the last day of the applicable LIBOR Interest Period, (3) with respect to the Revolving Credit LIBOR Tranches, if any, on the Termination Date, (4) with respect to the Term Loan LIBOR Tranches, if any, on the Term Loan Maturity Date, and (5) with respect to the Acquisition LIBOR Tranches, if any, on the Converted Loan Maturity Date.
LIBOR Tranche. If a Tranche is an Alternate Base Rate Tranche, Borrower may wholly prepay it at any time and may make partial prepayments thereon from time to time, without penalty or premium, but only if (i) Borrower gives Lender written notice (which may be mailed, personally delivered or telecopied as provided in Section 22.1) of Borrower's intention to make such prepayment at least one Business Day prior to tendering the prepayment, (ii) the total amount of the prepayment is a whole multiple of $150,000, and (iii) Borrower pays any accrued interest on the amount prepaid at the time of such prepayment.