Requests for LIBOR Loans Sample Clauses
The "Requests for LIBOR Loans" clause defines the procedures and requirements a borrower must follow to request a loan that accrues interest based on the London Interbank Offered Rate (LIBOR). Typically, this clause outlines the necessary advance notice period, the information that must be included in the request (such as the amount, interest period, and date), and any conditions that must be met before the lender will process the request. Its core practical function is to ensure both parties have a clear, standardized process for initiating LIBOR-based loans, thereby reducing misunderstandings and administrative errors.
Requests for LIBOR Loans. Borrower shall give the Lender its irrevocable Request for each LIBOR Loan specifying:
(i) the Draw Date for the LIBOR Loan, which may be the same day for Daily LIBOR Loans and which must be at least two (2) LIBOR Business Days following the date of the Request for other LIBOR Loans;
(ii) the aggregate amount of such LIBOR Loan, which amount shall not be less than the Minimum Borrowing Amount;
(iii) the applicable LIBOR Rate selection and corresponding Interest Period duration unless the Request is for a Daily LIBOR Loan; and
(iv) whether the Automatic Continuation Option will be in effect for such LIBOR Loan unless the Request is for a Daily LIBOR Loan. The Automatic Continuation Option shall be in effect for each Daily LIBOR Loan and for each other LIBOR Loan unless otherwise specified by Borrower in writing.
Requests for LIBOR Loans. Borrower may give the Lender its irrevocable Request for each LIBOR Loan specifying:
(i) the Draw Date for the LIBOR Loan, which may be the same day for Daily LIBOR Loans and which must be at least two (2) LIBOR Business Days following the date of the Request for other LIBOR Loans;
(ii) the aggregate amount of such LIBOR Loan, which amount shall be not less than the Minimum Borrowing Amount;
(iii) the applicable LIBOR Rate selection and corresponding Interest Period duration; and
(iv) whether the Automatic Continuation Option will be in effect for such LIBOR Loan unless the Request is for a Daily LIBOR Loan. The Automatic Continuation Option shall be in effect for each Daily LIBOR Loan and unless otherwise specified by the Borrower in writing shall be in effect for each other LIBOR Loan. No more than four LIBOR Loan elections for other than Daily LIBOR Loans may be in effect at any one time.