Common use of Requests for LIBOR Loans Clause in Contracts

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.