Additional Libor Loan Provisions Sample Clauses
The "Additional LIBOR Loan Provisions" clause sets out specific terms and conditions that apply to loans referencing the London Interbank Offered Rate (LIBOR). It typically addresses issues such as what happens if LIBOR becomes unavailable, how interest rates are calculated if LIBOR is discontinued, and the process for selecting an alternative benchmark rate. For example, the clause may specify that if LIBOR is no longer published, the lender and borrower will agree on a replacement rate, or that a fallback mechanism will automatically apply. The core function of this clause is to ensure continuity and clarity in loan agreements in the event of changes or disruptions to the LIBOR benchmark, thereby reducing uncertainty and risk for both parties.
Additional Libor Loan Provisions. 24 2.5 Interest and Fee Computation; Collection of Funds..............................................26 2.6
Additional Libor Loan Provisions. (a) Notwithstanding the foregoing, if as a result of any change in any foreign or United States law or regulation (or change in the interpretation thereof) it is determined by Bank that it is unlawful to maintain a LIBOR Loan, or if any central bank or governmental authority (foreign or domestic) shall assert that it is unlawful to maintain a LIBOR Loan, then such LIBOR Loan shall terminate and the Borrower shall have no further right hereunder to elect or maintain a LIBOR Loan. If the Bank determines that by reason of circumstances affecting the London interbank market, adequate and reasonable means do not exist for determining the LIBOR in the relevant amount and for the relevant maturity are not available to the Bank in the London interbank market, with respect to a proposed LIBOR Loan, the Bank shall give the Borrower prompt notice of such determination. Until such notice has been withdrawn, the Bank shall have no obligation to make any LIBOR Loan, or maintain outstanding LIBOR Loans and the Bank may substitute its Prime Rate or other comparable interest rate for the LIBOR.
(b) If, due to any one or more of: (i) the introduction of any applicable law or regulation or any change in the interpretation or application by any authority charged with the interpretation or application thereof of any law or regulation; or (ii) the compliance with any guideline or request from any governmental central bank or other governmental authority (whether or not having the force of law), there shall be an increase in the cost to the Bank of agreeing to make or making, funding or maintaining LIBOR Loans with respect to all or any portion of the LIBOR Loans, or any corporation controlling the Bank, on account thereof, then the Borrower from time to time shall, upon written demand by the Bank, pay the Bank additional amounts sufficient to indemnify the Bank against the increased cost. A certificate as to the amount of the increased cost and the reason therefor submitted to the Borrowers by the Bank in the absence of manifest error, shall be conclusive and binding for all purposes.
(c) The election by the Borrower of LIBOR Loans under the Line of Credit shall each be in the minimum amount of Five Hundred Thousand Dollars ($500,000) and there shall be no more than four (4) LIBOR Loans outstanding at any one time. Any Interest Period chosen by the Borrower will be so structured that the principal amount to be repaid at maturity under such Loan shall either be a Prime Loan, or ...
Additional Libor Loan Provisions. 9 2.4 Conversion of Revolving Loans; Procedure.......................................................10 2.5 Procedure at End of Interest Period............................................................
Additional Libor Loan Provisions. Intentionally omitted.
Additional Libor Loan Provisions. (a) Intentionally deleted.
Additional Libor Loan Provisions
Additional Libor Loan Provisions