Additional LIBOR Rate Loan Provisions Sample Clauses
The "Additional LIBOR Rate Loan Provisions" clause defines the terms and conditions that apply to loans referencing the London Interbank Offered Rate (LIBOR) as a benchmark interest rate. It typically outlines procedures for calculating interest payments, addresses what happens if LIBOR becomes unavailable or is replaced, and may specify fallback rates or alternative calculation methods. This clause ensures that both lender and borrower have clear guidance on how interest will be determined in changing market conditions, thereby reducing uncertainty and mitigating the risk of disputes if LIBOR is discontinued or altered.
Additional LIBOR Rate Loan Provisions. (a) If any Lender determines that the making or maintaining of a LIBOR Rate Loan would violate any applicable law, rule regulation or directive, whether or not having the force of law, then the obligation of the Lenders to make or continue LIBOR Rate Loans, or to convert Base Rate Loans into LIBOR Rate Loans, shall be suspended until the Agent notifies the Company that the circumstances causing such suspension no longer exist. During any such period, all LIBOR Rate Loans shall automatically convert into Base Rate Loans at the end of the applicable Interest Period or sooner if required by law.
(b) If the Agent is unable to determine the LIBOR Rate in respect of a requested Interest Period or the Majority Lenders are unable to obtain deposits of United States dollars in the London interbank market in the applicable amounts and for the requested Interest Period, then, upon notice from the Agent to the Company, the obligation of the Lenders to make or continue LIBOR Rate Loans, or to convert Base Rate Loans into LIBOR Rate Loans, shall be suspended until the Agent notifies the Company that the circumstances causing such suspension no longer exist.
(c) If any Lender shall incur any loss or expense (including any loss or expense incurred by reason of a liquidation or redeployment of deposits or other funds acquired by such Lender to make, continue or maintain any portion of a LIBOR Rate Loan, or to convert any portion of a Base Rate Loan into a LIBOR Rate Loan) as a result of: (i) any conversion or repayment or prepayment of the principal amount of LIBOR Rate Loan on a date other than the last day of the Interest Period applicable thereto (whether as a result of acceleration, prepayment or otherwise); (ii) any Revolving Loan not being made as a LIBOR Rate Loan in accordance with the Notice of Borrowing therefor; or (iii) any Loan not being continued as, or converted into, a LIBOR Rate Loan in accordance with the Continuation/ Conversion Notice therefore, then, upon written notice from such Lender to the Company, the Company shall, within ten days of its receipt thereof, pay to such Lender such amount as will (in the reasonable determination of such Lender) reimburse such Lender for such loss or expense. Such written notice (which shall include calculations in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on the Company.
Additional LIBOR Rate Loan Provisions. (a) If any Lender determines that the making or maintaining of a LIBOR Rate Loan would violate any applicable law, rule regulation or directive, whether or not having the force of law, then the obligation of the Lenders to make or continue LIBOR Rate Loans, or to convert Daily LIBOR Rate Loans into LIBOR Rate Loans, shall be suspended until the Agent notifies the Borrower that the circumstances causing such suspension no longer exist. During any such period, all LIBOR Rate Loans shall automatically convert into Daily LIBOR Rate Loans at the end of the applicable loan period or sooner if required by law.
(b) If the Agent is unable to determine the LIBOR rate in respect of a requested LIBOR Rate Loan or the Lenders are unable to obtain deposits of United States dollars in the London interbank market in the applicable amounts and for the requested Loan Period, then, upon notice from the Agent to the Borrower, the obligation of the Lenders to make or continue LIBOR Rate Loans, or to convert Daily LIBOR Rate Loans into LIBOR Rate Loans, shall be suspended until the Agent notifies the Borrower that the circumstances causing such suspension no longer exist.
(c) No more than 10 LIBOR Rate Loans shall be outstanding at any time.
Additional LIBOR Rate Loan Provisions. (a) If the Bank determines that the making or maintaining of a LIBOR Rate Loan would violate any applicable law, rule regulation or directive, whether or not having the force of law, then the obligation of the Bank to make, continue, maintain or convert any LIBOR Rate Loan shall be suspended until the Bank notifies the Company that the circumstances causing such suspension no longer exist. During any such period, each LIBOR Rate Loan shall automatically bear interest at the Prime Rate.
(b) If the Bank is unable to determine the LIBOR Rate or is unable to obtain deposits of United States dollars in the London interbank market in the applicable amounts and for a period of one month, then, upon notice from the Bank to the Company, the obligation of the Bank to make any LIBOR Rate Loan, shall be suspended until the Bank notifies the Company that the circumstances causing such suspension no longer exist. During any such period, each LIBOR Rate Loan shall automatically bear interest at the Prime Rate.
Additional LIBOR Rate Loan Provisions