Additional Provisions Relating to LIBOR Rate Sample Clauses
The "Additional Provisions Relating to LIBOR Rate" clause defines how a contract will address issues arising from the use of the London Interbank Offered Rate (LIBOR) as a reference interest rate. It typically outlines procedures for determining an alternative rate if LIBOR becomes unavailable or is discontinued, and may specify how adjustments to payments or calculations should be made in such cases. This clause ensures that the contract remains enforceable and that interest calculations can continue smoothly, thereby mitigating the risk of uncertainty or disputes due to changes in benchmark interest rates.
Additional Provisions Relating to LIBOR Rate. The following provisions shall apply with respect to the LIBOR Rate:
(i) At the Loan Opening, the Borrowers shall deliver to the Lender a single LIBOR Loan Request, which shall establish a single LIBOR Loan in an amount equal to the entire amount of proceeds disbursed on this Note at the Loan Opening, with an Interest Period of one month, and if the Borrowers do not deliver such a LIBOR Loan Request the Borrowers shall be deemed to have done so. At the time of each subsequent disbursement of proceeds disbursed on this Note, the Borrowers shall deliver to the Lender a single LIBOR Loan Request, which shall establish a single LIBOR Loan in an amount equal to the entire amount of such disbursement, with an Interest Period of one month, and if the Borrowers do not deliver such a LIBOR Loan Request the Borrowers shall be deemed to have done so. If on the first day of any Interest Period more than one LIBOR Loan is outstanding, such multiple LIBOR Loans shall be combined into a single LIBOR Loan.
(ii) If pursuant to the LIBOR Loan Request, the initial Interest Period of any LIBOR Loan commences on any day other than the first Business Day of any month, then the initial Interest Period of such LIBOR Loan shall end on the first day of the following calendar month, beginning the first day of the month of March, 2015, notwithstanding the Interest Period specified in the LIBOR Loan Request, and the LIBOR Rate used in calculating the interest rate for such LIBOR Loan shall be a per annum rate of interest equal to LIBOR for an interest period equal to the length of such partial month, plus the Applicable Margin. At the end of each Interest Period for each LIBOR Loan, such LIBOR Loan shall automatically renew (a “LIBOR Rollover”) for the Interest Period specified in the LIBOR Loan Request at the then current LIBOR Rate, except that an Interest Period for a LIBOR Loan shall not automatically renew with respect to any principal amount which is scheduled to be repaid before the last day of the applicable Interest Period, and any such amounts shall bear interest at the Floating Rate, until repaid.
Additional Provisions Relating to LIBOR Rate. The following provisions shall apply with respect to the LIBOR Rate: (i) At the Loan Opening, the Borrowers shall deliver to the Lender a single LIBOR Loan Request, which shall establish a single LIBOR Loan in an amount equal to the entire amount of proceeds disbursed on this Note at the Loan Opening, with an Interest Period of one month, and if the Borrowers do not deliver such a LIBOR Loan Request the Borrowers shall be deemed to have done so. At the time of each subsequent disbursement of proceeds disbursed on this Note, the Borrowers shall deliver to the Lender a single LIBOR Loan Request, which shall establish a single LIBOR Loan in an amount equal to the entire amount of such disbursement, with an Interest Period of one month, and if the Borrowers do not deliver such a LIBOR Loan Request the Borrowers shall be deemed to have done so. If on the first day of any Interest Period more than one LIBOR Loan is outstanding, such multiple LIBOR Loans shall be combined into a single LIBOR Loan.
Additional Provisions Relating to LIBOR Rate. The following provisions shall apply with respect to the LIBOR Rate:
(i) At the Loan Opening, the Borrower shall deliver to the Lender a single LIBOR Loan Request, which shall establish a single LIBOR Loan in an amount equal to the entire amount of proceeds disbursed on this Note at the Loan Opening, with an Interest Period of one month.
(ii) If pursuant to the LIBOR Loan Request, the initial Interest Period of any LIBOR Loan commences on any day other than the first Business Day of any month, then the initial Interest Period of such LIBOR Loan shall end on the first day of the following calendar month, notwithstanding the Interest Period specified in the LIBOR Loan Request, and the LIBOR Rate for such LIBOR Loan shall be a per annum rate of interest equal to the greater of (i) LIBOR for an interest period equal to the length of such partial month, plus the Applicable Margin, or (ii) 6.0%. Thereafter, each LIBOR Loan shall automatically renew (a “LIBOR Rollover”) for the Interest Period specified in the LIBOR Loan Request at the then current LIBOR Rate, except that an Interest Period for a LIBOR Loan shall not automatically renew with respect to any principal amount which is scheduled to be repaid before the last day of the applicable Interest Period, and any such amounts shall bear interest at the Floating Rate, until repaid.