{"component": "clause", "props": {"groups": [{"snippet": "The interest rate applicable to each LIBOR Advance shall be determined in accordance with Section 3.6(a) hereunder. Subject to Sections 3.6 and 3.7, such rate shall apply during the entire Interest Period applicable to such LIBOR Advance, and interest calculated thereon shall be payable on the Interest Payment Date applicable to such LIBOR Advance.", "samples": [{"hash": "dK7z2x7vJ8r", "uri": "/contracts/dK7z2x7vJ8r#libor-advances", "label": "Loan and Security Agreement", "score": 31.340862423, "published": true}, {"hash": "7LIQUzMuYTF", "uri": "/contracts/7LIQUzMuYTF#libor-advances", "label": "Loan and Security Agreement", "score": 31.340862423, "published": true}, {"hash": "kfEEi5vZSNo", "uri": "/contracts/kfEEi5vZSNo#libor-advances", "label": "Loan and Security Agreement (Roku, Inc)", "score": 28.665982204, "published": true}], "size": 67, "snippet_links": [{"key": "applicable-to", "type": "clause", "offset": [18, 31]}, {"key": "libor-advance", "type": "clause", "offset": [37, 50]}, {"key": "in-accordance-with", "type": "definition", "offset": [71, 89]}, {"key": "subject-to-sections", "type": "clause", "offset": [116, 135]}, {"key": "interest-period", "type": "definition", "offset": [189, 204]}, {"key": "and-interest", "type": "clause", "offset": [239, 251]}, {"key": "interest-payment-date", "type": "clause", "offset": [295, 316]}], "hash": "edf03a658168aba60545438ab2364eee", "id": 1}, {"snippet": "The unpaid principal amount of each LIBOR Advance shall bear interest prior to maturity at a rate per annum equal to the LIBOR Rate (Reserve Adjusted) in effect for each Interest Period for such LIBOR Advance plus the Applicable Margin per annum.", "samples": [{"hash": "kKpWpwIIyt3", "uri": "/contracts/kKpWpwIIyt3#libor-advances", "label": "Credit Agreement (Otter Tail Corp)", "score": 32.7563312799, "published": true}, {"hash": "df26w9uYHTM", "uri": "/contracts/df26w9uYHTM#libor-advances", "label": "Credit Agreement (Otter Tail Corp)", "score": 32.7563312799, "published": true}, {"hash": "8tweSQdbrAp", "uri": "/contracts/8tweSQdbrAp#libor-advances", "label": "Credit Agreement (Otter Tail Corp)", "score": 24.1786447639, "published": true}], "size": 19, "snippet_links": [{"key": "unpaid-principal-amount", "type": "definition", "offset": [4, 27]}, {"key": "libor-advance", "type": "clause", "offset": [36, 49]}, {"key": "interest-prior-to-maturity", "type": "clause", "offset": [61, 87]}, {"key": "per-annum", "type": "definition", "offset": [98, 107]}, {"key": "equal-to", "type": "definition", "offset": [108, 116]}, {"key": "libor-rate", "type": "clause", "offset": [121, 131]}, {"key": "in-effect", "type": "definition", "offset": [151, 160]}, {"key": "interest-period", "type": "definition", "offset": [170, 185]}, {"key": "applicable-margin", "type": "clause", "offset": [218, 235]}], "hash": "98ff22bbae5f0f12dcf9dc2920dbe125", "id": 3}, {"snippet": "(a) Libor Advances shall be available in U.S. Dollars in a minimum principal amount of U.S. $1,000,000 and integral multiples of U.S. $100,000 in excess thereof. The Drawdown Notice and each Conversion Notice or Rollover shall specify the applicable Interest Period for the Libor Advance. The duration of each such Interest Period shall be for periods of approximately one, two, three or six months (or such other period as may be agreed to by the Required Lenders), as the Borrower may select in the applicable Drawdown Notice, Conversion Notice or Rollover Notice. No Libor Advance may have an Interest Period ending after the Maturity Date. If any Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next succeeding Banking Day unless such next succeeding Banking Day falls in the next calendar month, in which case such Interest Period shall be shortened to end on the immediately preceding Banking Day.\n(b) If a Lender determines that deposits of the necessary amount for the relevant Interest Period are not available in the London interbank market or if for any other reason a Lender, acting reasonably, is unable to determine the applicable Libor Rate, then the relevant Libor Advance will not be made to the Borrower, such Lender shall notify the Administrative Agent and the Administrative Agent will notify the Borrower of such event forthwith and will discuss with the Borrower the particular circumstances and implications of such event. In the event that such determination is made by a Lender in the case of a proposed Rollover of an existing Libor Advance or a proposed Conversion of a U.S. Base Rate Advance into a Libor Advance, the proposed Libor Advance will automatically be deemed to be a U.S. Base Rate Advance.\n(c) Interest on any Libor Advance shall be calculated at a rate per annum equal to the Libor Rate plus the Applicable Margin, shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed (including the first day of each Interest Period but excluding the last day thereof) and divided by 360. Interest on any Libor Advance shall be payable in U.S. Dollars in arrears on the last day of the Interest Period relating thereto; provided, however, that if the Interest Period is for a term of more than three months, interest shall be payable on the last day of the first three-month period and on the last day of each three-month period thereafter, as well as on the last day of the Interest Period (each such payment date being the \"Libor Interest Payment Date\").\n(d) If a Libor Advance is neither repaid on the last day of an Interest Period nor converted into another type of Advance on such date pursuant to Section 2.14, and if the Administrative Agent has not received a Rollover Notice or a Conversion Notice specifying the term of the next Interest Period for such Libor Advance on or before 10:00 a.m. on the third Banking Day prior to the last day of the then current Interest Period, then the outstanding Libor Advance shall be deemed to be converted, by way of Conversion on the last day of the then current Interest Period, to a U.S. Base Rate Advance.\n(e) Except as otherwise provided herein, Libor Advances shall not be repaid, prepaid or converted into another type of Advance except on the last day of any Interest Period relating thereto unless the Borrower pays to the Administrative Agent for the account of a Lender any amounts which may be payable under Section 13.2.", "samples": [{"hash": "g4T8nJJsSu2", "uri": "/contracts/g4T8nJJsSu2#libor-advances", "label": "Credit Agreement (Mitel Networks Corp)", "score": 18.0, "published": true}, {"hash": "5XFNYMo1Cz2", "uri": "/contracts/5XFNYMo1Cz2#libor-advances", "label": "Credit Agreement (Mitel Networks Corp)", "score": 18.0, "published": true}], "size": 17, "snippet_links": [{"key": "minimum-principal-amount", "type": "clause", "offset": [59, 83]}, {"key": "integral-multiples", "type": "definition", "offset": [107, 125]}, {"key": "drawdown-notice", "type": "definition", "offset": [166, 181]}, {"key": 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"be-shortened", "type": "clause", "offset": [903, 915]}, {"key": "a-lender", "type": "definition", "offset": [972, 980]}, {"key": "relevant-interest-period", "type": "definition", "offset": [1038, 1062]}, {"key": "not-available", "type": "definition", "offset": [1067, 1080]}, {"key": "london-interbank-market", "type": "definition", "offset": [1088, 1111]}, {"key": "for-any-other-reason", "type": "clause", "offset": [1118, 1138]}, {"key": "acting-reasonably", "type": "clause", "offset": [1149, 1166]}, {"key": "determine-the", "type": "clause", "offset": [1181, 1194]}, {"key": "applicable-libor-rate", "type": "definition", "offset": [1195, 1216]}, {"key": "to-the-borrower", "type": "clause", "offset": [1267, 1282]}, {"key": "notify-the-administrative-agent", "type": "clause", "offset": [1302, 1333]}, {"key": "in-the-event", "type": "clause", "offset": [1508, 1520]}, {"key": "such-determination", "type": "definition", "offset": [1526, 1544]}, {"key": "in-the-case", "type": "clause", "offset": [1565, 1576]}, {"key": "a-proposed", "type": "clause", "offset": [1580, 1590]}, {"key": "conversion-of", "type": "clause", "offset": [1643, 1656]}, {"key": "a-us", "type": "clause", "offset": [1657, 1662]}, {"key": "base-rate-advance", "type": "clause", "offset": [1664, 1681]}, {"key": "a-libor-advance", "type": "clause", "offset": [1687, 1702]}, {"key": "the-proposed", "type": "clause", "offset": [1704, 1716]}, {"key": "interest-on-any", "type": "clause", "offset": [1796, 1811]}, {"key": "per-annum", "type": "definition", "offset": [1856, 1865]}, {"key": "equal-to", "type": "definition", "offset": [1866, 1874]}, {"key": "applicable-margin", "type": "clause", "offset": [1899, 1916]}, {"key": "basis-of", "type": "clause", "offset": [1978, 1986]}, {"key": "actual-number-of-days", "type": "clause", "offset": [1991, 2012]}, {"key": "day-of", "type": "clause", "offset": [2042, 2048]}, {"key": "but-excluding", "type": "clause", "offset": [2070, 2083]}, {"key": "last-day", "type": "definition", "offset": [2088, 2096]}, {"key": "divided-by", "type": "clause", "offset": [2110, 2120]}, {"key": "in-arrears", "type": "definition", "offset": [2189, 2199]}, {"key": "the-interest", "type": "definition", "offset": [2219, 2231]}, {"key": "libor-interest-payment-date", "type": "definition", "offset": [2563, 2590]}, {"key": "type-of-advance", "type": "definition", "offset": [2700, 2715]}, {"key": "pursuant-to-section", "type": "definition", "offset": [2729, 2748]}, {"key": "term-of-the", "type": "clause", "offset": [2860, 2871]}, {"key": "prior-to-the", "type": "clause", "offset": [2965, 2977]}, {"key": "current-interest-period", "type": "definition", "offset": [2999, 3022]}, {"key": "except-as-otherwise-provided", "type": "clause", "offset": [3199, 3227]}, {"key": "the-account", "type": "clause", "offset": [3442, 3453]}, {"key": "section-132", "type": "clause", "offset": [3505, 3517]}], "hash": "6038d3976788c54b8301e64d7d659b75", "id": 7}, {"snippet": "The interest rate applicable to each LIBOR Advance shall be determined in accordance with Section 3.5(a) hereunder. Subject to Sections 3.6 and 3.7, such rate shall apply during the entire Interest Period applicable to such LIBOR Advance, and interest calculated thereon shall be payable on the Interest Payment Date applicable to such LIBOR Advance. The LIBOR Rate Margin applicable to LIBOR Advances shall be determined on the basis of Borrower\u2019s most recent monthly Liquidity and quarterly Free Cash Flow, as reported to Bank in the Monthly Financial Statements, and such LIBOR Rate Margin shall be adjusted promptly upon each receipt of such Monthly Financial Statements.", "samples": [{"hash": "gr4c4uV6fTM", "uri": "/contracts/gr4c4uV6fTM#libor-advances", "label": "Loan and Security Agreement (Basis Global Technologies, Inc.)", "score": 33.0355920602, "published": true}, {"hash": "fQk9KD6WVMu", "uri": "/contracts/fQk9KD6WVMu#libor-advances", "label": "Loan and Security Agreement (Basis Global Technologies, Inc.)", "score": 32.9288158795, "published": true}], "size": 12, "snippet_links": [{"key": "applicable-to", "type": "clause", "offset": [18, 31]}, {"key": "each-libor", "type": "definition", "offset": [32, 42]}, {"key": "in-accordance-with", "type": "definition", "offset": [71, 89]}, {"key": "subject-to-sections", "type": "clause", "offset": [116, 135]}, {"key": "interest-period", "type": "definition", "offset": [189, 204]}, {"key": "and-interest", "type": "clause", "offset": [239, 251]}, {"key": "interest-payment-date", "type": "clause", "offset": [295, 316]}, {"key": "libor-rate-margin", "type": "clause", "offset": [355, 372]}, {"key": "basis-of", "type": "clause", "offset": [429, 437]}, {"key": "most-recent", "type": "definition", "offset": [449, 460]}, {"key": "monthly-liquidity", "type": "definition", "offset": [461, 478]}, {"key": "free-cash-flow", "type": "clause", "offset": [493, 507]}, {"key": "to-bank", "type": "definition", "offset": [521, 528]}, {"key": "monthly-financial-statements", "type": "definition", "offset": [536, 564]}, {"key": "promptly-upon", "type": "clause", "offset": [611, 624]}, {"key": "receipt-of", "type": "clause", "offset": [630, 640]}], "hash": "b4569b85d7a2024f3335faa1d76b990c", "id": 9}, {"snippet": "If, due to either (i) the introduction of or any change (other than any change by way of imposition or increase of reserve requirements included in the calculation of the LIBOR) in or in the interpretation of any law or regulation enacted, issued or promulgated after the date of this Agreement or (ii) the compliance with any guideline, rule, directive or request from any central bank or other Governmental Authority (whether or not having the force of law) enacted, issued or promulgated after the date of this Agreement, there shall be any increase in the cost to any Bank of agreeing to make or making, funding, converting into, continuing or maintaining LIBOR Advances, then the Borrower shall from time to time, within 10 days of written demand by such Bank (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Bank additional amounts (without duplication of any other amounts payable in respect of increased costs) sufficient to compensate such Bank for such increased cost; provided, however, that, before making any such demand, each Bank agrees to use commercially reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Applicable Lending Office if the making of such a designation would avoid the need for, or reduce the amount of, such increased cost and would not, in the reasonable judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate as to the amount of such increased cost and detailing the calculation of such cost submitted to the Borrower and the Administrative Agent by such Bank at the time such Bank demands payment under this Section shall be conclusive and binding for all purposes, absent manifest error.", "samples": [{"hash": "7jSNsXV7DMW", "uri": "/contracts/7jSNsXV7DMW#libor-advances", "label": "Senior Unsecured Credit Agreement (LaSalle Hotel Properties)", "score": 27.1300479124, "published": true}, {"hash": "4avCegSbk6N", "uri": "/contracts/4avCegSbk6N#libor-advances", "label": "Senior Unsecured Term Loan Agreement (LaSalle Hotel Properties)", "score": 27.1300479124, "published": true}, {"hash": "9SeHjcYrgfM", "uri": "/contracts/9SeHjcYrgfM#libor-advances", "label": "Senior Unsecured Term Loan Agreement (LaSalle Hotel Properties)", "score": 26.8535249829, "published": true}], "size": 18, "snippet_links": [{"key": "any-change", "type": "definition", "offset": [45, 55]}, {"key": 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"clause", "offset": [771, 780]}, {"key": "the-administrative-agent", "type": "clause", "offset": [796, 820]}, {"key": "pay-to", "type": "definition", "offset": [823, 829]}, {"key": "the-account", "type": "clause", "offset": [859, 870]}, {"key": "additional-amounts", "type": "definition", "offset": [884, 902]}, {"key": "without-duplication", "type": "clause", "offset": [904, 923]}, {"key": "other-amounts-payable", "type": "clause", "offset": [931, 952]}, {"key": "in-respect-of", "type": "clause", "offset": [953, 966]}, {"key": "increased-costs", "type": "clause", "offset": [967, 982]}, {"key": "to-compensate", "type": "clause", "offset": [995, 1008]}, {"key": "each-bank", "type": "clause", "offset": [1100, 1109]}, {"key": "agrees-to", "type": "clause", "offset": [1110, 1119]}, {"key": "use-commercially-reasonable-efforts", "type": "clause", "offset": [1120, 1155]}, {"key": "consistent-with", "type": "clause", "offset": [1157, 1172]}, {"key": "internal-policy", "type": "definition", "offset": [1177, 1192]}, {"key": "regulatory-restrictions", "type": "definition", "offset": [1207, 1230]}, {"key": "applicable-lending-office", "type": "definition", "offset": [1257, 1282]}, {"key": "the-borrower-and-the", "type": "clause", "offset": [1599, 1619]}, {"key": "administrative-agent-by", "type": "definition", "offset": [1620, 1643]}, {"key": "at-the-time", "type": "clause", "offset": [1654, 1665]}, {"key": "conclusive-and-binding", "type": "clause", "offset": [1720, 1742]}, {"key": "all-purposes", "type": "definition", "offset": [1747, 1759]}, {"key": "manifest-error", "type": "definition", "offset": [1768, 1782]}], "hash": "e0212d2e6119e201d78f059076c248fc", "id": 5}, {"snippet": "During such periods as such Revolving Credit Advance is a LIBOR Advance, a rate per annum equal at all times during each Interest Period for such Revolving Credit Advance to the sum of (x) LIBOR for such Interest Period for such Revolving Credit Advance plus (y) the Applicable Interest Rate Margin plus (z) Mandatory Cost, if any, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than six months, on the day that occurs during such Interest Period six months from the first day of such Interest Period and on the date such LIBOR Advance shall be paid in full.", "samples": [{"hash": "giK4Gl6mxKt", "uri": "/contracts/giK4Gl6mxKt#libor-advances", "label": "Credit Agreement (Philip Morris International Inc.)", "score": 22.3716632444, "published": true}, {"hash": "3Vyow1daNMS", "uri": "/contracts/3Vyow1daNMS#libor-advances", "label": "Credit Agreement (Philip Morris International Inc.)", "score": 20.8151950719, "published": true}, {"hash": "4vVgjSdANvy", "uri": "/contracts/4vVgjSdANvy#libor-advances", "label": "Credit Agreement (Philip Morris International Inc.)", "score": 19.2381930185, "published": true}], "size": 11, "snippet_links": [{"key": "revolving-credit-advance", "type": "definition", "offset": [28, 52]}, 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10}, {"snippet": "LIBOR Advances shall bear interest at the rate per annum equal to the LIBOR Rate applicable to such Advance, which at no time shall exceed the Highest Lawful Rate.", "samples": [{"hash": "joffCaRdxuy", "uri": "/contracts/joffCaRdxuy#libor-advances", "label": "Credit Agreement (Northland Cable Properties Six LTD Partnership)", "score": 18.0, "published": true}, {"hash": "jnDG2zlPYJv", "uri": "/contracts/jnDG2zlPYJv#libor-advances", "label": "Credit Agreement (General Communication Inc)", "score": 18.0, "published": true}, {"hash": "jPLvGpOfLhz", "uri": "/contracts/jPLvGpOfLhz#libor-advances", "label": "Credit Agreement (World Access Inc /New/)", "score": 18.0, "published": true}], "size": 39, "snippet_links": [{"key": "the-rate", "type": "definition", "offset": [38, 46]}, {"key": "per-annum", "type": "definition", "offset": [47, 56]}, {"key": "equal-to", "type": "definition", "offset": [57, 65]}, {"key": "applicable-to", "type": "clause", "offset": [81, 94]}, {"key": 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"definition", "offset": [0, 12]}, {"key": "the-administrative-agent", "type": "clause", "offset": [14, 38]}, {"key": "manifest-error", "type": "definition", "offset": [74, 88]}, {"key": "determine-the", "type": "clause", "offset": [116, 129]}, {"key": "libor-basis", "type": "definition", "offset": [140, 151]}, {"key": "the-borrower", "type": "definition", "offset": [169, 181]}, {"key": "to-apply", "type": "clause", "offset": [202, 210]}, {"key": "libor-advance", "type": "clause", "offset": [230, 243]}], "hash": "0f64d1d259959d52d8a56a31067330ca", "id": 4}, {"snippet": "The principal amount of each LIBOR Advance is due and payable on the last day of the applicable Interest Period, which principal payment may be made by means of a Refinancing Advance in accordance with the terms of Section 2.09 hereof (and subject to the other provisions of this Agreement).", "samples": [{"hash": "lgQF18W1xsu", "uri": "/contracts/lgQF18W1xsu#libor-advances", "label": "Credit Agreement (Qwest 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{"key": "terms-of", "type": "definition", "offset": [206, 214]}, {"key": "subject-to-the", "type": "definition", "offset": [240, 254]}, {"key": "other-provisions-of-this-agreement", "type": "clause", "offset": [255, 289]}], "hash": "20c16f1460fd827bb3236f351e254029", "id": 6}, {"snippet": "If such Advance is a LIBOR Advance, a rate per annum (computed on the actual number of days elapsed, including the first day and excluding the last, based on a 360 day year) equal at all times during the Interest Period for such Advance to the lesser of (i) the LIBOR for such Interest Period plus the Applicable Margin and (ii) the Maximum Rate, payable in arrears on the last day of such Interest Period, and on the date such LIBOR Advance shall be paid in full, and, with respect to LIBOR Advances having an Interest Period in excess of one month, the numerically corresponding day to the initial day of such Interest Period in each calendar month during such Interest Period; provided, however, that if there is no numerically corresponding day in any such month or if the Interest Period begins on the last Business Day of a calendar month, interest shall be payable on the last Business Day of each calendar month during the Interest Period; provided further that during the continuance of an Event of Default, LIBOR Advances shall bear interest at a rate per annum equal at all times to the lesser of (i) the rate required to be paid on such Advance immediately prior to the date on which such Event of Default commenced plus two percent (2%) and (ii) the Maximum Rate.", "samples": [{"hash": "7jSNsXV7DMW", "uri": "/contracts/7jSNsXV7DMW#libor-advances", "label": "Senior Unsecured Credit Agreement (LaSalle Hotel Properties)", "score": 27.1300479124, "published": true}, {"hash": "4avCegSbk6N", "uri": "/contracts/4avCegSbk6N#libor-advances", "label": "Senior Unsecured Term Loan Agreement (LaSalle Hotel Properties)", "score": 27.1300479124, "published": true}, {"hash": "9SeHjcYrgfM", "uri": "/contracts/9SeHjcYrgfM#libor-advances", "label": "Senior Unsecured Term Loan Agreement (LaSalle Hotel Properties)", "score": 26.8535249829, "published": true}], "size": 15, "snippet_links": [{"key": "a-libor-advance", "type": "clause", "offset": [19, 34]}, {"key": "per-annum", "type": "definition", "offset": [43, 52]}, {"key": "actual-number-of-days", "type": "clause", "offset": [70, 91]}, {"key": "first-day", "type": "definition", "offset": [115, 124]}, {"key": "based-on", "type": "clause", "offset": [149, 157]}, {"key": "at-all-times", "type": "definition", "offset": [180, 192]}, {"key": "the-interest", "type": "definition", "offset": [200, 212]}, {"key": "lesser-of", "type": "definition", "offset": [244, 253]}, {"key": "applicable-margin", "type": "clause", "offset": [302, 319]}, {"key": "maximum-rate", "type": "definition", "offset": [333, 345]}, {"key": "in-arrears", "type": "definition", "offset": [355, 365]}, {"key": "day-of", "type": "clause", "offset": [378, 384]}, {"key": "paid-in-full", "type": "clause", "offset": [451, 463]}, {"key": "with-respect-to", "type": "clause", "offset": [470, 485]}, {"key": "an-interest-period", "type": "clause", "offset": [508, 526]}, {"key": "one-month", "type": "definition", "offset": [540, 549]}, {"key": "corresponding-day", "type": "clause", "offset": [567, 584]}, {"key": "calendar-month", "type": "definition", "offset": [636, 650]}, {"key": "business-day", "type": "clause", "offset": [812, 824]}, {"key": "continuance-of-an-event-of-default", "type": "clause", "offset": [981, 1015]}, {"key": "the-rate", "type": "definition", "offset": [1112, 1120]}, {"key": "prior-to-the", "type": "clause", "offset": [1169, 1181]}], "hash": "77dc6eaa6eace239fb497d4f6043afea", "id": 8}], "next_curs": "ClcSUWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjMLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhdsaWJvci1hZHZhbmNlcyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 418, "parents": [["interest", "Interest"], ["loan-and-terms-of-payment", "Loan and Terms of Payment"], ["manner-of-borrowing-and-disbursement", "Manner of Borrowing and Disbursement"], ["payment-of-interest-on-the-credit-extensions", "Payment of Interest on the Credit Extensions"], ["loans", "Loans"]], "title": "LIBOR Advances", "children": [["advances", "Advances"], ["conversions-and-continuations", "Conversions and Continuations"], ["repayments-and-reborrowings", "Repayments and Reborrowings"], ["taxes-and-regulatory-costs", "Taxes and Regulatory Costs"], ["setting-and-notice-of-rates", "Setting and Notice of Rates"]], "id": "libor-advances", "related": [["eurodollar-rate-advances", "Eurodollar Rate Advances", "Eurodollar Rate Advances"], ["eurodollar-advances", "Eurodollar Advances", "Eurodollar Advances"], ["eurocurrency-rate-advances", "Eurocurrency Rate Advances", "Eurocurrency Rate Advances"], ["libor-rate-loans", "LIBOR Rate Loans", "LIBOR Rate Loans"], ["base-rate-advances", "Base Rate Advances", "Base Rate Advances"]], "related_snippets": [], "updated": "2025-07-07T12:37:49+00:00", "also_ask": ["What fallback provisions are essential if LIBOR is discontinued?", "How can parties mitigate interest rate manipulation risks in LIBOR advances?", "What are the key negotiation points for defining LIBOR in the agreement?", "How do LIBOR advance terms compare to SOFR or other benchmark alternatives?", "What factors determine the enforceability of LIBOR-based interest calculations in court?"], "drafting_tip": "Specify the applicable LIBOR rate, define fallback mechanisms, and clarify calculation methods to ensure certainty, continuity, and prevent disputes if LIBOR becomes unavailable.", "explanation": "The LIBOR Advances clause defines the terms under which loans or advances are made to a borrower at an interest rate based on the London Interbank Offered Rate (LIBOR). Typically, this clause outlines how the applicable LIBOR rate is determined, the duration of interest periods, and any conditions or limitations on selecting LIBOR-based loans. For example, it may specify notice requirements for requesting a LIBOR advance or address what happens if LIBOR is unavailable. The core function of this clause is to provide a clear framework for calculating interest on certain loans, ensuring both parties understand how rates are set and mitigating disputes over interest calculations."}, "json": true, "cursor": ""}}