Request for LIBOR Rate Loans Sample Clauses
The "Request for LIBOR Rate Loans" clause defines the process by which a borrower may request loans that bear interest at a rate based on the London Interbank Offered Rate (LIBOR). Typically, this clause outlines the required notice period, the information the borrower must provide (such as the amount and desired interest period), and any limitations on the frequency or amount of such requests. Its core function is to establish a clear and orderly procedure for initiating LIBOR-based loans, ensuring both parties understand the steps and requirements involved, thereby reducing confusion and potential disputes.
Request for LIBOR Rate Loans. In making any Request for a Loan, Borrower shall specify the aggregate amount of such Loan and the Draw Date; provided, however, if a Request is received by the Bank after 2:00 p.m. (Eastern Standard Time) on any given day, the earliest possible Draw Date will be the next New York Business Day.
Request for LIBOR Rate Loans. Borrower shall give the Bank its irrevocable Request for a LIBOR Rate Loan specifying:
i. the Draw Date for the LIBOR Rate Loan, which shall be a two (2) Business Days from the date the Request: provided, however if a Request is received by the Bank after 2:00 p.m. (Eastern Standard Time), the Request for the LIBOR Rate Loan shall be deemed to have been received on the next Business Day;
ii. the aggregate amount of such LIBOR Rate Loan, which amount shall not be less than the Minimum Borrowing Amount; and
iii. the applicable Interest Period (i.e., 1, 2, 3 or 6 month Interest Period).
iv. whether Borrower is electing to have the Automatic Continuation Option for such LIBOR Rate Loan.
Request for LIBOR Rate Loans. Borrower shall give the Bank its irrevocable Request for each LIBOR Rate Loan specifying:
i. the Draw Date for the LIBOR Rate Loan, which shall be at least two (2) Joint Business Days following the date of the Request; provided, however, if a Request is received by the Bank after 2:00 p.m. (Eastern Standard Time), the Request for such LIBOR Rate Loan shall be deemed to have been received on the next New York Business Day;
ii. the aggregate amount of such LIBOR Rate Loan, which amount shall not be less than the Minimum Borrowing Amount;
iii. the applicable LIBOR Rate selection and corresponding Interest Period duration (see LIBOR Rate definition above); and
iv. whether the Automatic Continuation Option will be in effect for such LIBOR Rate Loan. The Automatic Continuation Option shall be in effect for each LIBOR Rate Loan, unless otherwise specified by Borrower in writing.
Request for LIBOR Rate Loans. Borrower shall give the Bank its irrevocable Request for each LIBOR Rate Loan specifying:
i. the Draw Date for the LIBOR Rate Loan, which shall be at least two (2) Joint Business Days following the date of the Request;
ii. the aggregate amount of such LIBOR Rate Loan, which amount shall not be less than the Minimum Borrowing Amount;
iii. the applicable LIBOR Rate selection and corresponding Interest Period duration (see LIBOR Rate definition above); and
iv. whether the Automatic Continuation Option will be in effect for such LIBOR Rate Loan. The Automatic Continuation Option shall be in effect for each LIBOR Rate Loan, unless otherwise specified by Borrower in writing.
Request for LIBOR Rate Loans. Borrower shall give the Bank its irrevocable Request for a LIBOR Rate Loan specifying:
(i) the Draw Date for the LIBOR Rate Loan, which shall be a two (2) Business Days from the date of the Request (except in the case of a LIBOR Rate Loan with an Interest Period of one day, for which the Draw Date may be the same as the date of the Request); provided, however, if a Request is received by the Bank after 2:00 p.m. (Eastern Standard Time), the Request for such LIBOR Rate Loan shall be deemed to have been received on the next Business Day;
(ii) the aggregate amount of such LIBOR Rate Loan, which amount shall not be less than the Minimum Borrowing Amount;
(iii) the applicable Interest Period (i.e., a one-day, one-month, two-month, three-month, or six-month Interest Period); and
(iv) whether Borrower is electing to have the Automatic Continuation Option for such LIBOR Rate Loan.