Common use of PAYMENT OF COSTS AND REDUCTION OF THE COMMITMENT Clause in Contracts

PAYMENT OF COSTS AND REDUCTION OF THE COMMITMENT. 3.1 Indemnification Upon Failure to Pay Eurodollar Loan or Bid Rate Loan. -------------------------------------------------------------------- If Borrower makes any payment of principal with respect to any Eurodollar Loan or Bid Rate Loan on a day other than the last day of the then current Interest Period applicable to such Loan (including without limitation any payment upon reduction of the Commitments) or fails to borrow, continue, convert, pay or prepay its Eurodollar Loan or Bid Rate Loan on a date designated to Administrative Agent in a notice pursuant to this Agreement (if such failure does not result from the application of Sections 4.1 or 4.2), Borrower shall reimburse each Bank within 15 days after receipt of written demand for any loss incurred by it as a result of the timing of such payment or non-borrowing not reflected in the Eurodollar Rate or the Bid Rate, including without limitation any loss incurred in liquidating or employing deposits from third parties and loss of profit for the period after such payment or non-borrowing. A certificate of such Bank setting forth the amounts reasonably necessary so to reimburse it in respect of any loss shall be conclusive and binding absent manifest error.