Common use of Payments Not at End of Interest Period Clause in Contracts

Payments Not at End of Interest Period. If Borrower makes any payment of principal with respect to any LIBOR Loan on any day other than the last day of an Interest Period applicable to such LIBOR Loan, then Borrower shall reimburse Lender on demand the Consequential Loss incurred by Lender as a result of the timing of such payment. A certificate of Lender setting forth in reasonable detail the basis for the determination of the amount of Consequential Loss shall be delivered to Borrower by Lender and shall, in the absence of demonstrable error, be conclusive and binding. Any Conversion of a LIBOR Loan to a Base Rate Loan on any day other than the last day of the Interest Period for such LIBOR Loan shall be deemed a payment for purposes of this subsection.

Payments Not at End of Interest Period. If Borrower makes any payment of principal with respect to any LIBOR Loan of a Lender on any day other than the last day of an Interest Period applicable to such LIBOR Loan, then Borrower shall reimburse such Lender on demand the Consequential Loss incurred by such Lender as a result of the timing of such payment. A certificate of such Lender setting forth in reasonable detail the basis for the determination of the amount of Consequential Loss shall be delivered to Borrower by Lender Agent and shall, in the absence of demonstrable error, be conclusive and binding. Any Conversion of a LIBOR Loan to a Base Rate Loan on any day other than the last day of the Interest Period for such LIBOR Loan shall be deemed a payment for purposes of this subsection.