Reserve Costs. Without in any way limiting the Borrower’s obligations under Section 4.3, the Borrower shall, on and after the date the Borrower elects the Floating Rate pursuant to Section 3.3.2, pay to the Facility Agent for the account of each Lender on the last day of each Interest Period, so long as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency liabilities” under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following for the Loan for each day during such Interest Period:
(i) the principal amount of the Loan outstanding on such day; and
(ii) the remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on the Loan for such Interest Period as provided in this Agreement (less, if applicable, the Floating Rate Margin) and the denominator of which is one minus any increase after the Effective Date in the effective rate (expressed as a decimal) at which such reserve requirements are imposed on such Lender minus (y) such numerator; and
(iii) 1/360. Such notice shall (i) describe in reasonable detail the reserve requirement that has been imposed, together with the approximate date of the effectiveness thereof, (ii) set forth the applicable reserve percentage, (iii) certify that such request is consistent with such Lender’s treatment of other borrowers that are subject to similar provisions and (iv) certify that, to the best of its knowledge, such requirements are of general application in the commercial banking industry in the United States. Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to avoid the requirement of maintaining such reserves (including by designating a different Lending Office) if such efforts would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
Reserve Costs. Without in any way limiting the Borrower’s obligations under Section 4.3, the Borrower shall pay to each Lender on the last day of any Interest Period relevant to such Lender’s Loan, so long as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency liabilities” under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following for each Loan for each day during such Interest Period:
(i) the principal amount of such Loan outstanding on such day; and
(ii) the remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on such Loan for such Interest Period as provided in this Agreement (less the Floating Rate Applicable Margin) and the denominator of which is one minus any increase after the Original Effective Date in the effective rate (expressed as a decimal) at which such reserve requirements are imposed on such Lender minus (y) such numerator; and
(iii) 1/360. Such notice shall (i) describe in reasonable detail the reserve requirement that has been imposed, together with the approximate date of the effectiveness thereof, (ii) set forth the applicable reserve percentage, (iii) certify that such request is consistent with such Lender’s treatment of other borrowers that are subject to similar provisions and (iv) certify that, to the best of its knowledge, such requirements are of general application in the commercial banking industry in the United States. Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to avoid the requirement of maintaining such reserves (including by designating a different Lending Office) if such efforts would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
Reserve Costs. Upon demand by Agent or by any Lender, reimburse Agent or such Lender for any reasonable additional costs incurred by Agent or such Lender if at any time after the date of this Agreement any law, regulation, treaty or any change in any law, regulation, treaty or the interpretation thereof by any governmental agency, central bank or other fiscal, monetary or other authority having jurisdiction of Agent or such Lender shall impose, modify or deem applicable any reserve (except reserve requirements taken into account by Agent or such Lender in calculating the Interest Rate) and/or special deposit requirement against Agent or such Lender or impose any other condition with respect to the loans or other financial accommodations the result of which is to increase the cost to Agent or such Lender in making or maintaining the Loans or to reduce the amount of principal or interest received or receivable by Agent or such Lender with respect to the Liabilities. Such Borrower’s reimbursement obligation shall apply only to those costs which directly result from the imposition of such requirement and shall begin as of the date of any such change in law, treaty, rule or regulation. Notwithstanding the preceding, such Borrower shall not be required to pay any such additional costs which could be avoided by Agent or such Lender with the exercise of reasonable conduct and diligence;
Reserve Costs. (a) Each Borrower shall pay to the Funding Agent for the account of each Lender, so long as such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar Advance or Swingline Advance which is made to such Borrower by such Lender and is included in the calculation of its Eurocurrency Liabilities, from the date of such Advance until such Advance is paid in full or (in the case of a Eurodollar Advance) is converted to an Alternate Base Rate Advance, at an interest rate per annum equal at all times during the Interest Period for such Advance to the remainder obtained by subtracting (i) the LIBO Rate or Swingline Base Rate for such Interest Period from (ii) the rate obtained by multiplying such LIBO Rate or Swingline Base Rate by the Statutory Reserves applicable to such Lender for such Interest Period.
(b) If and so long as any Sterling Swingline Lender is required to make special deposits with the Bank of England or to maintain reserve asset ratios in respect of such Lender's Sterling Swingline Advances to any Borrower, such Lender may require such Borrower to pay, contemporaneously with each payment of interest on each of such Lender's Sterling Swingline Advances to such Borrower, additional interest on such Advances at a rate per annum equal to such Lender's MLA Cost calculated in accordance with the formula and in the manner set forth in Exhibit H hereto.
(c) If and so long as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (excluding requirements referred to in subsections (a) and (b) above) in respect of any of such Lender's Eurodollar Advances or Swingline Advances, such Lender may require each Borrower to pay, contemporaneously with each payment of interest on each of such Lender's Eurodollar Advances or Swingline Advances subject to such requirements, additional interest on such Advance at a rate per annum specified by such Lender to be the cost to such Lender of complying with such requirements in relation to such Advance.
(d) Any additional interest owed pursuant to subsections (a), (b) or (c) above shall be determined by the relevant Lender, which determination shall be conclusive and binding for all purposes except in the case of manifest erro...
Reserve Costs. Without in any way limiting the Borrower’s obligations under Section 4.3, the Borrower shall pay to each Lender on the last day of any Interest Period, so long as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency liabilities” under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following for each Loan of such Lender for each day during such Interest Period:
(i) the principal amount of such Loan outstanding on such day; and
(ii) the remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on such Loan for such Interest Period as provided in this Agreement (less the Applicable Margin) and the denominator of which is one minus any increase after the Effective Date in the effective rate (expressed as a decimal) at which such reserve requirements are imposed on such Lender minus (y) such numerator; and
(iii) 1/360.
Reserve Costs. Without in any way limiting the Borrower's obligations under Section 3.3, the Borrower shall pay to each Lender on the last day of each Interest Period of each SOFR Advance, so long as the relevant Applicable Lending Office of such Lender is required to maintain reserves against "Eurocurrency liabilities" under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following for each SOFR Advance for each day during such Interest Period: WEIL:\98779116\4\64945.0060
(i) the principal amount of such SOFR Advance outstanding on such day; and
(ii) the remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on such SOFR Advance for such Interest Period as provided in this Agreement (less the Applicable Margin applicable to the relevant SOFR Advances) and the denominator of which is one minus any increase after the Effective Date in the effective rate (expressed as a decimal) at which such reserve requirements are imposed on such Lender minus (y) such numerator; and
Reserve Costs. Upon demand by Administrative Agent or by any Lender, reimburse Administrative Agent or such Lender for any reasonable additional costs incurred by Administrative Agent or such Lender if at any time after the date of this Agreement any law, regulation, treaty or any change in any law, regulation, treaty or the interpretation thereof by any governmental agency, central bank or other fiscal, monetary or other authority having jurisdiction of Administrative Agent or such Lender shall impose, modify or deem applicable any reserve (except reserve requirements taken into account by Administrative Agent or such Lender in calculating the Interest Rate) and/or special deposit requirement against Administrative Agent or such Lender or impose any other condition with respect to the loans or other financial accommodations the result of which is to increase the cost to Administrative Agent or such Lender in making or maintaining the Loans or to reduce the amount of principal or interest received or receivable by Administrative Agent or such Lender with respect to the Indebtedness. Borrowers' reimbursement obligation shall apply only to those costs which directly result from the imposition of such requirement and shall begin as of the date of any such change in law, treaty, rule or regulation. Notwithstanding the preceding, such Borrower shall not be required to pay any such additional costs which could be avoided by Administrative Agent or such Lender with the exercise of reasonable conduct and diligence;
Reserve Costs. Costs to establish an initial reserve for depreciation of the Commission System shall be determined by the Board of Commissioners based on the Member’s 2050 Declared Maximum Day Demand multiplied by an annual reserve payment amount per MGD, as provided in the Water Supply Agreement. Thereafter, Members will pay amounts for reserves in accordance with rates, charges and reserve policies established by the Board of Commissioners.
Reserve Costs. The Pledgor hereby agrees to reimburse directly to the Bank all of the Bank's increased costs and expenses in complying with any change in applicable Laws of each and every applicable Governmental Authority (including, without limitation, the Board of Governors of the Federal Reserve System), or any change in Law that imposes, modifies or deems applicable any reserve or asset or special deposit requirements with respect to the Loan, the Deposit Account, the Accrued Interest Deposit Account, the Deposit Rate, or that subject the Bank to any tax or deposit insurance, with respect to this Agreement, the Loan, the Deposit Account, the Accrued Interest Deposit Account, the Deposit Rate, or the Guaranty, or changes the basis of taxation of payments to the Bank payable under this Agreement, the Loan, the Loan Agreement or the Guaranty (except for any tax, or changes in the rate of tax, on the Bank's net income or profits imposed by the United States or any other government having jurisdiction or any political subdivision or taxing authority thereof). The cost to the Bank in complying with any change in Laws that impose, modify or deem applicable any reserve, asset or special deposit requirements on deposits obtained with respect to the Deposit Rate (or any changes in such Laws) shall be computed by determining the amount by which such requirements effectively increase the Bank's cost of making and maintaining deposits attributable to the principal balance of the Deposit Account (and the Accrued Interest Deposit Account) and by computing the additional interest that would have been owing to the Bank under the Loan Agreement if such effective increase had been added to the Deposit Rate for purposes of determining the interest rate payable under the Loan Agreement. Upon notice from the Bank that there has been a change in such reserve requirements, the Pledgor shall pay to the Bank, on demand, such additional sums as will compensate the Bank for the effect of any such reserve requirements (or changes therein). No failure on the part of the Bank to demand compensation for any cost or increased cost under this Section 34 shall constitute a waiver of the Bank's right to demand such compensation at any time during the term of this Agreement. The Bank's good faith determination of the amount of the costs described in this Section 34 ("Reserve Costs") shall be conclusive in the absence of manifest error. In the event the Reserve Costs, as computed in accordance with the p...
