Common use of Reserve Costs Clause in Contracts

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 error, and notified to the relevant Borrower (with a copy to the Funding Agent) not later than five Business Days before the next Interest Payment Date for each relevant Advance, and such additional interest so notified to such Borrower by such Lender shall be payable to the Funding Agent (or the relevant French Franc Swingline Bank, in the case of additional interest on a French Franc Swingline Advance) for the account of such Lender on each Interest Payment Date for such Advance. (e) If any Borrower so notifies any Lender (with a copy to the Funding Agent) within two Business Days after such Lender demands from such Borrower any additional interest with respect to any Eurodollar Advance pursuant to the foregoing provisions of this Section attributable to any reserve requirements other than those either in effect on the date hereof or scheduled on the date hereof to become effective in the future, such Borrower may, on the day on which such additional interest is payable, prepay in full all Eurodollar Advances of such Lender then outstanding, together, in the case of a prepayment, with interest accrued thereon (including, but not limited to, such additional interest), in accordance with Section 2.12, together with any reimbursement payable pursuant to Section 10.05(b). If such Lender subsequently notifies such Borrower and the Funding Agent that the circumstances giving rise to such demand for additional interest no longer exist, such Lender shall, on the first day of the next succeeding Interest Period for each related Group of Contractual Advances, make a Eurodollar Advance to such Borrower in an amount equal to the amount of such Lender's Advance that would have been outstanding as part of such Group if such Advance had not been prepaid pursuant to this subsection.

Reserve Costs. (a) Each Borrower shall pay to the Funding Agent for the account of each Lender, If and so long as such Lender shall be required under regulations a reserve requirement of the type described in the definition of "Euro-Currency Reserve Percentage" is prescribed by the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities (or assets consisting of or including Eurocurrency Liabilitiesany successor), additional interest on the unpaid principal amount of each Eurodollar Advance or Swingline Advance which is made Bank subject 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 requirement may require such each Borrower to pay, contemporaneously with each payment of interest on each of such LenderBank's Sterling Swingline Advances Euro-Currency Loans to such Borrower, additional interest on such Advances Euro-Currency Loan at a rate per annum determined by such Bank up to but not exceeding the excess of (i) (A) the applicable London Interbank Offered Rate divided by (B) one minus the Euro-Currency Reserve Percentage over (ii) the applicable London Interbank Offered Rate. Any Bank wishing to require payment of such additional interest (x) shall so notify the Borrowers and the Administrative Agent, in which case such additional interest on the Euro-Currency Loans of such Bank shall be payable to such Bank at the place indicated in such notice with respect to each Interest Period commencing at least three Euro-Currency Business Days after such Bank gives such notice and (y) shall notify each Borrower, at least five Euro-Currency Business Days before each date on which interest is payable on its Euro-Currency Loans, of the amount then due to such Bank under this Section. (b) If and so long as any Bank is required to make special deposits with the Bank of England, to maintain reserve asset ratios or to pay fees in respect of such Bank's Euro-Currency Loans in any Alternative Currency, such Bank may require the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Loans, additional interest on such Loan at a rate per annum equal to such Lender's MLA Cost the Mandatory Costs Rate calculated in accordance with the formula and in the manner set forth in Exhibit H L hereto. (c) If and so long as any Lender Bank is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the European Central Bank or the European System of Central Banks, but excluding requirements referred to in subsections (a) and (b) above) in respect of any of such LenderBank's Eurodollar Advances or Swingline AdvancesEuro-Currency Loans, such Lender Bank may require each the relevant Borrower to pay, contemporaneously with each payment of interest on each of such LenderBank's Eurodollar Advances or Swingline Advances Euro-Currency Loans subject to such requirements, additional interest on such Advance Loan at a rate per annum specified by such Lender Bank to be the cost to such Lender Bank of complying with such requirements in relation to such AdvanceLoan. (d) Any additional interest owed pursuant to subsections subsection (a), (b) or (c) above shall be determined by the relevant LenderBank, which determination shall be conclusive and binding for all purposes except in the case of manifest error, and notified to the relevant Borrower (with a copy to the Funding Administrative Agent) not later than at least five Euro-Currency Business Days before each date on which interest is payable for the next Interest Payment Date for each relevant AdvanceLoan, and such additional interest so notified to such the relevant Borrower by such Lender Bank shall be payable to the Funding Administrative Agent (or the relevant French Franc Swingline Bank, in the case of additional interest on a French Franc Swingline Advance) for the account of such Lender Bank on each Interest Payment Date date on which interest is payable for such AdvanceLoan. (e) If any Borrower so notifies any Lender (with a copy to the Funding Agent) within two Business Days after such Lender demands from such Borrower any additional interest with respect to any Eurodollar Advance pursuant to the foregoing provisions of this Section attributable to any reserve requirements other than those either in effect on the date hereof or scheduled on the date hereof to become effective in the future, such Borrower may, on the day on which such additional interest is payable, prepay in full all Eurodollar Advances of such Lender then outstanding, together, in the case of a prepayment, with interest accrued thereon (including, but not limited to, such additional interest), in accordance with Section 2.12, together with any reimbursement payable pursuant to Section 10.05(b). If such Lender subsequently notifies such Borrower and the Funding Agent that the circumstances giving rise to such demand for additional interest no longer exist, such Lender shall, on the first day of the next succeeding Interest Period for each related Group of Contractual Advances, make a Eurodollar Advance to such Borrower in an amount equal to the amount of such Lender's Advance that would have been outstanding as part of such Group if such Advance had not been prepaid pursuant to this subsection.

Reserve Costs. (a) Each Borrower shall pay to the Funding Agent for the account of each Lender, If and so long as such Lender shall be required under regulations a reserve requirement of the type described in the definition of “Euro-Currency Reserve Percentage” is prescribed by the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities (or assets consisting of or including Eurocurrency Liabilitiesany successor), additional interest on the unpaid principal amount of each Eurodollar Advance or Swingline Advance which is made Lender subject 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 requirement may require such each Borrower to pay, contemporaneously with each payment of interest on each of such Lender's Sterling Swingline Advances ’s Euro-Currency Loans to such Borrower, additional interest on such Advances Euro-Currency Loan at a rate per annum determined by such Lender up to but not exceeding the excess of (i) (A) the applicable London Interbank Offered Rate divided by (B) one minus the Euro-Currency Reserve Percentage over (ii) the applicable London Interbank Offered Rate. Any Lender wishing to require payment of such additional interest (x) shall so notify the Borrowers and the Administrative Agent, in which case such additional interest on the Euro-Currency Loans of such Lender shall be payable to such Lender at the place indicated in such notice with respect to each Interest Period commencing at least three Euro-Currency Business Days after such Lender gives such notice and (y) shall notify each Borrower, at least five Euro-Currency Business Days before each date on which interest is payable on its Euro-Currency Loans, of the amount then due to such Lender under this Section. (b) If and so long as any Lender is required to make special deposits with the Bank of England, to maintain reserve asset ratios or to pay fees in respect of such Lender’s Euro-Currency Loans in any Alternative Currency, such Lender may require the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Loans, additional interest on such Loan at a rate per annum equal to such Lender's MLA Cost the Mandatory Costs Rate 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 (including any such requirement imposed by the European Central Bank or the European System of Central Lenders, but excluding requirements referred to in subsections (a) and (b) above) in respect of any of such Lender's Eurodollar Advances or Swingline Advances’s Euro-Currency Loans, such Lender may require each the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Lender's Eurodollar Advances or Swingline Advances ’s Euro-Currency Loans subject to such requirements, additional interest on such Advance Loan 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 AdvanceLoan. (d) Any additional interest owed pursuant to subsections subsection (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 error, and notified to the relevant Borrower (with a copy to the Funding Administrative Agent) not later than at least five Euro-Currency Business Days before each date on which interest is payable for the next Interest Payment Date for each relevant AdvanceLoan, and such additional interest so notified to such the relevant Borrower by such Lender shall be payable to the Funding Administrative Agent (or the relevant French Franc Swingline Bank, in the case of additional interest on a French Franc Swingline Advance) for the account of such Lender on each Interest Payment Date date on which interest is payable for such AdvanceLoan. (e) If any Borrower so notifies any Lender (with a copy to the Funding Agent) within two Business Days after such Lender demands from such Borrower any additional interest with respect to any Eurodollar Advance pursuant to the foregoing provisions of this Section attributable to any reserve requirements other than those either in effect on the date hereof or scheduled on the date hereof to become effective in the future, such Borrower may, on the day on which such additional interest is payable, prepay in full all Eurodollar Advances of such Lender then outstanding, together, in the case of a prepayment, with interest accrued thereon (including, but not limited to, such additional interest), in accordance with Section 2.12, together with any reimbursement payable pursuant to Section 10.05(b). If such Lender subsequently notifies such Borrower and the Funding Agent that the circumstances giving rise to such demand for additional interest no longer exist, such Lender shall, on the first day of the next succeeding Interest Period for each related Group of Contractual Advances, make a Eurodollar Advance to such Borrower in an amount equal to the amount of such Lender's Advance that would have been outstanding as part of such Group if such Advance had not been prepaid pursuant to this subsection.

Reserve Costs. (a) Each Borrower shall pay to the Funding Agent for the account of each Lender, If and so long as such Lender shall be required under regulations a reserve requirement of the type described in the definition of "Euro-Currency Reserve Percentage" is prescribed by the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities (or assets consisting of or including Eurocurrency Liabilitiesany successor), additional interest on the unpaid principal amount of each Eurodollar Advance or Swingline Advance which is made Lender subject 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 requirement may require such the Borrower to pay, contemporaneously with each payment of interest on each of such Lender's Sterling Swingline Advances to such BorrowerEuro-Dollar Loans, additional interest on such Advances Euro-Dollar Loan at a rate per annum equal determined by such Lender up to but not exceeding the excess of (i) (A) the applicable London Interbank Offered Rate divided by (B) one minus the Euro-Currency Reserve Percentage over (ii) the applicable London Interbank Offered Rate. Any Lender wishing to require payment of such additional interest (x) shall so notify the Company and the Administrative Agent, in which case such additional interest on the Euro-Dollar Loans of such Lender shall be payable to such Lender's MLA Cost calculated Lender at the place indicated in accordance such notice with respect to each Interest Period commencing at least three Euro-Dollar Business Days after such Lender gives such notice and (y) shall notify the formula and in Borrower, at least five Euro-Dollar Business Days before each date on which interest is payable on its Euro-Dollar Loans, of the manner set forth in Exhibit H heretoamount then due to such Lender under this Section. (cb) 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 subsection (a) and (b) above) in respect of any of such Lender's Eurodollar Advances or Swingline AdvancesEuro-Dollar Loans, such Lender may require each the Borrower to pay, contemporaneously with each payment of interest on each of such Lender's Eurodollar Advances or Swingline Advances Euro-Dollar Loans subject to such requirements, additional interest on such Advance Loan 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 AdvanceLoan. (dc) Any additional interest owed pursuant to subsections subsection (a), (b) or (cb) above shall be determined by the relevant Lender, which determination shall be conclusive and binding for all purposes except in the case of manifest error, and notified to the relevant Borrower (with a copy to the Funding Administrative Agent) not later than at least five Euro-Dollar Business Days before each date on which interest is payable for the next Interest Payment Date for each relevant AdvanceLoan, and such additional interest so notified to such the Borrower by such Lender shall be payable to the Funding Administrative Agent (or the relevant French Franc Swingline Bank, in the case of additional interest on a French Franc Swingline Advance) for the account of such Lender on each Interest Payment Date date on which interest is payable for such AdvanceLoan. (e) If any Borrower so notifies any Lender (with a copy to the Funding Agent) within two Business Days after such Lender demands from such Borrower any additional interest with respect to any Eurodollar Advance pursuant to the foregoing provisions of this Section attributable to any reserve requirements other than those either in effect on the date hereof or scheduled on the date hereof to become effective in the future, such Borrower may, on the day on which such additional interest is payable, prepay in full all Eurodollar Advances of such Lender then outstanding, together, in the case of a prepayment, with interest accrued thereon (including, but not limited to, such additional interest), in accordance with Section 2.12, together with any reimbursement payable pursuant to Section 10.05(b). If such Lender subsequently notifies such Borrower and the Funding Agent that the circumstances giving rise to such demand for additional interest no longer exist, such Lender shall, on the first day of the next succeeding Interest Period for each related Group of Contractual Advances, make a Eurodollar Advance to such Borrower in an amount equal to the amount of such Lender's Advance that would have been outstanding as part of such Group if such Advance had not been prepaid pursuant to this subsection.

Reserve Costs. (a) Each Borrower shall pay to the Funding Agent for the account of each Lender, If and so long as such Lender shall be required under regulations a reserve requirement of the type described in the definition of "Euro-Currency Reserve Percentage" is prescribed by the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities (or assets consisting of or including Eurocurrency Liabilitiesany successor), additional interest on the unpaid principal amount of each Eurodollar Advance or Swingline Advance which is made Bank subject 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 requirement may require such each Borrower to pay, contemporaneously with each payment of interest on each of such LenderBank's Sterling Swingline Advances Euro-Currency Loans to such Borrower, additional interest on such Advances Euro-Currency Loan at a rate per annum determined by such Bank up to but not exceeding the excess of (i) (A) the applicable London Interbank Offered Rate divided by (B) one minus the Euro-Currency Reserve Percentage over (ii) the applicable London Interbank Offered Rate. Any Bank wishing to require payment of such additional interest (x) shall so notify the Borrowers and the Administrative Agent, in which case such additional interest on the Euro-Currency Loans of such Bank shall be payable to such Bank at the place indicated in such notice with respect to each Interest Period commencing at least three Euro-Currency Business Days after such Bank gives such notice and (y) shall notify each Borrower, at least five Euro-Currency Business Days before each date on which interest is payable on its Euro-Currency Loans, of the amount then due to such Bank under this Section. (b) If and so long as any Bank is required to make special deposits with the Bank of England, to maintain reserve asset ratios or to pay fees in respect of such Bank's Euro-Currency Loans in any Alternative Currency, such Bank may require the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Loans, additional interest on such Loan at a rate per annum equal to such Lender's MLA Cost the Mandatory Costs Rate calculated in accordance with the formula and in the manner set forth in Exhibit H J hereto. (c) If and so long as any Lender Bank is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the European Central Bank or the European System of Central Banks, but excluding requirements referred to in subsections (a) and (b) above) in respect of any of such LenderBank's Eurodollar Advances or Swingline AdvancesEuro-Currency Loans, such Lender Bank may require each the relevant Borrower to pay, contemporaneously with each payment of interest on each of such LenderBank's Eurodollar Advances or Swingline Advances Euro-Currency Loans subject to such requirements, additional interest on such Advance Loan at a rate per annum specified by such Lender Bank to be the cost to such Lender Bank of complying with such requirements in relation to such AdvanceLoan. (d) Any additional interest owed pursuant to subsections subsection (a), (b) or (c) above shall be determined by the relevant LenderBank, which determination shall be conclusive and binding for all purposes except in the case of manifest error, and notified to the relevant Borrower (with a copy to the Funding Administrative Agent) not later than at least five Euro-Currency Business Days before each date on which interest is payable for the next Interest Payment Date for each relevant AdvanceLoan, and such additional interest so notified to such the relevant Borrower by such Lender Bank shall be payable to the Funding Administrative Agent (or the relevant French Franc Swingline Bank, in the case of additional interest on a French Franc Swingline Advance) for the account of such Lender Bank on each Interest Payment Date date on which interest is payable for such AdvanceLoan. (e) If any Borrower so notifies any Lender (with a copy to the Funding Agent) within two Business Days after such Lender demands from such Borrower any additional interest with respect to any Eurodollar Advance pursuant to the foregoing provisions of this Section attributable to any reserve requirements other than those either in effect on the date hereof or scheduled on the date hereof to become effective in the future, such Borrower may, on the day on which such additional interest is payable, prepay in full all Eurodollar Advances of such Lender then outstanding, together, in the case of a prepayment, with interest accrued thereon (including, but not limited to, such additional interest), in accordance with Section 2.12, together with any reimbursement payable pursuant to Section 10.05(b). If such Lender subsequently notifies such Borrower and the Funding Agent that the circumstances giving rise to such demand for additional interest no longer exist, such Lender shall, on the first day of the next succeeding Interest Period for each related Group of Contractual Advances, make a Eurodollar Advance to such Borrower in an amount equal to the amount of such Lender's Advance that would have been outstanding as part of such Group if such Advance had not been prepaid pursuant to this subsection.