Common use of Reserve Requirements Clause in Contracts

Reserve Requirements. If any Bank Legal Requirement shall (a) impose, modify, increase or deem applicable any insurance assessment, reserve, special deposit or similar requirement against any Funding Liability or the Letters of Credit, (b) impose, modify, increase or deem applicable any other requirement or condition with respect to any Funding Liability or the Letters of Credit, or (c) change the basis of taxation of Funding Liabilities or payments in respect of any Letter of Credit (other than changes in the rate of taxes measured by the overall net income of such Bank) and the effect of any of the foregoing shall be to increase the cost to any Bank of issuing, making, funding or maintaining its respective Percentage Interest in any portion of a Loan subject to a Eurodollar Pricing Option or any Letter of Credit, to reduce the amounts received or receivable by such Bank under this Agreement or to require such Bank to make any payment or forego any amounts otherwise payable to such Bank under this Agreement, then, within 15 days after the receipt by the Borrower of a certificate from such Bank setting forth why it is claiming compensation under this Section 3.5 and computations (in reasonable detail) of the amount thereof, the Borrower shall pay to the Administrative Agent, for the account of such Bank such additional amounts as are specified by such Bank in such certificate as sufficient to compensate such Bank for such increased cost or such reduction, together with interest at the Overdue Reimbursement Rate on such amount from the 15th day after receipt of such certificate until payment in full thereof; provided, however, that the foregoing provisions shall not apply to any Tax or to any reserves which are included in computing the Eurodollar Reserve Rate. The determination by such Bank of the amount of such costs shall, in the absence of manifest error, be conclusive.

Reserve Requirements. If any Bank Legal Requirement shall (a) impose, modify, increase or deem applicable any insurance assessment, reserve, special deposit or similar requirement against any Funding Liability or the Letters of CreditLiability, (b) impose, modify, increase or deem applicable any other requirement or condition with respect to any Funding Liability or the Letters of CreditLiability, or (c) change the basis of taxation of Funding Liabilities or payments in respect of any Letter of Credit (other than changes in the rate of taxes measured by the overall net income of such Bank) and the effect of any of the foregoing shall be to increase the cost to any Bank of issuing, making, funding or maintaining its respective Percentage Interest in any portion of a Loan subject to a Eurodollar Pricing Option or any Letter of CreditOption, to reduce the amounts received or receivable by such Bank under this Agreement or to require such Bank to make any payment or forego any amounts otherwise payable to such Bank under this Agreement, then, within 15 days after the receipt by the Borrower of a certificate from such Bank setting forth why it is claiming compensation under this Section 3.5 hereunder and computations (in reasonable detail) of the amount thereof, the Borrower shall pay to the Administrative Agent, Agent for the account of such Bank such additional amounts as are specified by such Bank in such certificate as sufficient to compensate such Bank for such increased cost or such reduction, together with interest at the Overdue Reimbursement Rate on such amount from the 15th day after receipt of such certificate until payment in full thereof; provided, however, that the foregoing provisions shall not apply to any Tax or to any reserves which are included in computing the Eurodollar Reserve Rate. The determination by such Bank of the amount of such costs shall, in the absence of manifest error, be conclusive.

Reserve Requirements. If any Bank Legal Requirement shall (a) impose, modify, increase or deem applicable any insurance assessment, reserve, special deposit or similar requirement against any Funding Liability or the Letters of Credit, (b) impose, modify, increase or deem applicable any other requirement or condition with respect to any Funding Liability or the Letters of Credit, or (c) change the basis of taxation of Funding Liabilities or payments in respect of any Letter of Credit (other than changes in the rate of taxes measured by the overall net income of such Bank) and the effect of any of the foregoing shall be to increase the cost to any Bank of issuing, making, funding or maintaining its respective Percentage Interest in any portion of a Loan subject to a Eurodollar Pricing Option or any Letter of Credit, to reduce the amounts received or receivable by such Bank under this Agreement or to require such Bank to make any payment or forego any amounts otherwise payable to such Bank under this Agreement, then, within 15 days after the receipt by the Borrower of a certificate from such Bank setting forth why it is claiming compensation under this Section 3.5 and computations (in reasonable detail) of the amount thereof, the The Borrower shall pay to the Administrative Agent, Agent for the account of each Bank, so long as such Bank shall be required under regulations of the Federal Reserve to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, interest in addition to the applicable interest rate plus the applicable Margin on the unpaid principal amount of the applicable portion of the Loan advanced by such additional Bank, from the date of such Loan until such principal amount is paid in full, an amount equal to an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the rate (not including the applicable Margin) for the Interest Period for such Loan, from (ii) the rate obtained by dividing the rate described in CLAUSE (I) of this SECTION 14.03 by a percentage equal to 100% (one hundred percent) minus the Eurocurrency Rate Reserve Percentage of such Bank for such Interest Period, payable on each date on which interest is payable. A certificate of each Bank setting forth in reasonable detail the calculation of the amount of such increased costs and such amounts as are specified by such Bank in such certificate as sufficient shall be necessary to compensate such Bank for such increased cost or costs, shall be delivered to the Borrower and the Agent. The Borrower shall pay each Bank the amount shown as due on any such reduction, together with interest at the Overdue Reimbursement Rate on such amount from the 15th day certificate within 30 (thirty) days after its receipt of such certificate until payment the same. Each Bank that became a "Bank" pursuant to the Original Agreement prior to the Primary Syndication Completion Date waives the right to claim additional amounts based upon reserve requirements in full thereofeffect on the date it became a Bank; provided, however, that the foregoing provisions shall such waiver does not apply with respect to any Tax or reserve requirements to any reserves which are included in computing the Eurodollar Reserve Rate. The determination by such Bank of the amount of such costs shall, in the absence of manifest error, be conclusive.is entitled pursuant to Regulation D.