Common use of Reserves on LIBOR Loans Clause in Contracts

Reserves on LIBOR Loans. Borrower shall pay to each Lender (other than CSCC), as long as such Lender shall be required under regulations of the FRB to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as "Eurocurrency liabilities"), additional costs on the unpaid principal amount of each Loan accruing interest at "LIBOR" (as defined in the Schedule) equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), payable on each date on which interest is payable on such Loan, PROVIDED Borrower shall have received at least 15 days' prior written notice (with a copy to Agent) of such additional interest from such Lender. If a Lender fails to give notice 15 days prior to the relevant interest payment date, such additional interest shall be payable 15 days from receipt of such notice. Any Lender claiming reimbursement or compensation under this Section 2.14 shall deliver to Borrower (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive and binding on Borrower in the absence of manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Cogent Communications Group Inc), Credit Agreement (Cogent Communications Group Inc)

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Reserves on LIBOR Loans. Each Applicable Borrower shall pay to each Lender (other than CSCC)Lender, as long as such Lender shall be required under regulations of the FRB to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as "Eurocurrency liabilities")) and, in respect of any Offshore Currency Loans, under any applicable regulations of the country in which the Offshore Currency of such Offshore Currency Loans circulates, additional costs on the unpaid principal amount of each LIBOR Loan accruing interest at "LIBOR" (as defined in the Schedule) and Offshore Currency Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined calculated by such Lender in good faithfaith and using a method that is not materially less favorable to each Applicable Borrower than to any of its other customers, which determination calculation shall be set forth in reasonable detail and shall be conclusive), payable on each date on which interest is payable on such Loan, PROVIDED provided the Applicable Borrower shall have received at least 15 daysBusiness Days' prior written notice (with a copy to the Paying Agent) of the amount of such additional interest from such Lender. If a Lender fails to give notice 15 days prior to the relevant interest payment dateInterest Payment Date, such additional interest shall be payable 15 days Business Days from receipt of such notice. Any Lender claiming reimbursement or compensation under this Section 2.14 shall deliver to Borrower (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive and binding on Borrower in the absence of manifest error.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Greif Brothers Corp)

Reserves on LIBOR Loans. The Borrower shall pay to each Lender Term Loan Lender, (other than CSCC), i) as long as such Term Loan Lender shall be required under regulations of the FRB to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as "Eurocurrency liabilities"), additional costs interest on the unpaid principal amount of each LIBOR Loan accruing interest at "LIBOR" (as defined in the Schedule) equal to the actual costs of such reserves allocated to such Loan by such Term Loan Lender (as determined by such Term Loan Lender in good faith, which determination shall be conclusive) and (ii) as long as such Term Loan Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Term Loan Lender (as determined by such Term Loan Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, PROVIDED provided the Borrower shall have received at least 15 10 days' prior written notice (with a copy to the Administrative Agent) of such additional interest from such Term Loan Lender. If a Lender fails to give notice 15 10 days prior to the relevant interest payment dateInterest Payment Date, such additional interest shall be due and payable 15 10 days from receipt of such notice. Any Lender claiming reimbursement or compensation under this Section 2.14 shall deliver to Borrower (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive and binding on Borrower in the absence of manifest error.

Appears in 1 contract

Samples: Super Priority Credit Agreement (Basic Energy Services, Inc.)

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Reserves on LIBOR Loans. Borrower shall pay to each Lender (other than CSCC)Lender, as long as such Lender other than CSCC shall be required under regulations of the FRB to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as "Eurocurrency liabilities"), additional costs on the unpaid principal amount of each Loan accruing interest at "LIBOR" (as defined in the Schedule) equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), payable on each date on which interest is payable on such Loan, PROVIDED provided Borrower shall have received at least 15 days' prior written notice (with a copy to Agent) of such additional interest from such Lender. If a Lender fails to give notice 15 days prior to the relevant interest payment date, such additional interest shall be payable 15 days from receipt of such notice. Any Lender claiming reimbursement or compensation under this Section 2.14 2.13 shall deliver to Borrower (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive and binding on Borrower in the absence of manifest error.

Appears in 1 contract

Samples: Credit Agreement (Cbeyond Communications Inc)

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