Common use of Reserves on SOFR Loans Clause in Contracts

Reserves on SOFR Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including SOFR funds or deposits (currently known as “SOFR liabilities”), additional costs on the unpaid principal amount of each SOFR Loan equal to 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 absent manifest error), payable on each date on which interest is payable on such Loan provided the Borrower shall have received at least fifteen (15) days’ prior written notice (with a copy to the Applicable Agent) of such additional interest from the Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest shall be payable fifteen (15) days from receipt of such notice.

Reserves on SOFR Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including SOFR eurocurrency funds or deposits (currently known as “SOFR Eurocurrency liabilities”), additional costs interest on the unpaid principal amount of each SOFR Loan 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 absent manifest errorconclusive), which shall be due and payable on each date on which interest is payable on such Loan SOFR Loan, provided the Borrower shall have received at least fifteen ten (1510) days’ prior written notice (with a copy to the Applicable Administrative Agent) of such additional interest or costs from the such Lender. If a Lender fails to give notice fifteen ten (1510) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable fifteen ten (1510) days from receipt of such notice.