Common use of LIBOR Breakage Clause in Contracts

LIBOR Breakage. In the event of (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Borrowing, or conversion of a LIBOR Borrowing to a Base Rate Borrowing, for any reason (including acceleration) on a date other than the last day of the LIBOR Period for such Borrowing; or (b) any failure by the Borrower for any reason to borrow a LIBOR Advance in the amount and on a date specified in an Interest Election Request, or to convert a Base Rate Borrowing into a LIBOR Borrowing, or continue a LIBOR Borrowing requested in an Interest Election Request or as deemed to be requested pursuant to Section 4.03 for any reason, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event, which amount shall be equal to the excess, if any, of (i) the amount of interest that otherwise would have accrued on the principal amount had such event not occurred to the last day of the then current LIBOR Period for such Borrowing (or, in the case of a failure to borrow, convert or continue, the LIBOR Period that would have been applicable) at the applicable LIBOR Rate for such Advance, over (ii) the amount of interest that would have accrued on such principal amount for the period from such event at the interest rate such Lender would bid, were it to bid, as of such event for dollar deposits of a comparable amount and period from other banks in the London Interbank Market (as reasonably determined by the Administrative Agent). Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error.