Common use of LIBOR Indemnity Clause in Contracts

LIBOR Indemnity. Borrowers will indemnify Bank against any loss or expense which Bank actually sustains or incurs as a consequence of any prepayment by Borrowers of a LIBOR Loan prior to the end of the applicable Rate Period. If Bank actually sustains or incurs any such loss or expense it will within ninety (90) days of such loss or expense notify Borrowers in writing of the amount determined in good faith by the Bank to be necessary to indemnify Bank for the loss or expense. Such amount will be due and payable by Borrowers to Bank within ten (10) days after presentation by Bank of a statement setting forth a brief explanation of and Bank's calculation of such amount, which statement shall be presumptively deemed correct absent manifest error. Any amount payable to the Bank under this Section will bear interest at the applicable default rate from the due date until paid, both before and after judgment.