Common use of LIBOR Reserves Clause in Contracts

LIBOR Reserves. If any Lender is required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, Borrowers shall pay additional interest to such Lender on each Revolver Loan bearing interest based on LIBOR equal to the costs of such reserves allocated to the Revolver Loan by the applicable Lender (as determined by it in good faith, which determination shall be conclusive). The additional interest shall be due and payable on each interest payment date for the Revolver Loan; provided, that if the Lender notifies Borrowers (with a copy to Agent) of the additional interest less than 10 days prior to the interest payment date, then such interest shall be payable 10 days after Borrowers’ receipt of the notice.

LIBOR Reserves. If any Lender is required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency EurocurrencySOFR funds or deposits, Borrowers shall pay additional interest to such Lender on each Revolver Loan bearing interest based on LIBOR LIBORDaily Simple SOFR equal to the costs of such reserves allocated to the Revolver Loan by the applicable Lender (as determined by it in good faith, which determination shall be conclusive). The additional interest shall be due and payable on each interest payment date for the Revolver Loan; provided, that if the Lender notifies Borrowers (with a copy to Agent) of the additional interest less than 10 days prior to the interest payment date, then such interest shall be payable 10 days after Borrowers’ receipt of the notice.