Common use of Failure to Pay or Borrow on Certain Dates Clause in Contracts

Failure to Pay or Borrow on Certain Dates. If (i) any payment of a LIBOR Borrowing occurs on a date which is not the last day of an applicable Interest Period, or (ii) a LIBOR Borrowing is not made on the date specified in a Borrowing and Rate Selection Notice for any reason other than default by Lender, Borrower will indemnify Lender for any loss, costs or penalties reasonably incurred by it resulting therefrom, including, without limitation, any prepayment costs or penalties or loss in liquidating or employing deposits acquired or required to fund or maintain the LIBOR Borrowing.