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Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 2.17.2(a) will occur prior to the applicable Benchmark Transition Start Date.\n(b) In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.\n(c) The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.17.2(d) below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.17.2, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.17.2.\n(d) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent may modify the definition of \u201cInterest Period\u201d (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of \u201cInterest Period\u201d (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.\n(e) Upon the Borrower\u2019s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a borrowing of SOFR Loans to be made during any Benchmark Unavailability Period.", "hash": "e2578fdf8666909d2c02398648c6a8c6", "id": 4}, {"samples": [{"hash": "lWySFogPtYw", "uri": "/contracts/lWySFogPtYw#benchmark-replacement-setting", "label": "Credit Agreement (Easterly Government Properties, Inc.)", "score": 37.585899353, "published": true}, 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"notice-of-objection", "type": "definition", "offset": [1353, 1372]}, {"key": "daily-simple-sofr", "type": "definition", "offset": [1454, 1471]}, {"key": "interest-payments", "type": "definition", "offset": [1477, 1494]}, {"key": "on-a-quarterly-basis", "type": "definition", "offset": [1511, 1531]}], "size": 110, "snippet": "Notwithstanding anything to the contrary herein or in any other Financing Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of \u201cBenchmark Replacement\u201d for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Financing Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Financing Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of \u201cBenchmark Replacement\u201d for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Financing Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Borrowers without any amendment to, or further action or consent of any other party to, this Agreement or any other Financing Document so long as the Lender has not received, by such time, written notice of objection to such Benchmark Replacement from any Borrower. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.", "hash": "1f7e97559072d1bb5cf0d14177bc6fdd", "id": 2}, {"samples": [{"hash": "JUYHYstFt2", "uri": "/contracts/JUYHYstFt2#benchmark-replacement-setting", "label": "Joinder Agreement and Amendment No. 6 (BrightSpring Health Services, Inc.)", "score": 35.023273468, "published": true}], "snippet_links": [{"key": "such-determination", "type": "definition", "offset": [6, 24]}, {"key": "following-the", "type": "definition", "offset": [82, 95]}, {"key": "libor-discontinuance-event-time", "type": "definition", "offset": [96, 127]}, {"key": "the-borrower-shall", "type": "clause", "offset": [158, 176]}, {"key": "agreement-to", "type": "definition", "offset": [209, 221]}, {"key": "successor-libor-rate", "type": "definition", "offset": [235, 255]}, {"key": "changes-to-this-agreement", "type": "clause", "offset": [279, 304]}, {"key": "in-consultation-with", "type": "definition", "offset": 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"clause", "offset": [2174, 2189]}, {"key": "the-borrower-and-the", "type": "clause", "offset": [2191, 2211]}, {"key": "sole-discretion", "type": "definition", "offset": [2399, 2414]}, {"key": "business-days", "type": "definition", "offset": [2443, 2456]}, {"key": "notice-to-the-administrative-agent", "type": "clause", "offset": [2472, 2506]}, {"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [2733, 2773]}, {"key": "the-lenders", "type": "clause", "offset": [2897, 2908]}, {"key": "no-successor", "type": "clause", "offset": [3043, 3055]}, {"key": "scheduled-unavailability-date", "type": "definition", "offset": [3119, 3148]}, {"key": "notify-the", "type": "clause", "offset": [3268, 3278]}, {"key": "each-lender", "type": "clause", "offset": [3292, 3303]}, {"key": "request-for-borrowing", "type": "definition", "offset": [3408, 3429]}, {"key": "conversion-of", "type": "clause", "offset": [3435, 3448]}, {"key": "continuation-of", "type": "clause", "offset": 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Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect such Successor LIBOR Rate and such other related changes to this Agreement as may be necessary or appropriate, as the Administrative Agent, in consultation with the Borrower, may determine in good faith (which determination shall be conclusive absent manifest error), to implement and give effect to the Successor LIBOR Rate under this Agreement on the LIBOR Replacement Date and, (i) nNotwithstanding anything to the contrary in Section 13.1, such amendment shall become effective for each Class of Loans and Lendersherein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of \u201cBenchmark Replacement\u201d for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of \u201cBenchmark Replacement\u201d for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment; provided, that if a Successor LIBOR Rate has not been established pursuant to the foregoing, at the option of the Borrower, the Borrower and the Required Lenders may select a different Successor LIBOR Rate that is commercially practicable for the Administrative Agent to administer (as determined by the Administrative Agent in its sole discretion) and, upon not less than 15 Business Days\u2019 prior written notice to the Administrative Agent, the Administrative Agent, such Required Lenders and the Borrower shall enter into an amendment to this Agreement to reflect such Successor LIBOR Rate and such other related changes to this Agreement as may be applicable and, notwithstanding anything to the contrary in Section 13.1, such amendment shall become effective without anydate notice of such Benchmark Replacement is provided to the Lenders and Borrower without any amendment to, or further action or consent of any other party to, this Agreement; provided, further, that if no Successor LIBOR Rate has been determined pursuant to the foregoing and a Scheduled Unavailability Date (as defined in the definition of \u201cLIBOR Discontinuance Event\u201d) has occurred, the Administrative Agent will promptly so notify the Borrower and each Lender and thereafter, until such Successor LIBOR Rate has been determined pursuant to this paragraph, (i) any request for Borrowing, the conversion of any Borrowing to, or continuation of any Borrowing as, a Borrowing of LIBOR Loans shall be ineffective and (ii) all outstanding Borrowings shall be converted to an ABR Loan Borrowing until a Successor LIBOR Rate has been chosen pursuant to this paragraph. Notwithstanding anything else herein, any definition of Successor LIBOR Rate shall provide that in no event shall such Successor LIBOR Rate be less than zero for purposes of this Agreement. or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.", "hash": "bdf06f95e212f00e8432a9789eea012d", "id": 3}, {"samples": [{"hash": "fPSAOwtl8AB", "uri": "/contracts/fPSAOwtl8AB#benchmark-replacement-setting", "label": "Credit Agreement (Caterpillar Inc)", "score": 32.8384666443, "published": true}, {"hash": "9BewYbQVSGn", "uri": "/contracts/9BewYbQVSGn#benchmark-replacement-setting", "label": "Credit Agreement (Caterpillar Financial Services Corp)", "score": 32.8384666443, "published": true}, {"hash": "c1BAHJInezy", "uri": "/contracts/c1BAHJInezy#benchmark-replacement-setting", "label": "Credit Agreement (Caterpillar Inc)", "score": 32.6851463318, "published": true}], "snippet_links": [{"key": "on-march", "type": "clause", "offset": [0, 8]}, {"key": "the-financial-conduct-authority", "type": "clause", "offset": [17, 48]}, {"key": "usd-libor", "type": "definition", "offset": [87, 96]}, {"key": "public-statement", "type": "clause", "offset": [137, 153]}, {"key": "the-future", "type": "clause", "offset": [154, 164]}, {"key": "loss-of", "type": "definition", "offset": [178, 185]}, {"key": "spot-next", "type": "definition", "offset": [218, 227]}, {"key": "month-libor", "type": "clause", "offset": [263, 274]}, {"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [291, 331]}, {"key": "loan-document", "type": "clause", "offset": [355, 368]}], "size": 28, "snippet": "On March 5, 2021 the Financial Conduct Authority (\u201cFCA\u201d), the regulatory supervisor of USD LIBOR\u2019s administrator (\u201cIBA\u201d), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12- month LIBOR tenor settings. Notwithstanding anything to the contrary herein or in any other Loan Document:", "hash": "e8d2c99e74d393c6ede930b3a3da61da", "id": 6}, {"samples": [{"hash": "1Aay9WNxkHS", "uri": "/contracts/1Aay9WNxkHS#benchmark-replacement-setting", "label": "Credit Agreement (Prairie Operating Co.)", "score": 37.4407920837, "published": true}, {"hash": "ikbsu8UaK6o", "uri": "/contracts/ikbsu8UaK6o#benchmark-replacement-setting", "label": "Credit Agreement (BKV Corp)", "score": 36.7234764099, "published": true}, {"hash": "lHahduew4hF", "uri": "/contracts/lHahduew4hF#benchmark-replacement-setting", "label": "Credit Agreement (Prairie Operating Co.)", "score": 36.247089386, "published": true}], "snippet_links": [{"key": "subject-to-clauses", "type": "clause", "offset": [4, 22]}, {"key": "section-303", "type": "definition", "offset": [58, 70]}, {"key": "commencement-of", "type": "clause", "offset": [88, 103]}, {"key": "sofr-borrowing", "type": "definition", "offset": [130, 144]}, {"key": "the-administrative-agent", "type": "clause", "offset": [150, 174]}, {"key": "adjusted-term-sofr", "type": "definition", "offset": [191, 209]}, {"key": "pursuant-to-the", "type": "definition", "offset": [231, 246]}, {"key": "the-majority-lenders", "type": "clause", "offset": [275, 295]}, {"key": "for-any-reason", "type": "clause", "offset": [311, 325]}, {"key": "in-connection-with", "type": "clause", "offset": [326, 344]}, {"key": "request-for", "type": "clause", "offset": [349, 360]}, {"key": "with-respect-to", "type": "clause", "offset": [481, 496]}, {"key": "a-proposed", "type": "clause", "offset": [497, 507]}, {"key": "the-cost", "type": "clause", "offset": [557, 565]}, {"key": "notice-of", "type": "definition", "offset": [643, 652]}, {"key": "such-determination", "type": "definition", "offset": [653, 671]}, {"key": "notify-the", "type": "clause", "offset": [743, 753]}, {"key": "each-lender", "type": "clause", "offset": [767, 778]}, {"key": "notice-thereof", "type": "clause", "offset": [785, 799]}, {"key": "to-the-borrower", "type": "clause", "offset": [828, 843]}, {"key": "obligation-of-the-lenders", "type": "clause", "offset": [849, 874]}, {"key": "sofr-loans", "type": "clause", "offset": [883, 893]}, {"key": "of-the-borrower", "type": "clause", "offset": [909, 924]}, {"key": "to-convert", "type": "clause", "offset": [951, 961]}, {"key": "loans-to", "type": "clause", "offset": [966, 974]}, {"key": "to-the-extent", "type": "clause", "offset": [1007, 1020]}, {"key": "interest-periods", "type": "definition", "offset": [1060, 1076]}, {"key": "upon-receipt-of", "type": "definition", "offset": [1204, 1219]}, {"key": "pending-request", "type": "definition", "offset": [1265, 1280]}, {"key": "a-borrowing", "type": "definition", "offset": [1285, 1296]}, {"key": "continuation-of", "type": "clause", "offset": [1318, 1333]}, {"key": "borrower-will", "type": "clause", "offset": [1439, 1452]}, {"key": "applicable-interest-period", "type": "definition", "offset": [1707, 1733]}, {"key": "the-borrower-shall", "type": "clause", "offset": [1761, 1779]}, {"key": "interest-on-the", "type": "clause", "offset": [1797, 1812]}, {"key": "additional-amounts", "type": "definition", "offset": [1852, 1870]}, {"key": "pursuant-to-section", "type": "definition", "offset": [1880, 1899]}, {"key": "conclusive-and-binding", "type": "clause", "offset": [2043, 2065]}, {"key": "manifest-error", "type": "definition", "offset": [2073, 2087]}, {"key": "the-interest-rate", "type": "clause", "offset": [2187, 2204]}, {"key": "loans-shall", "type": "definition", "offset": [2212, 2223]}, {"key": "reference-to", "type": "clause", "offset": [2274, 2286]}, {"key": "the-definition-of", "type": "definition", "offset": [2301, 2318]}, {"key": "alternate-base-rate", "type": "clause", "offset": [2320, 2339]}], "size": 25, "snippet": "(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 3.03, if prior to the commencement of any Interest Period for a SOFR Borrowing:\n(i) the Administrative Agent determines that Adjusted Term SOFR cannot be determined pursuant to the definition thereof; or\n(ii) the Majority Lenders determine that for any reason in connection with any request for a SOFR Loan or a conversion thereto or a continuation thereof that Adjusted Term SOFR for any requested Interest Period with respect to a proposed SOFR Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, and the Majority Lenders have provided notice of such determination to the Administrative Agent; the Administrative Agent will promptly so notify the Borrower and each Lender. Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to continue SOFR Loans or to convert ABR Loans to SOFR Loans, shall be suspended (to the extent of the affected SOFR Loans or affected Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Majority Lenders) revokes such notice. Upon receipt of such notice, (i) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans in the amount specified therein and (ii) any outstanding affected SOFR Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 5.02. Subject to clauses (b), (c), (d), (e) and (f) of this Section 3.03, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that Adjusted Term SOFR cannot be determined pursuant to the definition thereof on any given day, the interest rate on ABR Loans shall be determined by the Administrative Agent without reference to clause (c) of the definition of \u201cAlternate Base Rate\u201d until the Administrative Agent revokes such determination.", "hash": "441dd7223095bd774071608308983dfa", "id": 7}, {"samples": [{"hash": "kaA30Dvk2Du", "uri": "/contracts/kaA30Dvk2Du#benchmark-replacement-setting", "label": "Credit Agreement (Healthpeak Properties, Inc.)", "score": 35.162902832, "published": true}, {"hash": "505HZK5GJMU", "uri": "/contracts/505HZK5GJMU#benchmark-replacement-setting", "label": "Credit and Guaranty Agreement (PLBY Group, Inc.)", "score": 33.9308700562, "published": true}, {"hash": "4arBwTr8S8R", "uri": "/contracts/4arBwTr8S8R#benchmark-replacement-setting", "label": "Revolving Term Facility Credit Agreement (Wheaton Precious Metals Corp.)", "score": 33.2409324646, "published": true}], "snippet_links": [{"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [0, 40]}, {"key": "credit-document", "type": "definition", "offset": [64, 79]}], "size": 18, "snippet": "Notwithstanding anything to the contrary herein or in any other Credit Document:", "hash": "c0c01331292e6d3bc5d4c792a10eb2fc", "id": 8}, {"samples": [{"hash": "gm7PGOkzAg2", "uri": "/contracts/gm7PGOkzAg2#benchmark-replacement-setting", "label": "Credit Agreement (Gatx Corp)", "score": 37.0109519958, "published": true}, {"hash": "h2bEkGsXN1R", "uri": "/contracts/h2bEkGsXN1R#benchmark-replacement-setting", "label": "Third Amended and Restated Series 2021 a Supplement (Hertz Corp)", "score": 36.8412055969, "published": true}, {"hash": "1Da8nldhCWL", "uri": "/contracts/1Da8nldhCWL#benchmark-replacement-setting", "label": "Credit Agreement (Gatx Corp)", "score": 35.3874053955, "published": true}], "snippet_links": [{"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [0, 40]}], "size": 16, "snippet": "Notwithstanding anything to the contrary herein:", "hash": "6c60670160a8e754f03d79737aceac6f", "id": 9}, {"samples": [{"hash": "9kYvOXUjD9B", "uri": "/contracts/9kYvOXUjD9B#benchmark-replacement-setting", "label": "Amendment No. 9 (Gladstone Capital Corp)", "score": 34.4798088074, "published": true}, {"hash": "crbn9jRakr6", "uri": "/contracts/crbn9jRakr6#benchmark-replacement-setting", "label": "Loan and Servicing Agreement (ACRES Commercial Realty Corp.)", "score": 33.9719352722, "published": true}, {"hash": "cI2Gxdd7sf7", "uri": "/contracts/cI2Gxdd7sf7#benchmark-replacement-setting", "label": "Note Purchase Agreement (Infinity Core Alternative Fund)", "score": 33.5722122192, "published": true}], "snippet_links": [{"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [0, 40]}, {"key": "transaction-document", "type": "definition", "offset": [64, 84]}], "size": 13, "snippet": "Notwithstanding anything to the contrary herein or in any other Transaction Document:", "hash": "75fc41d492099cbfc5b4f9f0d31c9f91", "id": 10}], "next_curs": "CmYSYGoVc35sYXdpbnNpZGVyY29udHJhY3RzckILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiZiZW5jaG1hcmstcmVwbGFjZW1lbnQtc2V0dGluZyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"title": "Benchmark Replacement Setting", "parents": [["miscellaneous", "Miscellaneous"], ["the-credits", "The Credits"], ["changed-circumstances", "Changed Circumstances"], ["alternate-rate-of-interest", "Alternate Rate of Interest"], ["change-in-circumstances", "Change in Circumstances"]], "children": [["notices-standards-for-decisions-and-determinations", "Notices; Standards for Decisions and Determinations"], ["benchmark-replacement-conforming-changes", "Benchmark Replacement Conforming Changes"], ["unavailability-of-tenor-of-benchmark", "Unavailability of Tenor of Benchmark"], ["benchmark-replacement", "Benchmark Replacement"], ["benchmark-unavailability-period", "Benchmark Unavailability Period"]], "size": 2848, "id": "benchmark-replacement-setting", "related": [["benchmark-replacement", "Benchmark Replacement", "Benchmark Replacement"], ["liquidity-risk-measurement-services", "Liquidity Risk Measurement Services", "Liquidity Risk Measurement Services"], ["card-replacement", "Card Replacement", "Card Replacement"], ["benchmark-replacement-conforming-changes", "Benchmark Replacement Conforming Changes", "Benchmark Replacement Conforming Changes"], ["emergency-replacement", "Emergency Replacement", "Emergency Replacement"]], "related_snippets": [], "updated": "2026-11-14T04:20:00+00:00", "also_ask": ["What negotiation leverage exists in selecting or defining the benchmark replacement?", "Which fallback triggers and procedures are essential to avoid ambiguity or disputes?", "What are the most common legal pitfalls or unenforceable terms in benchmark replacement clauses?", "How do market-standard benchmark replacement provisions differ across jurisdictions or industries?", "What factors do courts consider when determining the enforceability of a benchmark replacement setting?"], "drafting_tip": "Specify the benchmark replacement process, identify fallback rates, and assign decision-making authority to ensure clarity, continuity, and minimize disputes if the original benchmark becomes unavailable.", "explanation": "The Benchmark Replacement Setting clause defines the process for selecting a new reference rate if the original benchmark used in a contract becomes unavailable or is no longer reliable. Typically, this clause outlines the criteria and procedures for identifying and implementing a suitable replacement benchmark, such as specifying fallback rates or designating a party responsible for making the selection. Its core practical function is to ensure continuity and reduce uncertainty in contractual obligations by providing a clear mechanism for adapting to changes in financial benchmarks."}, "json": true, "cursor": ""}}