Replacing Other and Future Benchmarks Sample Clauses
The 'Replacing Other and Future Benchmarks' clause establishes the process for substituting an existing financial benchmark with a new one, either due to the current benchmark becoming unavailable or the emergence of a more appropriate standard. This clause typically outlines the criteria for selecting a replacement benchmark, the procedures for making the transition, and the parties responsible for implementing the change. Its core practical function is to ensure continuity and certainty in contractual obligations that reference benchmarks, thereby minimizing disruption and disputes if the original benchmark is discontinued or replaced.
Replacing Other and Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any such Benchmark as follows. If such Benchmark Replacement is determined under clause (1) of the definition thereof, then, on the Benchmark Replacement Date therefor, such Benchmark Replacement will replace such Benchmark without any amendment to, or further action or consent of any other party to, this Agreement or any Loan Document as of such Benchmark Replacement Date. If such Benchmark Replacement is determined under clause (2) of the definition thereof, then such Benchmark Replacement will replace such Benchmark at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Banks without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Banks comprising the Majority Banks or the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document. At any time that the administrator of any then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark (including, without limitation, any RFR then in effect) or such Benchmark has been announced by the regulatory supervisor for the administrator or the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative and will not be restored (including, without limitation, any RFR then in effect), (A) with respect to amounts denominated in Dollars, the Borrowers may revoke any request for a Borrowing of, Conversion to or continuation of Advances to be made, Converted or continued that would bear interest by reference to such Benchmark until the Borrowers’ receipt of notice from the Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrowers will be deemed to have Converted any such request into a request for a Borrowing of or Conversion to Base Rate Advances and (B) with respect to amounts denominated in any Agreed Currency other than Dollars, t...
Replacing Other and Future Benchmarks. (a) Circumstances Affecting Benchmark Availability. Subject to clause (c) below, if the Administrative Agent determines that the Daily Simple ▇▇▇▇▇ Rate cannot be determined in accordance with the terms of this Agreement or the Required Lenders determine that the Daily Simple ▇▇▇▇▇ Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans and delivers written notice of such determination to the Administrative Agent, the Administrative Agent will promptly so notify the Borrower and each Lender, and any outstanding Advances will, so long as such circumstances remain in effect, bear interest at the Daily Simple ▇▇▇▇▇ ▇▇▇▇ for the most recent Business Day for which the Daily Simple ▇▇▇▇▇ ▇▇▇▇ was determinable plus the Applicable Margin. Upon any such prepayment, the Borrower shall also pay accrued interest on the amount so prepaid.
Replacing Other and Future Benchmarks