Common use of Successor LIBO Rate Clause in Contracts

Successor LIBO Rate. (a) If the Administrator determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 1.9(a) have arisen and are unlikely to be temporary or (ii) the circumstances set forth in Section 1.9(a) have not arisen but either (A) the administrator of the LIBO Rate has made a public statement identifying a specific date after which the LIBO Rate will permanently or indefinitely cease to be published by it, (B) a rate other than the LIBO Rate has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market, or (C) the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over the Administrator has made a public statement identifying a specific a date after which the LIBO Rate may no longer be used for determining interest rates for loans (any such date, a “LIBOR Termination Date”), then the Administrator and the Seller shall endeavor in good faith to establish a replacement index for the LIBO Rate and make adjustments to applicable margins and related amendments to this Agreement as referred to below such that, to the extent practicable, the all-in Discount based on the replacement index will be substantially equivalent to the all-in LIBO Rate-based Discount in effect prior to its replacement.