Switch to Term Reference Rate Clause Samples

Switch to Term Reference Rate. Subject to Paragraph 1.2 (Delayed switch for existing LIBOR Loans) below, on and from the Rate Switch Date: (a) the use of the Term Reference Rate will replace the use of LIBOR for the calculation of interest for any Loan or Unpaid Sum; and (b) any Loan or Unpaid Sum shall be a Term SOFR Loan and Paragraph 2.1 (Calculation of interest – Term SOFR Loans) below shall apply to such Loan or Unpaid Sum.