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["the-credits", "The Credits"], ["benchmark-replacement", "Benchmark Replacement"], ["alternate-rate-of-interest", "Alternate Rate of Interest"]], "title": "Unavailability of Tenor of Benchmark", "id": "unavailability-of-tenor-of-benchmark", "related": [["availability-of-utilities", "Availability of Utilities", "Availability of Utilities"], ["certification-of-funds-budget-and-fiscal-provisions-termination-in-the-event-of-non-appropriation", "Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation", "Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation"], ["availability-of-agreement", "AVAILABILITY OF AGREEMENT", "AVAILABILITY OF AGREEMENT"], ["availability-of-services", "Availability of Services", "Availability of Services"], ["benchmark-unavailability-period", "Benchmark Unavailability Period", "Benchmark Unavailability Period"]], "related_snippets": [], "updated": "2026-08-13T05:46:16+00:00", "also_ask": ["What fallback mechanisms should be included if the benchmark tenor becomes unavailable?", "How can parties negotiate flexibility in selecting a replacement benchmark?", "What are the main legal risks if the clause lacks specificity on alternative rates?", "How have courts interpreted similar benchmark unavailability clauses in recent cases?", "What drafting elements are essential to ensure enforceability and minimize disputes?"], "drafting_tip": "Specify alternative benchmarks, outline adjustment procedures, and define notice requirements to ensure continuity, minimize disputes, and provide clarity if the original benchmark becomes unavailable.", "explanation": "The 'Unavailability of Tenor of Benchmark' clause addresses situations where a specific interest rate benchmark, or a particular maturity period (tenor) of that benchmark, becomes unavailable or is discontinued. In practice, this clause outlines the steps parties must take if the agreed-upon benchmark rate for calculating payments\u2014such as LIBOR for a 3-month period\u2014can no longer be obtained or published. It may specify fallback rates, alternative calculation methods, or procedures for selecting a replacement benchmark. The core function of this clause is to ensure continuity and certainty in financial contracts by providing a clear process for adapting to changes in benchmark availability, thereby minimizing disruption and disputes."}, "json": true, "cursor": ""}}