Common use of Benchmark Transition Event Clause in Contracts

Benchmark Transition Event. Each party hereto acknowledges and confirms that: A. a “Benchmark Transition Event” (as defined in the Credit Agreement) has occurred in respect of the LIBO Rate (as defined in the Credit Agreement); B. the amendments contemplated herein as set forth in Exhibit A shall be deemed as “Benchmark Replacement Conforming Changes” (as defined in the Credit Agreement); C. this Agreement is a “Benchmark Replacement Amendment” (as defined in the Credit Agreement) for the purposes of Section 2.26 of the Credit Agreement and satisfies all notice from, and all actions required to be taken by, the Agent in connection with an occurrence of a Benchmark Transition Event (as defined in the Credit Agreement) and the implementation of such Benchmark Replacement Conforming Changes pursuant to Section 2.26(c) of the Credit Agreement; and D. by executing this Agreement, each Lender party to this Agreement, hereby confirms and agrees (and does not object, under Section 2.26(a) of the Credit Agreement or otherwise) to such “Benchmark Replacement Amendment” contemplated herein.