Conforming Changes Relating to SOFR Clause Samples
The "Conforming Changes Relating to SOFR" clause defines the process for making necessary adjustments to a contract when transitioning to the Secured Overnight Financing Rate (SOFR) as a benchmark interest rate. This clause typically allows the contract administrator or agent to update definitions, calculation methods, and related terms to ensure the contract remains functional and consistent with market standards after the switch to SOFR. Its core practical function is to facilitate a smooth and orderly transition from legacy benchmarks, such as LIBOR, to SOFR, thereby minimizing disruption and ambiguity in the contract's operation.
Conforming Changes Relating to SOFR. With respect to the Term SOFR Rate and Daily 1M SOFR, the Administrative Agent will have the right, in consultation with the Seller, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document; provided that, with respect to any such amendment effected, the Administrative Agent shall provide notice to the Seller and the Purchasers of each such amendment implementing such Conforming Changes reasonably
Conforming Changes Relating to SOFR. With respect to Daily SOFR, the Bank will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary in the Amended Agreement or any other Amended Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to the Existing Agreement, Amended Agreement, this Amendment, the Amended Documents, or any other Existing Document; provided that, the Bank shall provide notice to the Borrower of each such amendment implementing such Conforming Changes reasonably promptly after such amendment becomes effective.
Conforming Changes Relating to SOFR. With respect to the Term SOFR Rate, the Administrative Agent will have the right to make Conforming Changes from time to time with the consent of the Borrower and, notwithstanding anything to the contrary herein or any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other the Credit Documents; provided that, the Administrative Agent shall provide notice to the Lenders of each such amendment implementing such Conforming Changes reasonably promptly after such amendment becomes effective.
Conforming Changes Relating to SOFR. With respect to the Term SOFR Rate and Daily 1M SOFR, the Administrator will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document; provided that, with respect to any such amendment effected, the Administrator shall provide notice to the Seller of each such amendment implementing such Conforming Changes reasonably promptly after such amendment becomes effective.