Permanent Inability to Determine Rate Benchmark Replacement Sample Clauses
The 'Permanent Inability to Determine Rate; Benchmark Replacement' clause defines what happens if the reference interest rate (such as LIBOR) used in a contract becomes permanently unavailable or cannot be determined. In practice, this clause outlines the process for selecting a new benchmark rate, often specifying fallback procedures or alternative rates that will automatically apply if the original benchmark is discontinued. Its core function is to ensure continuity and certainty in contractual obligations by providing a clear mechanism for replacing a key financial reference rate, thereby preventing disputes or disruptions in payments when the original rate is no longer published.
Permanent Inability to Determine Rate Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Credit Document:
Permanent Inability to Determine Rate Benchmark Replacement. (a) Benchmark Replacement (SOFR).
Permanent Inability to Determine Rate Benchmark Replacement. (a) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is providedAdministrative Agent has posted such proposed amendment to ▇▇▇▇▇▇ Lenders and the Borrower (together, if applicable, with an amendment to this Agreement implementing such Benchmark Replacement and any applicable Benchmark Replacement Conforming Changes) or (ii) such other date as may be determined by the Administrative Agent, in each case, without any further action or consent of any other party to this Agreement or any other Loan Document, so long as the Administrative Agent has not received, by such time (or, in the case of clause (ii) above, such time as may be specified by the Administrative Agent as a deadline to receive objections, but in any case, no less than five (5) Business Days after the date such notice is provided to the Lenders and the Borrower), written notice of objection to such Benchmark Replacementamendment from Lenders comprising the RequisiteRequired Lenders; provided, however, that in the event that. No replacement of the then-current Benchmark is not a SOFR-based rate, then the Benchmark Replacement shall be determined in accordance with clause (1) of the definition of “with a Benchmark Replacement” unless the Administrative Agent has determined that neither of such alternative rates is available. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such pursuant to this Section 4.3 will occur prior to the applicable Benchmark Transition Start Date. Unless and u...
Permanent Inability to Determine Rate Benchmark Replacement. Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement (whether in connection with the replacement of USD LIBOR or any future Benchmark), the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding. Notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing suchupon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the Term SOFR Reference Rate or then-current Benchmark with a Benchmark Replacement Conforming Changes. Any such amendment with respect to a Benchmark Transition Event will become effective without any further action or consent of any other party to this Agreement or any other Transaction ▇▇▇▇▇▇▇▇.▇▇ 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of the Adjusted Term SOFR Rate with a Benchmark Replacement pursuant to this Section 2.11(b)(i) will occur prior to the applicable Benchmark Transition Start Date.
Permanent Inability to Determine Rate Benchmark Replacement