Common use of Scope of Amendments Clause in Contracts

Scope of Amendments. The following new interest rate provisions will provide for Daily Non-Cumulative Compounded RFR Rate (as defined below) to replace USD-LIBOR as the applicable interest rate benchmark for the calculation of interest on the Loan under the Agreement as further set out in section 3 (New interest provisions) below. This change of the interest rate benchmark for the Loan will occur on the Rate Switch Date (as defined below). Accordingly, on and from the Rate Switch Date, the Loan will switch from a USD-LIBOR Loan to a Compounded Rate Loan and interest will be calculated by reference to the Compounded Reference Rate as further set out in section 3 (New interest provisions) below. Until the applicable Rate Switch Date, the Loan will continue to accrue interest at a rate which is determined by reference to USD-LIBOR in accordance with the existing interest rate provisions. The rate switch and new interest rate provisions will be incorporated in the Agreement as new Clauses 8A (Rate Switch), 8B (Interest – Compounded Rate Loan), 8C (Interest Periods – Compounded Rate Loan) and 8D (Changes to the calculation of interest – Compounded Rate Loan) as set out in section 3 (New interest provisions) below.