Common use of Term SOFR Rate Consistency Modifications Clause in Contracts

Term SOFR Rate Consistency Modifications. In connection with the use or administration of the SOFR Term Rate, Creditors will have the right to make Consistency Modifications, from time to time, and, notwithstanding anything to the contrary contained in this Agreement, any modifications that implement such Modifications of Consistency will come into force without the need for any additional action or consent of the Borrower and/or the Joint Obligors. Creditors will immediately notify the Borrower in writing upon entry into force of any Consistency Modifications in connection with the use or administration of the SOFR Term Rate. Page 48 of 120