Common use of Benchmark Amendments Clause in Contracts

Benchmark Amendments. If any Successor Rate or Alternative Rate and (in either case) the applicable Adjustment Spread is determined in accordance with this Condition 4.2(i) and the Independent Adviser determines (A) that amendments to these VPS Conditions are necessary to follow market practice or to ensure the proper operation of such Successor Rate or Alternative Rate and/or (in either case) the applicable Adjustment Spread (such amendments, the Benchmark Amendments) and (B) the terms of the Benchmark Amendments, then the Issuer shall, subject to giving notice thereof in accordance with Condition 4.2(i)(v), without any requirement for the consent or approval of VPS Noteholders, vary these VPS Conditions to give effect to such Benchmark Amendments with effect from the date specified in such notice.