Benchmark Replacement Conforming Change Clause Samples
The Benchmark Replacement Conforming Change clause defines how necessary adjustments will be made to a contract when a financial benchmark, such as LIBOR, is replaced with an alternative rate. This clause allows the contract parties to update related terms, definitions, and calculation methods to ensure the new benchmark functions smoothly within the existing agreement. For example, it may permit changes to interest calculation formulas or payment dates to align with the conventions of the new benchmark. Its core function is to ensure continuity and operational consistency in the contract, minimizing disruption and ambiguity when a benchmark transition occurs.
Benchmark Replacement Conforming Change. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan 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 Loan Document.
Benchmark Replacement Conforming Change. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan 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 Loan Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of a Benchmark Replacement.