Disclosure Regarding BSBY Sample Clauses

Disclosure Regarding BSBY. Each party hereto acknowledges and understands that: (i) BSBY is administered, constructed, calculated and published by Bloomberg and its administration, construction, calculation, publication, continuation, discontinuation, movement, and regulation is not controlled by the Administrative Agent and may change without prior notice, (ii) BSBY is a relatively new variable term rate designed to represent average yields at which large, global banks access Dollar senior unsecured marginal wholesale funding, (iii) Bloomberg constructs BSBY by observing activity in various financial instruments and markets in which the Administrative Agent may engage or participate, including bank deposits, certificates of deposit, commercial paper markets, and corporate bonds, (iv) BSBY is considered a so-called “credit sensitive rate” that could increase during times of market stress as it is expected to vary depending on market conditions that impact banks and other market participants, (v) BSBY is constructed in a manner that could lead to changes in its calculation during times of stress, and could lead to this Credit Agreement transitioning from BSBY to a Benchmark Replacement Rate, (vi) banking regulators have emphasized their expectations that banks conduct diligence regarding rates replacing LIBOR, including new rates like BSBY, and (vii) Bloomberg may change the terms of its license that governs Lender’s or the Borrowers’ use of BSBY. Notwithstanding the above, the Borrowers agree to the use of BSBY for all purposes provided under the Loan Documents, accepting any inherent risks associated with such utilization.
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Disclosure Regarding BSBY. Each party hereto acknowledges and understands that (i) BSBY is administered, constructed, calculated and published by Bloomberg, and its administration, construction, calculation, publication, continuation, discontinuation, movement, and regulation is not controlled by the Administrative Agent and may change without prior notice to the Administrative Agent, (ii) BSBY is a relatively new variable term rate designed to represent average yields at which large, global banks access Dollar senior unsecured marginal wholesale funding, (iii) Bloomberg constructs BSBY by observing activity in various financial instruments and markets in which the Administrative Agent may engage or participate, including bank deposits, certificates of deposit, commercial paper markets, and corporate bonds, (iv) BSBY is considered a so-called “credit sensitive rate” that could increase during times of market stress as it is expected to vary depending on market conditions that impact banks and other market participants, (v) BSBY is constructed in a manner that could lead to changes in its calculation during times of stress, and could lead to this Agreement transitioning from BSBY to a Benchmark Replacement, (vi) banking regulators have emphasized their expectations that banks conduct diligence regarding rates replacing LIBOR (as defined in the Existing Credit Agreement), including new rates like BSBY, and (vii) Bloomberg may change the terms of its license that governs the Administrative Agent’s or the Borrower’s use of BSBY. Notwithstanding the above, each party hereto agrees to the use of BSBY for all purposes provided under the Loan Documents, accepting any inherent risks associated with such utilization.
Disclosure Regarding BSBY. Each party hereto acknowledges and understands that (i) BSBY is administered, constructed, calculated and published by Bloomberg and its administration, construction, calculation, publication, continuation, discontinuation, movement, and regulation is not controlled by Administrative Agent and may change without prior notice to Administrative Agent, (ii) BSBY is a relatively new variable term rate designed to represent average yields at which large, global banks access Dollar senior unsecured marginal wholesale funding,

Related to Disclosure Regarding BSBY

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