Common use of Effect of Benchmark Transition Event — SOFR Clause in Contracts

Effect of Benchmark Transition Event — SOFR. Benchmark Replacement. Notwithstanding the foregoing, if Xxxxxxx Mac determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the notes in respect of all determinations on such date and for all determinations on all subsequent dates.

Effect of Benchmark Transition Event — SOFR. Benchmark Replacement. Notwithstanding the foregoing, if Xxxxxxx Freddie Mac determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the notes in respect of all determinations on such date and for all determinations on all subsequent dates.