Common use of LIBOR Discontinuation Clause in Contracts

LIBOR Discontinuation. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, this Agreement and the other Loan Documents may be amended to replace LIBOR with (1) a successor or alternative index rate as the Administrative Agent (or in the case of the Priority Revolving Facility, the Priority Revolving Agent) (but not, for the avoidance of doubt, any other Lender) and the Borrower may reasonably determine that gives due consideration to the then prevailing market practice for determining a rate of interest for syndicated leveraged loans of this type in the United States at such time or (2) absent such mutual selection by the Borrower and the Administrative Agent (or in the case of the Priority Revolving Facility, the Priority Revolving Agent), a comparable successor or alternative interbank rate for deposits in Dollars that is, at such time, broadly accepted as the prevailing market practice for syndicated leveraged loans of this type in the United States in lieu of the “LIBOR Rate” as reasonably determined by the Administrative Agent (or in the case of the Priority Revolving Facility, the Priority Revolving Agent); provided that (a) any such successor or alternative rate shall be applied by the Administrative Agent (or in the case of the Priority Revolving Facility, the Priority Revolving Agent) in a manner consistent with market practice and (b) to the extent such market practice is not administratively feasible for the Administrative Agent (or in the case of the Priority Revolving Facility, the Priority Revolving Agent), such successor or alternative rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent (or in the case of the Priority Revolving Facility, the Priority Revolving Agent) in consultation with the Borrower.