Common use of LIBOR Replacement Clause in Contracts

LIBOR Replacement. Effective as of the Agreement Date, each reference to the Initial Lender (including as “lender”, “bank”, “lending party” or similar role thereunder) in any provision in any Loan Document (other than this Agreement) that permits such Initial Lender, in its discretion, to select an alternate rate of interest and a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the London interbank offered rate shall be deemed to allow the Administrative Agent to make such selection (with the consent of, or together with, the Borrower, if required pursuant to any Loan Document) provided that the Administrative Agent has not received, by 5:00 p.m. (New York time) on the fifth (5th) Business Day after the notice of such replacement is provided to Lenders, written notice of objection to such selections from Lenders comprising the Required Lenders.