LIBORBenchmark Notification Sample Clauses

LIBORBenchmark Notification. The interest rate on Advances accruing interest at the Adjusted Eurodollar Rate is determined by reference to the LIBOR Rate, which is derived from LIBOR. LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the IBA for purposes of the IBA setting LIBOR. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Advances. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. In the event that LIBOR is no longer available or in certain other circumstances as set forth in Section 2.18 of this Agreement, such Section 2.18 provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 2.18, in advance of any change to the reference rate upon which the interest rate on Advances accruing interest at the Adjusted Eurodollar Rate is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of “LIBOR Rate” USD LIBOR or with respect to any alternative or successor ratebenchmark thereto, or replacement rate therefor or thereof, including, without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.18, will be similar to, or produce the same value or economic equivalence of, theUSD LIBOR Rateor any other benchmark or have the same volume or liquidity as did USD LIBOR or any other benchmark prior to its discontinuance or unavailability.