Successor or Alternative Rate. If the Issuer, following consultation with such Independent Adviser, determines, acting in good faith and in a commercially reasonable manner, that:
Successor or Alternative Rate. If Calculation Agents determine that the LIBOR rate has been permanently discontinued, Administrative Agent will use, as a substitute for Three-Month LIBOR for each future interest determination date, the alternative reference rate selected by the central bank, reserve bank, monetary authority or any similar institution in the United States (including any committee or working group thereof) (the “Successor Rate”). If Calculation Agents determine that there is no such Successor Rate, Administrative Agent will use as a substitute for Three-Month LIBOR for each future interest determination date an alternative benchmark or screen rate (selected by Calculation Agents) which Calculation Agents have determined in consultation with Borrower is consistent with market practice as a replacement for Three-Month LIBOR (the “Alternative Rate”). As part of such substitution, Calculation Agents will make such adjustments to the Successor Rate or the Alternative Rate, as well as the business day convention, interest determination dates and related provisions and definitions, in each case that are consistent with market practice for the use of such Successor Rate or Alternative Rate. If Calculation Agents determine that LIBOR has been permanently discontinued, but for any reason either a Successor Rate or an Alternative Rate has not been determined, the rate of Three-Month LIBOR for the next interest period will equal the Three-Month LIBOR rate for the then current interest period.
