Common use of Unavailability of Benchmark Clause in Contracts

Unavailability of Benchmark. (i) None of the Owner Trustee, the Master Collateral Agent, the Indenture Trustee, the Note Paying Agent or the Asset Representations Reviewer shall be under any obligation (w) to monitor, determine or verify the unavailability or cessation of SOFR or Compounded SOFR, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date, (x) to select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, or (y) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (z) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing.