LIBOR Notification

LIBOR Notification. On March 5, 2021, the U.K. Financial Conduct Authority (the "FCA") announced in a public statement that overnight/Spot Next, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative after June 30, 2023. As a result, on that date, LIBOR may become unavailable or unreliable for the purposes of this Agreement. 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 becomes unavailable or unreliable, an alternative rate of interest may be selected and implemented in accordance with the terms of this Agreement. The Lender does not warrant, nor accept responsibility, nor shall the Lender have any liability with respect to the administration, submission or any other matter related to LIBOR or with respect to any comparable or successor index thereto or replacement thereof, including, without limitation, whether the composition or characteristics of any such alternative, successor or replacement index, as it may or may not be adjusted pursuant to the terms of this Agreement, will be similar to, or produce the same value or economic equivalence of, LIBOR or have the same volume or liquidity as did LIBOR prior to it becoming unavailable or unreliable. View More