Unadjusted Benchmark Replacement means the Benchmark Replacement excluding the
Benchmark Replacement Adjustment.
USGS Business Day means any day except for a Saturday, Sunday or a day on which the
Securities Industry and Financial Markets Association or any successor thereto recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.
If a SOFR IndexStart or SOFR
IndexEnd is not published on the associated Interest Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR,
Compounded SOFR means, for the applicable Interest Period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions
required for such formula, published on the New York Federal Reserves Website at https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates. For the purposes of this provision, references in the SOFR
Averages compounding formula and related definitions to calculation period shall be replaced with Observation Period and the words that is, 30-,
90-, or 180- calendar days shall be removed. If the daily Secured Overnight Financing Rate
(SOFRi) does not so appear for any day, i in the Observation Period, SOFRi for such day i shall be
SOFR published in respect of the first preceding USGS Business Day for which SOFR was published on the New York Federal Reserves Website.
If the Company or its designee determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to this Security in respect of all determinations on such date and for
all determinations on all subsequent dates.
In connection with the implementation of a Benchmark Replacement, the Company or its designee
will have the right to make Benchmark Replacement Conforming Changes from time to time.
Any determination, decision or election that may
be made by the Company or its designee pursuant to this section, including a determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or any selection:
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(1) |
will be conclusive and binding absent manifest error; |
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(2) |
will be made in the sole discretion of the Company or its designee; and |
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(3) |
notwithstanding anything to the contrary in the documentation relating to this Security, shall become effective
without consent from the holders of this Security or any other party. |
For the avoidance of doubt, if the event that
gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such
determination.
For the avoidance of doubt, for purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event,
references to Benchmark also include any reference rate underlying such Benchmark.
By its acquisition of the Securities, each Holder
(which, for these purposes, includes each beneficial owner) (i) will acknowledge, accept, consent and agree to be bound by the Companys or its designees determination of a Benchmark Transition Event, a Benchmark Replacement Date,
the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from the Company and without the need for the Company to obtain any further consent
from such Holder, (ii) will waive any and all claims, in law and/or in equity, against the Trustee, the paying agent and the calculation agent or the Companys designee for, agree not to initiate a suit against the Trustee, the paying
agent and the calculation agent or the Companys designee in respect of, and agree that none of the Trustee, the paying agent or the calculation agent or Companys designee will be liable for, the determination of or the Companys
failure or delay to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection
therewith and (iii) will agree that none of the Trustee, the paying agent or the calculation agent or Companys designee will have any obligation to determine, confirm or verify any Benchmark Transition Event, any Benchmark Replacement
Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by the Company to determine any Benchmark Transition
Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes.