The purpose of the operative Libor replacement provisions and accompanying form of supplemental indenture is to provide a template for CLO investors and transaction parties to use in connection with a CLO transaction that does not already contain provisions to effect the transition or fallback from Libor to a non-Libor benchmark rate upon the occurrence of certain Libor transition events.  The form of supplemental indenture assumes that the applicable CLO Indenture: (i) would require the consent of the holders of each class of notes to adopt a benchmark replacement rate to Libor and (ii) has no fallback or amendment language that would permit the adoption of a benchmark replacement rate without the consent of certain holders, other than a fallback to “fixed” Libor.