OCC seeks to streamline revolving credit facility agent changes
The Options Clearing Corporation's proposed amendment to its Evergreen Provisions removes the advance-notice requirement for changing lead or backup administrative agents, effective upon adoption.
On July 31, 2026, the Options Clearing Corporation (OCC) filed an advance notice with the Securities and Exchange Commission under Section 806(e)(1) of the Dodd-Frank Act. The Commission published the notice on August 13, 2026 (Release No. 34-106129; File No. SR-OCC-2026-802; FR Doc No. 2026-16782) to solicit comments.
The filing proposes to amend the Evergreen Provisions governing OCC's revolving credit facility by eliminating the requirement to file an advance notice before replacing the lead or backup administrative agent. The amendment also updates the facility's current commitment amount and makes other non-substantive language changes.
OCC's revolving credit facility provides short-term secured borrowings in an aggregate principal amount of $2.5 billion and may be increased to $3.5 billion if OCC requests additional commitments. The facility is renewed annually for a 364-day term, with the renewal process beginning in June and the lead administrative agent required to be identified by March. Under the existing provisions, an advance notice would have to be filed by January to change the lead agent.
OCC argues that removing the advance-notice requirement will allow it to replace the administrative agent more quickly when performance concerns arise, thereby reducing liquidity risk associated with the facility. The agency notes that no written comments have been received on the proposal.
Comments on the advance notice must be submitted to the Commission in accordance with the standard comment-period procedures.