Changes to the Reference Banks Clause Samples
The "Changes to the Reference Banks" clause defines the process for updating or replacing the financial institutions used as benchmarks for determining interest rates or other financial metrics in an agreement. Typically, this clause outlines the circumstances under which the reference banks may be changed, such as if a bank ceases to provide quotations or is no longer suitable, and describes the method for selecting new reference banks. Its core practical function is to ensure the continued accuracy and reliability of financial calculations by providing a clear mechanism for adapting to changes in the availability or suitability of reference banks.
Changes to the Reference Banks. If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent must (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.
Changes to the Reference Banks. 29.6.1 If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent must (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.
29.6.2 If a Reference Bank ceases to have a London office or novates or assigns all its rights and obligations under this Agreement or if any Commitments of any Reference Bank are cancelled or if Loans it has advanced are prepaid it shall be replaced as a Reference Bank by such other Lender or an Affiliate of a Lender with an office in London as the Facility Agent (after consultation with the Company) shall designate by notice to the Company and the Lenders.