Common use of Failure of a Reference Bank to Clause in Contracts

Failure of a Reference Bank to. supply a rate If LIBOR is to be calculated by reference to the Reference Banks but if a Reference Bank does not supply a rate by 11.00 a.m. on the second London Business Day before the first day of the relevant Term, the applicable LIBOR will, subject as provided below, be calculated on the basis of the rates of the remaining Reference Banks.

Failure of a Reference Bank to. supply a rate If LIBOR is to be calculated by reference to the Reference Banks but if a Reference Bank does not supply a rate by 11.00 a.m. 12.00 noon on the second London Business Day before the first day of the relevant Terma Rate Fixing Day, the applicable LIBOR will, subject as provided below, be calculated on the basis of the rates of the remaining Reference Banks.

Failure of a Reference Bank to. supply a rate If LIBOR is to be calculated by reference to the Reference Banks but if a Reference Bank does not supply a rate by 11.00 a.m. at or about 12.00 noon (London time) on the second London Business Day before the first day of the relevant Terma Rate Fixing Day, the applicable LIBOR will, subject as provided below, be calculated on the basis of the rates of the remaining Reference Banks.

Failure of a Reference Bank to. supply a rate If LIBOR is to be calculated by reference to the Reference Banks but if a Reference Bank does not supply a rate by 11.00 a.m. 12.00 noon (London time) on the second London Business Day before the first day of the relevant Terma Rate Fixing Day, the applicable LIBOR will, subject as provided below, be calculated on the basis of the rates of the remaining Reference Banks.