Common use of Funding problems Clause in Contracts

Funding problems. If the Lessor notifies the Lessee that adequate and fair means do not exist for determining the Default Rate or for determining LIBOR (as defined in the Financial Schedule) then the Lessor shall give notice thereof to the Lessee and the Lessor and the Lessee shall meet together to discuss the matter in good faith and, unless within thirty (30) days of the giving of such notice the Lessor and the Lessee arrive, by negotiation in good faith, at an alternative basis reasonably acceptable to the Lessor and the Lessee for continuing the leasing of the Ship hereunder and determining the Default Rate or LIBOR (and any alternative basis agreed in writing shall be retroactive to and effective from the commencement of the relevant period and shall continue until the Lessor determines that circumstances are such that such alternative basis may cease to be effective) the Lessee shall indemnify the Lessor from and against any liability, loss or expense suffered or incurred by the Lessor during the relevant period as a result of the circumstances so notified by the Lessor to the Lessee.