Common use of Substitute Basis of Funding Clause in Contracts

Substitute Basis of Funding. 4.2.1 Subject to Clause 4.2.2, if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11.00 a.m. London time, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.