Common use of Absence of quotations by Reference Banks Clause in Contracts

Absence of quotations by Reference Banks. If any Reference Bank fails to supply a quotation by 12 p.m. (London time) on a Quotation Date, the Agent shall determine the relevant LIBOR on the basis of the quotations supplied by the other Reference Bank or Banks; but if 2 or more of the Reference Banks fail to provide a quotation, the relevant rate of interest shall be set in accordance with the following provisions of this Clause 5.

Absence of quotations by Reference Banks. If any Reference Bank fails to supply a quotation by 12 p.m. (London time) on a Quotation Date, the Facility Agent shall determine the relevant LIBOR on the basis of the quotations supplied by the other Reference Bank or Banks; but if 2 or more of the Reference Banks fail to provide a quotation, the relevant rate of interest shall be set in accordance with the following provisions of this Clause 5.