Base Reference Banks Clause Samples
The 'Base Reference Banks' clause defines the group of banks whose lending rates are used as a benchmark for determining floating interest rates in financial contracts. Typically, this clause specifies which banks are considered as reference banks and outlines the process for selecting or substituting them if any become unavailable or ineligible. By establishing a clear and consistent method for identifying these banks, the clause ensures that interest rate calculations remain transparent and reliable, thereby reducing uncertainty and disputes over rate determination.
Base Reference Banks. If a Base Reference Bank (or, if a Base Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Base Reference Bank.
Base Reference Banks. 24.18.1 No Base Reference Bank is under any obligation to provide a quotation or any other information to the Agent.
24.18.2 No Base Reference Bank will be liable for any action taken by it under or in connection with any Borrower Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.
24.18.3 No Party (other than the relevant Base Reference Bank) may take any proceedings against any officer, employee or agent of any Base Reference Bank in respect of
Base Reference Banks. 24.18.1 No Base Reference Bank is under any obligation to provide a quotation or any other information to the Agent.
24.18.2 No Base Reference Bank will be liable for any action taken by it under or in connection with any Borrower Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.
24.18.3 No Party (other than the relevant Base Reference Bank) may take any proceedings against any officer, employee or agent of any Base Reference Bank in respect of any claim it might have against that Base Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Borrower Finance Document, or for any Reference Bank Quotation, and any officer, employee or agent of each Base Reference Bank may rely on this Clause