CHANGES TO THE CALCULATION OF INTEREST 12.1 Absence of Quotations Sample Clauses


CHANGES TO THE CALCULATION OF INTEREST 12.1 Absence of quotations. Subject to Clause 12.2 (Market disruption), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11:00 hours (London time) on the Quotation Day, LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.12.2 Market disruption a) If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender's share of that Loan for the Interest Period shall be the percentage rate per annum which is the sum of: