Third party Reference Banks Clause Samples
The 'Third Party Reference Banks' clause designates specific external banks to provide independent financial data or rates, typically used in the calculation of interest or settlement amounts in financial contracts. In practice, if a standard reference rate (such as LIBOR) is unavailable, these named banks are contacted to supply their own rates or quotations, ensuring continuity in financial calculations. This clause ensures that contractual obligations can still be fulfilled accurately even when standard market benchmarks are disrupted, thereby reducing uncertainty and maintaining fairness between parties.
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Third party Reference Banks. Any Reference Bank which is not a party to this Agreement may rely on Clause 29.6 subject to Clause 29.3 and the provisions of the Third Parties Act.
Third party Reference Banks. A Reference Bank which is not a Party may rely on Clause 29.6 (Role of Reference ▇▇▇▇▇) and Clause 38.4 (Other exceptions) subject to Clause 1.3 (Third party rights).
Third party Reference Banks. Any Reference Bank may rely on Clause 19.18 (Role of Reference Banks) and, Clause 25 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to sub-clause 1.3.3 of Clause 1.3 (Construction) and the provisions of the Third Parties Act.
Third party Reference Banks. This Agreement constitutes an irrevocable offer by each Party to each Reference Bank, which accepts the offer by consenting to be a Reference Bank and providing a Reference Bank Quotation. It may rely on Clause 27.15 (Role of Reference ▇▇▇▇▇) and Clause 41 (Confidentiality of Funding Rates and Reference Bank Quotations).