Common use of Unavailability of LIBOR Clause in Contracts

Unavailability of LIBOR. In the event that the Bank shall be unable to determine LIBOR, the Bank shall promptly notify the Client, whereupon the Client and the Bank shall commence negotiations with a view to finding a mutually acceptable solution. The Bank shall be under no obligation to pursue such negotiation after the expiry of a period of 30 days after the date of such notice. In the absence of agreement, the applicable reference rate shall be determined by the Bank as being the average (rounded up, if necessary, to the nearest 1/16 of 1% per annum) of the rates at which deposits are offered in the London inter-bank market by the Reference Banks two Business Days preceding the proposed Drawing Date at about 11.00 a.m. (London time) for a duration and in an amount equal to those of the relevant Drawing.

Unavailability of LIBOR. In the event that the Bank shall be unable to determine LIBOR, the Bank shall promptly notify the Client, whereupon the Client and the Bank shall commence negotiations with a view to finding a mutually acceptable solution. The Bank shall be under no obligation to pursue such negotiation after the expiry of a period of 30 days after the date of such notice. In the absence of agreement, the applicable reference rate shall be determined by the Bank as being the average (rounded up, if necessary, to the nearest 1/16 of 1% per annum) of the rates at which deposits are offered in the London inter-bank market by prime banks to the relevant Reference Banks two Business Days preceding the proposed Drawing Date at about 11.00 a.m. (London time) for a duration and in an amount equal to those of the relevant Drawing.