12. Market Disruption and Fallback Provision:
If during any relevant pricing period(s) the quotation(s), or the source used to determine a
price is not available, the parties shall endeavour to agree an equivalent pricing basis. If
agreement is not reached within three Singapore banking days after the day on which each
relevant quotation or the source was first unavailable then the floating price for the relevant
pricing period shall be determined on the basis of the arithmetic mean of quotation(s) for such
equivalent pricing basis as provided by three leading brokers in the reference commodity
agreed between the parties. In the event that the parties fail to agree any or all such brokers
within two clear Singapore banking days after such third day, any such appointment(s) shall
be made by the Energy Institute ("EI") in the United Kingdom upon the reference of either
party. The EI shall be directed to appoint such broker(s) within two clear Singapore banking
days of such reference. The brokers appointed pursuant to these provisions shall be directed
to provide quotation(s) within three clear Singapore banking days after the day upon which
the last of the brokers is appointed. The costs arising out of any reference to the EI or the
appointment of brokers shall be borne equally by the parties. Any such equivalent pricing
basis shall hereinafter be referred to as ''floating price'' as the context requires.
Any published corrections to any relevant quotation(s) used to calculate the floating price
shall be taken into account.
Pending agreement by the parties on determination by such brokers of the new pricing basis
as referred to above, no settlement shall be made in respect of the pricing period during
which the quotation(s) was unavailable.