CIRR Interest Rate definition
CIRR Interest Rate means the percentage rate per annum that is the aggregate of the CIRR Applicable Margin and:
CIRR Interest Rate means the Commercial Interest Reference Rate determined by the Organisation for Economic Co-operation and Development (OECD) according to the “Arrangement on Officially Supported Export Credit” of twopointfifty per cent. (2.50 %) per annum.
Examples of CIRR Interest Rate in a sentence
In the event, for any reason, the Borrower fails to pay any amount payable by it under any Financing Document in respect of the Export Credit Tranche on its due date, the Borrower shall pay interest on any such overdue amount at the rate of the higher of (i) the CIRR Interest Rate plus 2 percentage points per annum or (ii) 6 months LIBOR plus 2 percentage points per annum from the due date to the actual date of payment.
The rate of interest on the Export Credit Tranche for each Interest Period is the CIRR Interest Rate of 2.50 % per annum fixed for the entire duration of Export Credit Tranche (the “CIRR Interest Rate Period”).