Derived Rate definition
Examples of Derived Rate in a sentence
If the Administrative Agent determines that no reasonable basis exists for determining Daily Simple ▇▇▇▇▇ (including pursuant to the second sentence in the definition thereof), the Administrative Agent shall forthwith so notify the Borrower and the Lenders, whereupon the Derived Rate shall automatically be amended, without any action by any other party to this Agreement, to refer to the sum of the Central Bank Rate plus the applicable Central Bank Rate Adjustment plus the Applicable Rate.
The Borrower shall pay interest on the unpaid principal amount of each Loan made to it and owing to each Lender from the date of such Loan is funded by the Lenders to the Administrative Agent in accordance with Section 2.05(d) until such principal amount shall be paid in full, at a rate per annum equal to the Derived Rate, payable in arrears on each Interest Payment Date.
If no Successor Rate has been determined and the circumstances under clause (i) above exist, then the Derived Rate shall be determined in accordance with Section 2.09(c) above.