WSJP Rate definition
WSJP Rate means the prime rate published in the “Money Rates” section of The Wall Street Journal or its successor or the highest prime rate if more than one is published, as such rate may change from time to time, as determined by Agent as of the Interest Reset Date. In the event that any change in market conditions or any law, regulation, treaty, or directive, or any change therein or in the interpretation of application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain Loans bearing interest based upon the WSJP Rate or to continue such funding or maintaining, or to determine or charge interest rates at the WSJP Rate, such Lender shall give notice of such changed circumstances to Agent and Borrowers and Agent promptly shall transmit the notice to each other Lender and (a) in the case of any outstanding Loans of such Lender bearing interest based upon the WSJP Rate, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such Loans, and interest upon such Lender’s Loans thereafter shall accrue interest at Base Rate, and (b) such Loans shall continue to accrue interest at Base Rate until such Lender determines that it would no longer be unlawful or impractical to maintain such Loans at the WSJP Rate.
Examples of WSJP Rate in a sentence
From and following the Closing Date, except as expressly set forth in this Agreement, Loans and the other Obligations shall bear interest (i) before the Interest Reset Date at an annual rate of interest equal to a fixed rate of three and one-quarter (3.25%) percent, and (ii) from and after the Interest Reset Date, at an annual rate of interest equal to the greater of (A) a fixed rate of three and one-quarter (3.25%) percent or (B) the WSJP Rate.