Common use of Determination of Rate Clause in Contracts

Determination of Rate. Each change in the rate of interest for any Borrowing shall become effective, without prior notice to the Borrower Parties, automatically as of the opening of business of Administrative Agent on the date of said change. Administrative Agent shall promptly notify Borrower and the Lenders of the interest rate applicable to any Interest Period for LIBOR Rate Loans upon determination of such interest rate. The determination of the LIBOR Rate by Administrative Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, to the extent applicable, Administrative Agent shall notify Borrower and the Lenders of any change in SMBC’s Prime Rate used in determining the Base Rate promptly following the public announcement of such change.