Common use of Notification of the applicable Interest Rate Clause in Contracts

Notification of the applicable Interest Rate. 7.4.1 Both the Ordinary Interest Rate as well as the Principal Substitute Interest Rate, determined in accordance with the provisions of Clauses 7.1 and 7.3.1, respectively, shall be notified by the Agent to the Borrower and to the Lenders before five o’clock in the afternoon (5:00 p.m.) on the second (2nd) Business day prior to the date of commencement of the corresponding Interest Period. The Subsidiary Substitute Interest Rate shall be notified by the Agent to the Borrower and to the Lenders on the same date on which it is determined. 7.4.2 The Borrower hereby accepts that the determination of the interest rate applicable, as the case may be, to each Interest Period be carried out and be notified thereto in the manner which is set out under this Agreement, in order that such interest rates are determined as closely as possible to market conditions from time to time and expressly waives any rights to any greater period which may otherwise correspond thereto. 7.4.3 In the event of any manifested error in respect of the calculation of the applicable Ordinary Interest Rate or Substitute Interest Rate, with such error having been verified at any time whatsoever during the current Interest Period, such error shall be immediately remedied by the Agent, and such rectification shall be effective as from the initial date of the application of the erroneous interest rate.