A derivative-free, delayed weight update law is developed for model reference adaptive control of continuous-time uncertain systems, without assuming the existence of constant ideal weights. Using a Lyapunov-Krasovskii functional it is proven that the error dynamics are uniformly ultimately bounded, without the need for modification terms in the adaptive law. Estimates for the ultimate bound and the exponential rate of convergence to the ultimate bound are provided. Also discussed are employing various modification terms for further improving performance and robustness of the adaptively controlled system. Examples illustrate that the proposed derivative-free model reference adaptive control law is advantageous for applications to systems that can undergo a sudden change in dynamics.