3-month CDOR definition
3-month CDOR means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of 1.00% (with .000005 per cent being rounded up) for Canadian dollar bankers’ acceptances with maturities of three months which appears on the Reuters Screen CDOR Page as of 10:00 a.m., Toronto time, on the first business day of such quarterly interest period. If such rate does not appear on the Reuters Screen CDOR Page on such day, the 90-day Bankers’ Acceptance Rate for such period shall be the average of the bid rates of interest (expressed and rounded as set forth above) for Canadian dollar bankers’ acceptances with maturities of 90 days for same-day settlement as quoted by such of the Schedule I banks (as defined in the Bank Act (Canada)) as may quote such a rate as of 10:00 a.m., Toronto time, on the first business day of such quarterly interest period.
3-month CDOR means the Canadian Dealer Offered Rate (“CDOR”) for 3-month bankers’ acceptances as published daily and reported on Reuters Screen CDOR page as of 10:15 a.m., Toronto time.
3-month CDOR means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of one percent (with 0.000005 per cent being rounded up) for Canadian dollar bankers’ acceptances with maturities of three months which appears on the Refinitiv Benchmark Services (UK) Limited CDOR Page as of approximately 10:15 a.m., Toronto time, on the first Business Day of such quarterly interest period. If such rate does not appear on the Refinitiv Benchmark Services (UK) Limited CDOR Page on such day, the 3-month CDOR for such period shall be the average of the bid rates of interest (expressed and rounded as set forth above) for Canadian dollar bankers’ acceptances with maturities of three months for same-day settlement as quoted by such of the Schedule I banks (as defined in the Bank Act (Canada)) as may quote such a rate as of approximately 10:15 a.m., Toronto time, on the first Business Day of such quarterly interest period. Notwithstanding the foregoing, if the Bank, a relevant regulatory supervisor or relevant administrator determines that the 3-month CDOR has been permanently or indefinitely discontinued, the Bank, in its sole discretion, may appoint a calculation agent (which may be an affiliate of the Bank) (the “Calculation Agent”) to assist in determining an appropriate alternative rate and adjustments thereto, and the decisions of such Calculation Agent shall be binding on the Bank, trustee, and the holders of the Notes. The Bank or the Calculation Agent, as applicable, shall use, as a substitute for the 3-month CDOR and for each future Interest Payment Date, the alternative reference rate selected or recommended by the central bank, reserve bank, monetary authority, relevant regulatory supervisor or any similar institution (including any committee or working group thereof), or identified through any other applicable regulatory or legislative action or guidance, that is consistent with accepted market practice for debt obligations such as the Notes (the “Alternative Rate”). As part of such substitution, the Bank or the Calculation Agent after consultation with the Bank, as applicable, shall make such adjustments to the Alternative Rate and the spread thereon, as well as the business day convention, interest payment dates and related provisions and definitions, in each case that are consistent with accepted market practice or applicable regulatory or legislative actio...
Examples of 3-month CDOR in a sentence
The Debentures will bear interest from and including May 9, 2023 to but excluding May 9, 2028, at a floating rate of interest equal to the 3-month CDOR plus 0.78% payable quarterly in arrears on the 9th day of each of February, May, August and November in each year, commencing August 9, 2023.
More Definitions of 3-month CDOR
3-month CDOR means, with respect to any Interest Reset Date, the rate per annum (based on a year of 365 days) determined by the REIT as (a) the arithmetic average rounded to the fifth decimal place (with 0.000005 being rounded up) of the bid rate of interest for three month Canadian dollar bankers’ acceptances for the applicable Interest Period, as expressed on the Reuters CDOR page at 10:00 a.m. (Toronto time) on such Interest Reset Date, if three or more such bid rates appear on such Reuters CDOR page at such time, or (b) if fewer than three such bid rates appear on the Reuters CDOR page at such time, the arithmetic average rounded to the fifth decimal place (with 0.000005 being rounded up) of the bid rate quotations for three month Canadian dollar bankers’ acceptances for the applicable Interest Period and that is representative of a single transaction in the market at such time, by the principal Toronto office of three of the five largest Schedule I Canadian chartered banks in the Canadian interbank market selected by the REIT at approximately 10:00 a.m. (Toronto time) on such Interest Reset Date.
3-month CDOR means, for each Interest Period, the average bid rate of interest for Canadian dollar bankers’ acceptances with maturities of three months which appears on the “Reuters Screen CDOR Page” as of approximately 10:15 a.m.,
3-month CDOR means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest
3-month CDOR means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of one percent (with 0.000005 percent being rounded up) for Canadian dollar bankers’ acceptances with maturities of three months which appears on the Reuters CDOR Page as of 10:00 a.m., Montréal time, on the first Business Day of such quarterly interest period ; provided that if such rate does not appear on the Reuters CDOR Page on such day or if the Reuters Monitor Money Rates Service is not available or ceases to exist, the 3-month CDOR for such period will be determined using an Alternative CDOR Page as of an Alternative Time on such day. If no such Alternative CDOR Page is available on such day, the 3-month CDOR for such period shall be the average of the bid rates of interest (expressed and rounded as set forth above) for Canadian dollar bankers’ acceptances with maturities of 90 days for same-day settlement as quoted by such of the Schedule I banks (as defined in the Bank Act (Canada)) as may quote such a rate as of 10:00 a.m., Montréal time, on the first Business Day of such quarterly interest period.
3-month CDOR means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of 1.00% (with .000005 per cent being rounded up) for Canadian
3-month CDOR means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of 1.00% (with .000005 per cent being rounded up) for Canadian dollar bankers’ acceptances with maturities of three months which appears on the Reuters
3-month CDOR means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of 1.00% (with .000005 per cent being rounded up) for Canadian dollar bankers’ acceptances with maturities of three months which appears on the “Refinitiv Benchmark Services (UK) Limited CDOR Page” as of approximately 10:15 a.m., Toronto time, on the first Business Day of such quarterly interest period, as published by Refinitiv Benchmark Services (UK) Limited or any successor thereto, as administrator (the “Administrator”) in accordance with its CDOR Methodology, as amended from time to time. If such rate does not appear on the “Refinitiv Benchmark Services (UK) Limited CDOR Page” and there has been no public statement or publication of information indicating that CDOR has ceased or will cease to be provided permanently or indefinitely (an “Index Cessation Event”), then the rate for such date will be the 3-month CDOR in respect of such date as provided by the Administrator and published by an authorized distributor or by the Administrator itself. If by noon, Toronto time, on such date, neither the Administrator nor an authorized distributor has provided or published 3-month CDOR in respect of such date and an Index Cessation Event has not occurred, then the rate will be a rate formally recommended for use by the Administrator during the period of non-publication of CDOR and for so long as an Index Cessation Event has not occurred. If no such rate is available, then the Issuer shall appoint a calculation agent of national standing in Canada with experience providing such services (which may be an affiliate of the Issuer) and such calculation agent shall, in consultation with the Issuer, determine a commercially reasonable alternative for CDOR, taking into account any rate implemented by central counterparties and/or future exchanges, in each case, with trading volumes in derivatives or futures referencing CDOR that the calculation agent considers sufficient for that rate to be a representative alternative rate.