Canadian LIBOR definition

Canadian LIBOR means, with respect to any Euro-Dollar Loan or Borrowing denominated in Canadian Dollars: (a) the interest rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on the “LIBOR01” page of the Reuters screen that displays the average British Bankers Association Interest Settlement Rates (such page currently being page number 3000 Xtra) for deposits in Canadian Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period; or (b) in the event that the rate referenced in the preceding clause (a) does not appear on such page or service or such page or service shall cease to be available, the rate per annum (carried to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rates for deposits in Canadian Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period.

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Canadian LIBOR means the rate per annum equal to the Canadian Dealer Offered Rate, or a comparable or successor rate which is approved by the Servicer, appearing on the applicable Reuters screen or the Bloomberg screen page, as selected by the Servicer, as the London interbank offered rate for deposits in Canadian Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such one-month interest period for a one-month period. If for any reason such rate is not available, Canadian LIBOR shall be, for any such interest period, the rate per annum reasonably determined by the Servicer as the rate of interest at which Canadian Dollar deposits in an amount comparable to the aggregate outstanding Funded Participations in US Dollars are offered to the Servicer by prime banks in the Canadian Dollar market reasonably selected by the Servicer determined as of 10:00 a.m. (Charlotte, North Carolina time) two Business Days prior to the first day of such interest period for a term comparable to such interest period; provided, that, if Canadian LIBOR would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

Canadian LIBOR means, with respect to each Libor Interest Period applicable to the Advance in Canadian Dollars, the annual rate of interest (rounded upwards, if necessary, to the nearest whole multiple of one sixteenth of one percent (1/16th%)), at which the Bank, in accordance with its normal practice, would be prepared to offer to leading banks in the London interbank market (or such other interbank market as Bank shall deem appropriate under the circumstances) for delivery on the first day of such Libor Interest Period and for a period equal to such Libor Interest Period, deposits in Canadian Dollars of amounts comparable to such Libor Advance to be outstanding during such Libor Interest Period, at or about 10:00 a.m. (Toronto time) on the Interest Determination Date.

Examples of Canadian LIBOR in a sentence

• In the event that Canadian LIBOR is not determinable by the Servicer or it becomes impossible or illegal for the Servicer to calculate interest on the Canadian Funded Participations based upon Canadian LIBOR, the parties agree that in such event that interest on the Canadian Funded Participations shall bear interest at a rate per annum equal to the Canadian Prime Rate plus a mutually agreed upon spread based upon current market conditions.

• Notwithstanding anything to the contrary herein, no Canadian Swing Line Loan nor any U.S. Swing Line Loan may be converted to a U.S. LIBOR Loan, Canadian LIBOR Loan or a BA Rate Loan.

• Any such automatic conversion to U.S. Base Rate Loans, Canadian Prime Rate Loans or Canadian Base Rate Loans, as applicable, shall be effective as of the last day of the Interest Period then in effect with respect to the applicable U.S. LIBOR Loans, Canadian LIBOR Loans or BA Rate Loans.

• Each Borrowing of, conversion to or continuation of U.S. LIBOR Loans or Canadian LIBOR Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof.

• In no event shall Canadian Borrower be authorized to make a voluntary prepayment with respect to any Canadian LIBOR Loan prior to the last day of the Interest Period applicable thereto unless Canadian Borrower pays to Canadian Agent, for the Pro Rata benefit of Canadian Lenders, concurrently with any prepayment of a Canadian LIBOR Loan, any amount due Canadian Agent and Canadian Lenders under Section 3.8 hereof as a consequence of such prepayment.

• If the applicable Borrower requests a Borrowing of, conversion to, or continuation of U.S. LIBOR Loans, Canadian LIBOR Loans or BA Rate Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.

• With respect to any Canadian Base Rate Loan or Canadian Prime Rate Loan converted into a Canadian LIBOR Loan or BA Rate Loan pursuant to Section 2.2.1 on a day when interest would not otherwise have been payable with respect to such Canadian Base Rate Loan or Canadian Prime Rate Loan, accrued interest to the date of such conversion on the amount of such Canadian Base Rate Loan or Canadian Prime Rate Loan so converted shall be paid on the conversion date.

• Upon delivery of such notice, Borrowers shall prepay or, if applicable, convert all U.S. LIBOR Loans, Canadian LIBOR Loans or BA Rate Loans of such Lender to U.S. Base Rate Loans, Canadian Base Rate Loans or Canadian Prime Rate Loans, as applicable, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans or BA Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans or BA Rate Loans.

• All computations of interest on LIBOR Rate Loans, Canadian LIBOR Rate Loans and of Commitment Fees, Letter of Credit Fees or other fees shall, unless otherwise expressly provided herein, be based on a 360-day year and paid for the actual number of days elapsed.

• Canadian Loans denominated in U.S. Dollars that bear interest calculated by reference to the Canadian LIBOR Rate.

More Definitions of Canadian LIBOR

Canadian LIBOR means the rate of interest per annum determined on the basis of the rate for deposits in Canadian Dollars for a period of one month which appears on Reuters Screen LIBOR01 Page at approximately 11:00 a.m. (London time) on such day (or if such day is not a Business Day, then on the immediately preceding Business Day). If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page, then “Canadian LIBOR” shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Canadian Dollars would be offered by first class banks in the London interbank market to the Administrative Agent for a period of one month at approximately 11:00 a.m. (London time) on such day (or if such day is not a Business Day, then on the immediately preceding Business Day). Each calculation by the Administrative Agent of Canadian LIBOR shall be conclusive and binding for all purposes, absent manifest error.

Canadian LIBOR means the rate at which deposits in Canadian Dollars in the approximate amount of the Offshore Canadian Loan of BAC comprising such Borrowing, and having a maturity comparable to such Interest Period, are offered by BAC to major banks in the London eurocurrency market at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period.

Canadian LIBOR means, with respect to any Euro-Dollar Loan or Borrowing denominated in Canadian Dollars: (a) the interest rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on the “LIBOR01” page of the Reuters screen that displays an average British Bankers Association Interest Settlement Rates (such page currently being page number 3000 Xtra) for deposits in Canadian Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period; or (b) in the event that the rate

Canadian LIBOR means the rate per annum equal to the Canadian Dealer Offered Rate, or a comparable or successor rate which is approved by the Servicer, appearing on the applicable Reuters screen or the Bloomberg screen page, as selected by the Servicer, as the London interbank offered rate for deposits in Canadian Dollars at approximately 11:00 a.m. (London time) two business days prior to the first day of such one-month interest period for a one-month period. If for any reason such rate is not available, Canadian LIBOR shall be, for any such interest period, the rate per annum reasonably determined by the Servicer as the rate of interest at which Canadian Dollar deposits in an amount comparable to the aggregate outstanding Funded Participations in US Dollars are offered to the Servicer by prime banks in the Canadian Dollar market reasonably selected by the Servicer determined as of 10:00 a.m. (Atlanta, Georgia time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period.

Canadian LIBOR means the rate per annum appearing on Reuters Screen LIBOR01 or the Bloomberg LIBOR page (BBAM), as selected by the Servicer, as the London interbank offered rate for deposits in Canadian Dollars at approximately 11:00 a.m. (London time) two business days prior to the first day of such one-month interest period for a one-month period. If for any reason such rate is not available, Canadian LIBOR shall be, for any such interest period, the rate per annum reasonably determined by the Servicer as the rate of interest at which Canadian Dollar deposits in an amount comparable to the aggregate outstanding Funded Participations in US Dollars are offered to the Servicer by prime banks in the Canadian Dollar market reasonably selected by the Servicer determined as of 10:00 a.m. (Atlanta, Georgia time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period.