CIBC Base Rate definition
CIBC Base Rate means the current posted interest rate per year which varies by term as declared by CIBC for CIBC brand closed fixed rate fixed term loans in Canada.
Examples of CIBC Base Rate in a sentence
Interest on ABR Loans (when it is based upon the CIBC Base Rate) shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed.
All requests for loans and advances must be received by an officer of the Agent no later than (i) 12:00 p.m., Toronto time, of the Business Day on which any such CIBC Bank Rate Loans, CIBC Base Rate Loans and advances are required or, (ii) three Business Days prior to any requested LIBOR Loan, or (iii) the time specified in Section 6(5) in respect of any required BA Loan.