Term CORRA definition
Term CORRA means, for the applicable corresponding tenor, the forward-looking term rate based on CORRA that has been selected or recommended by the Relevant Governmental Body, and that is published by an authorized benchmark administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent in its reasonable discretion at approximately a time and as of a date prior to the commencement of an Interest Period determined by the Administrative Agent in its reasonable discretion in a manner substantially consistent with market practice.
Term CORRA means, for any calculation with respect to a Term CORRA Advance, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term CORRA Determination Day") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day.
Term CORRA means, with respect to a Term CORRA Borrowing, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Canadian Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than five Business Days prior to such Periodic Term CORRA Determination Day; provided, further, that if Term CORRA shall ever be less than 0.0% per annum, then Term CORRA shall be deemed to be 0.0% per annum.
Examples of Term CORRA in a sentence
Upon the occurrence of a Benchmark Transition Event or a Term CORRA Reelection Event, Section 2.14(b) provides a mechanism for determining an alternative rate of interest.
So long as the Term CORRA Reference Rate is available as a Benchmark, no Loan shall be made hereunder that accrues interest based on Daily Compounded CORRA and so long as the Term SOFR Reference Rate is available as a Benchmark, no Loan shall be made hereunder that accrues interest based on Daily Simple SOFR.
For the avoidance of doubt, the Multicurrency Administrative Agent shall not be required to deliver a Term CORRA Notice after the occurrence of a Term CORRA Reelection Event and may do so in its sole discretion.
Any prepayment of a Loan shall be accompanied by all accrued interest on the amount prepaid, together with, in the case of Term SOFR Loan and any Term CORRA Loan, any additional amounts required pursuant to Section 3.05.
If the applicable Borrower requests a Borrowing of, conversion to, or continuation of Term CORRA Loans in any Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
More Definitions of Term CORRA
Term CORRA means, for the applicable corresponding tenor, the forward-looking term rate based on CORRA that has been selected or recommended by the Relevant Canadian Governmental Body, and that is published by an authorized benchmark administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent in its reasonable discretion at approximately a time and as of a date prior to the commencement of an Interest Period determined by the Administrative Agent in its reasonable discretion in a manner substantially consistent with market practice.
Term CORRA means, for any calculation with respect to a CAD Advance, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Accrual Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first day of such Interest Accrual Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; provided, further that, with respect to the first Interest Accrual Period with respect to any CAD Advance, Term CORRA shall be, (x) if the related Interest Accrual Period is three months in duration, the Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) having a tenor of three months, as such rate is published by the Term CORRA Administrator, (y) if the related Interest Accrual Period is more than one month but less than three months in duration, the rate (rounded to the same number of decimal places as the two relevant Term CORRA Reference Rates) which results from interpolating (1) the applicable Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) for the longest period for which the Term CORRA Reference Rate is available which is less than the Interest Accrual Period with respect to such CAD Advance and (2) the applicable Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) for the shortest period for which the Term CORRA Reference Rate is available which exceeds the Interest Accrual Period with respect to such CAD Advance, or (z) if the related Interest Accrual Period is one month or less in duration, the Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) having a tenor of one month, as such rate is published by the Term CORRA Administrator; provided, further, that if Term CORRA determined as provided above...
Term CORRA means, for any calculation with respect to a Term CORRA Loan, the Term CORRA Reference Rate for a tenor comparable to the applicable CORRA Interest Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first (1st) day of such CORRA Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a CORRA Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first (1st) preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first (1st) preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day.
Term CORRA means, for any calculation with respect to a CAD Advance, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Accrual Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first day of such Interest Accrual Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; provided, further that, with respect to the first Interest Accrual Period with respect to any CAD Advance, Term CORRA shall be, (x) if the related Interest Accrual Period is three months in duration, the Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) having a tenor of three months, as such rate is published by the Term CORRA Administrator (the “Three-Month Term CORRA Reference Rate”), (y) if the related Interest Accrual Period is more than one month but less than three months in duration, the rate (rounded to the same number of decimal places as the two relevant Term CORRA Reference Rates) which results from interpolating (1) the applicable Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) for the longest period for which the Term CORRA Reference Rate is available which is less than the Interest Accrual Period with respect to such CAD Advance and (2) the applicable Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) for the shortest period for which the Term CORRA Reference Rate is available which exceeds the Interest Accrual Period with respect to such CAD Advance (the “Interpolated Term CORRA Reference Rate”), or (z) if the related Interest Accrual Period is one month or less in duration, the Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) having a tenor of one month, as such rate is published by the...
Term CORRA means for any Interest Period, relating to a Canadian Revolver Loan denominated in Canadian dollars (other than a Canadian Prime Rate Revolver Loan), the rate per annum equal to the forward-looking term rate based on CORRA, as published on the applicable Reuters screen page (or other commercially available source providing such quotations as may be designated by the Agent from time to time) on the day that is two (2) Business Days prior to the first day of such Interest Period (or if such day is not a Business Day, then on the immediately preceding Business Day) with a term equivalent to such Interest Period plus the Term CORRA Adjustment for such Interest Period; provided, that, if Term CORRA shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
Term CORRA means the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day that is two (2) Banking Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator. “Term CORRA Adjustment” means 0.29547% (29.547 bps) per annum for a one-month tenor.
Term CORRA means, (a) for any calculation with respect to a Term Benchmark Loan denominated in CAD for any Interest Period, the sum of (i) the applicable Term CORRA Credit Adjustment Spread for such Interest Period and (ii) the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Term Benchmark Banking Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent (the “Term CORRA Screen Rate”); provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then clause (a)(ii) of this definition will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Term Benchmark Banking Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Term Benchmark Banking Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; and