BA Equivalent definition

BA Equivalent when used in reference to any Canadian Revolving Loan or Canadian Revolving Borrowing, means that such Canadian Revolving Loan bears, or the Canadian Revolving Loans comprising such Canadian Revolving Borrowing bear, interest at a rate determined by reference to the BA Rate.
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BA Equivalent when used in reference to any Loan or Borrowing, means that such Loan bears, or the Loans comprising such Borrowing bear, interest at a rate determined by reference to the BA Rate.
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BA Equivalent. RATE shall mean, for the Interest Period applicable to the Revolving Loan, the simple average of the annual rates for Canadian dollar Bankers' Acceptances, having such specified term (or a term as closely as possible comparable to such specified term), of CIBC that appears on the Reuters Screen CDOR Page as of 10:00 a.m. on such day that the Accommodation is made (or, if such day is not a Business Day, as of 10:00 a.m. on the immediately preceding Business Day), plus two and one quarter of one percent (2 1/4%) per annum.
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Examples of BA Equivalent in a sentence

  • Each BA Equivalent Note shall be negotiable by the Non-BA Lender without notice to or the consent of the Borrower, and the holder thereof shall be entitled to enforce such BA Equivalent Note against the Borrower free of any equities, defences or rights of set-off that may exist between the Borrower and the Non-BA Lender.

  • In the event of any inconsistency between the provisions of this Section 2.15 and any other provision of Article II with respect to Bankers’ Acceptances or BA Equivalent Notes, the provisions of this Section 2.15 shall prevail.

  • The Borrower hereby agrees that each BA Equivalent Note completed by the Non-BA Lender on behalf of the Borrower is a valid, binding and negotiable instrument of the Borrower as drawer and endorser.

  • Any BA Equivalent Advance shall be made on the relevant Drawdown Date, Rollover Date or Conversion Date as the case may be and shall remain outstanding for the term of the relevant Bankers’ Acceptances.

  • Any such payment shall satisfy TCCI’s obligations under the Bankers’ Acceptance, Draft or BA Equivalent Note to which it relates and the relevant Lender shall thereafter be solely responsible for the payment of such Bankers’ Acceptances, Drafts or BA Equivalent Notes.

  • The Borrower agrees that the Non-BA Lender's accounts and records will constitute prima facie evidence of the execution and delivery by the Borrower of BA Equivalent Notes.

  • The Borrower hereby waives any defences to payment which might otherwise exist if for any reason a BA Equivalent Note is held by the Non-BA Lender for its own account at maturity.

  • TCCI shall, on the date of each Drawing and on the date of each renewal of any outstanding Bankers’ Acceptances or BA Equivalent Notes, pay to the Canadian Sub-Agent, in Canadian Dollars, for the ratable account of the Tranche B Lenders accepting Drafts and purchasing Bankers’ Acceptances or purchasing Drafts which have not been accepted by any Tranche B Lender, the Drawing Fee with respect to such Drafts.

  • Concurrent with the making of a BA Equivalent Advance, a Non-Acceptance Lender shall be entitled to deduct therefrom an amount equal to the acceptance fee which, but for this Section, such Lender would otherwise be entitled to receive as part of such Loan.

  • During the existence of an Event of Default with respect to TCCI, no Drawing may be requested, nor may any Bankers' Acceptance, Draft or BA Equivalent Note be renewed or continued by TCCI, without the consent of the applicable Required Lenders, and the Required Lenders may demand that any or all of the then outstanding Bankers' Acceptances, Drafts and BA Equivalent Notes be prepaid by TCCI on the last day of the then current BA Maturity Date with respect thereto.

Related to BA Equivalent

  • BA Equivalent Loan any Loan in Canadian Dollars bearing interest at a rate determined by reference to the BA Rate in accordance with the provisions of Section 2.

  • Bankers’ Acceptance means a time draft or xxxx of exchange or other deferred payment obligation relating to a Commercial Letter of Credit which has been accepted by the L/C Issuer.

  • B/A Equivalent Loan has the meaning assigned to such term in Section 2.06(j).

  • BA means Business Area comprising of one or more SSA’s

  • Canadian Dollar means the lawful currency of Canada.

  • CDOR Rate Loan means a Loan denominated in Canadian Dollars the rate of interest applicable to which is based on the CDOR Rate.

  • Alternate Currency Loan means any Loan denominated in an Alternate Currency.

  • Canadian Dollar Equivalent of any amount which is expressed in United States Dollars means, on any date, the Canadian dollar equivalent of such amount determined by multiplying such amount by the U.S. - Canadian Exchange Rate in effect on such date;

  • Euro-Dollar Loan means a Committed Loan that bears interest at a Euro-Dollar Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Euro-Rate means and include each of the Eurodollar Rate, Euro LIBOR Rate and the EURIBOR Rate.

  • Offshore Rate Loan means a Loan that bears interest based on the Offshore Rate.

  • Prime Rate Loans means any Loans or portion thereof on which interest is payable based on the Prime Rate in accordance with the terms thereof.

  • Offshore Currency Loan means any Offshore Rate Loan denominated in an Offshore Currency.

  • Alternate Currency means (i) with respect to any Letter of Credit, Canadian Dollars, Euros, Pound Sterling, New Zealand Dollars and Australian Dollars and any other currency other than Dollars as may be acceptable to the Administrative Agent and the Issuing Bank with respect thereto in their sole discretion and (ii) with respect to any Loan, any currency other than Dollars that is approved in accordance with Section 1.05.

  • BA Discount Proceeds means in respect of any Bankers' Acceptance being purchased by a Canadian Lender on any day under Section 2.3, an amount (rounded to the nearest whole Canadian cent, and with one-half of one Canadian cent being rounded up) calculated on such day by multiplying:

  • Alternative Currency Daily Rate Loan means a Loan that bears interest at a rate based on the definition of “Alternative Currency Daily Rate.” All Alternative Currency Daily Rate Loans must be denominated in an Alternative Currency.

  • Canadian Base Rate Loan means any Revolving Facility Loan bearing interest at a rate determined by reference to the Canadian Base Rate in accordance with the provisions of Article II.

  • Eurodollar Rate Borrowing means a Borrowing comprised of Eurodollar Rate Loans.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Index Rate Loan means a Loan or portion thereof bearing interest by reference to the Index Rate.

  • Reference Rate Loan means each portion of a Loan that bears interest at a rate determined by reference to the Reference Rate.

  • LIBO Rate Loan means a Loan bearing interest, at all times during an Interest Period applicable to such Loan, at a fixed rate of interest determined by reference to the LIBO Rate (Reserve Adjusted).

  • Euro-Dollar Rate means a rate of interest determined pursuant to Section 2.07(b) on the basis of a London Interbank Offered Rate.

  • Canadian Dollars means the lawful currency of Canada.

  • Prime Rate Loan means the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate.

  • Money Market LIBOR Loan means a loan denominated in US Dollars to be made by a Lender pursuant to a LIBOR Auction (including such a loan bearing interest at the Base Rate pursuant to Section 3.2).