Term XXXXX means, for the applicable corresponding tenor, the forward-looking term rate based on XXXXX 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 XXXXX with respect to any Term Benchmark Borrowing denominated in Canadian Dollars, the Term XXXXX Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term XXXXX 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 XXXXX Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term XXXXX Determination Day the Term XXXXX Reference Rate for the applicable tenor has not been published by the Term XXXXX Administrator and a Benchmark Replacement Date with respect to the Term XXXXX Reference Rate has not occurred, then Term XXXXX will be the Term XXXXX Reference Rate for such tenor as published by the Term XXXXX Administrator on the first preceding Business Day for which such Term XXXXX Reference Rate for such tenor was published by the Term XXXXX Administrator so long as such first preceding Business Day is not more than five (5) Business Days prior to such Periodic Term XXXXX Determination Day.
Term XXXXX means, for the applicable corresponding tenor, the forward‐looking term rate based on XXXXX 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 Lender in its reasonable discretion at approximately a time and as of a date prior to the commencement of an Interest Period determined by the Lender in its reasonable discretion in a manner substantially consistent with market practice.
Examples of Term XXXXX in a sentence
In connection with the use or administration of Term SOFR, Daily Compounded XXXXX or Term XXXXX, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
Any outstanding affected Term XXXXX Loans, Daily Compounded XXXXX Loans and SOFR Loans will be deemed to have been converted to Daily Compounded XXXXX Loans, Prime Rate Loans and US Base Rate Loans, respectively, at the end of the applicable Interest Period.
The Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR, Daily Compounded XXXXX or Term XXXXX.
More Definitions of Term XXXXX
Term XXXXX means, for any calculation with respect to a Term XXXXX Loan, the Term XXXXX Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term XXXXX 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 XXXXX Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term XXXXX Determination Day the Term XXXXX Reference Rate for the applicable tenor has not been published by the Term XXXXX Administrator and a Benchmark Replacement Date with respect to the Term XXXXX Reference Rate has not occurred, then Term XXXXX will be the Term XXXXX Reference Rate for such tenor as published by the Term XXXXX Administrator on the first preceding Business Day for which such Term XXXXX Reference Rate for such tenor was published by the Term XXXXX Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term XXXXX Determination Day; provided, further, that if Term XXXXX shall ever be less than the Floor, then Term XXXXX shall be deemed to be the Floor.
Term XXXXX means, for any calculation with respect to a Term Benchmark Loan denominated in CAD for any Interest Period, the sum of (i) the applicable Term XXXXX Credit Adjustment Spread for such Interest Period and (ii) the Term XXXXX Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term XXXXX Determination Day”) that is two (2) Term Benchmark Business Days prior to the first day of such Interest Period, as such rate is published by the Term XXXXX Administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent (the “CAD Screen Rate”); provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term XXXXX Determination Day the Term XXXXX Reference Rate for the applicable tenor has not been published by the Term XXXXX Administrator and a Benchmark Replacement Date with respect to the Term XXXXX Reference Rate has not occurred, then Term XXXXX will be the Term XXXXX Reference Rate for such tenor as published by the Term XXXXX Administrator on the first preceding Term Benchmark Business Day for which such Term XXXXX Reference Rate for such tenor was published by the Term XXXXX Administrator so long as such first preceding Term Benchmark Business Day is not more than three (3) Business Days prior to such Periodic Term XXXXX Determination Day; provided, further, that if Term XXXXX determined as provided above (including pursuant to the proviso) shall ever be less than zero, then Term XXXXX shall be deemed to be zero.
Term XXXXX means, for any calculation with respect to a Term XXXXX Loan, the Term XXXXX Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term XXXXX 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 XXXXX Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term XXXXX Determination Day, the Term XXXXX Reference Rate for the applicable tenor has not been published by the Term XXXXX Administrator and a Canadian Benchmark Replacement Date with respect to the Term XXXXX Reference Rate has not occurred, then Term XXXXX will be the Term XXXXX Reference Rate for such tenor as published by the Term XXXXX Administrator on the first preceding Business Day for which such Term XXXXX Reference Rate for such tenor was published by the Term XXXXX Administrator, so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term XXXXX Determination Day.
Term XXXXX means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on XXXXX that has been selected or recommended by the Relevant Governmental Body.
Term XXXXX means, for any calculation with respect to any CAD Advance (other than an Advance bearing interest at the Alternate Base Rate), the greater of (i) 0.0% and (ii) the Term XXXXX Reference Rate for a tenor of three (3) months on the day (such day, the “Term XXXXX Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of the relevant Accrual Period, as such rate is published by the Term XXXXX Administrator.
Term XXXXX means, for each calendar month, the greater of (a) zero, and (b) the forward-looking term rate based on the Canadian Overnight Repo Rate Average, administered and published by the Bank of Canada, as administrator (or any successor administrator), for a 30 day tenor, which is published by an authorized benchmark administrator thereof and is displayed on a screen or other information service, as identified or selected by BMO, in its reasonable discretion, at approximately a time and as of a date prior to the commencement of an interest period determined by BMO in its reasonable discretion in a manner substantially consistent with market practice.”
Term XXXXX means a forward-looking term rate based on XXXXX that has been selected or recommended by a Relevant Nominating Body and, where appropriate or applicable, as published or displayed by the administrator of that rate on the relevant Quotation Day (or such other day selected by the Bank in its reasonable discretion).