Average Effective Discount Rate definition

Average Effective Discount Rate means the lesser of (a) the applicable CDOR Rate plus seven and one-half one hundredths of one percent (0.075%) per annum and (b)(i) in respect of any Acceptances to be purchased by a Schedule I Lender pursuant hereto, the arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by each Schedule I Reference Bank at or about 10:00 a.m. (Toronto time) as the discount rate at which such Schedule I Reference Bank would purchase, on the relevant Drawing Date, its own bankers’ acceptances having an aggregate Face Amount equal to and with a term to maturity the same as the Acceptances to be acquired by such Schedule I Reference Bank on such Drawing Date or (ii) in respect of any Acceptances to be purchased by any Canadian Lender other than a Schedule I Lender pursuant hereto, the arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by each Other Reference Lender at or about 10:00 a.m. (Toronto time) as the discount rate at which such Other Reference Lender would purchase, on the relevant Drawing Date, its own bankers’ acceptances having an aggregate Face Amount equal to and with a term to maturity the same as the Acceptances to be acquired by such Other Reference Lender on such Drawing Date. If any Schedule I Reference Bank or Other Reference Lender fails to provide its quotation to the Canadian Administrative Agent, the Average Effective Discount Rate shall be determined on the basis of the quotation by the other Schedule I Reference Bank(s) or Other Reference Lender(s), as applicable.

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Average Effective Discount Rate means, (a) in respect of any Acceptances to be purchased by a Schedule I Lender pursuant hereto, the arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by each Schedule I Reference Bank at or about 10:00 A.M. (Toronto time) as the discount rate at which such Schedule I Reference Bank would purchase, on the relevant Drawing Date, its own bankers' acceptances having an aggregate Face Amount equal to and with a term to maturity the same as the Acceptances to be acquired by such Schedule I Reference Bank on such Drawing Date or (b) in respect of any Acceptances to be purchased by a Schedule II Lender or any other Person (other than a Schedule I Lender) pursuant hereto, the arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by each Schedule II Reference Bank at or about 10:00 A.M. (Toronto time) as the discount rate at which such Schedule II Reference Bank would purchase, on the relevant Drawing Date, its own bankers' acceptances having an aggregate Face Amount equal to and with a term to maturity the same as the Acceptances to be acquired by such Schedule II Reference Bank or other Person on such Drawing Date. If any Schedule I Reference Bank or Schedule II Reference Bank fails to provide its quotation to Documentation Agent, the Average Effective Discount Rate shall be determined on the basis of the quotation(s) by the other Schedule I Reference Bank(s) or Schedule II Reference Bank(s), as applicable.

Average Effective Discount Rate means, (a) in respect of any Acceptances to be purchased by a Schedule I Lender pursuant hereto, the arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by at least two Schedule I Reference Banks at or about 10:00 A.M. (Toronto time) as the discount rate at which each such Schedule I Reference Bank would purchase, on the relevant Drawing Date, its own bankers’ acceptances having an aggregate Face Amount equal to and with a term to maturity the same as the Acceptances to be acquired by each such Schedule I Reference Bank on such Drawing Date or (b) in respect of any Acceptances to be purchased by a Schedule II/Schedule III Lender or any other Person (other than a Schedule I Lender) pursuant hereto, the arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by at least two Schedule II/Schedule III Reference Banks at or about 10:00 A.M. (Toronto time) as the discount rate at which each such Schedule II/Schedule III Reference Bank would purchase, on the relevant Drawing Date, its own bankers’ acceptances having an aggregate Face Amount equal to and with a term to maturity the same as the Acceptances to be acquired by each such Schedule II/Schedule III Reference Bank or other Person on such Drawing Date. If no two Schedule I Reference Banks or Schedule II/Schedule III Reference Banks, as the case may be, provide appropriate quotations to Administrative Agent, the Average Effective Discount Rate shall be determined on the basis of the quotation by any single Schedule I Reference Bank or Schedule II/Schedule III Reference Bank, as applicable.

Examples of Average Effective Discount Rate in a sentence

If any one or more of the Schedule I Reference Banks or Other Reference Lenders shall not furnish such information to the Canadian Administrative Agent, the Canadian Administrative Agent shall determine such Average Effective Discount Rate on the basis of timely information furnished by the remaining Schedule I Reference Bank or Other Reference Lender, as applicable.
The Canadian Administrative Agent shall give prompt notice to the Canadian Borrower and the Canadian Lenders of each Average Effective Discount Rate determined by the Canadian Administrative Agent for an applicable Drawing Date and the applicable discount rates, if any, furnished by each Schedule I Reference Bank and Other Reference Lender for determining any applicable Average Effective Discount Rate.
If any one or more of the Schedule I Reference Banks or Schedule II Reference Banks shall not furnish such information to Primary Documentation Agent, Primary Documentation Agent shall determine such Average Effective Discount Rate on the basis of timely information furnished by the remaining Schedule I Reference Bank(s) or Schedule II Reference Bank(s), as applicable.
Primary Documentation Agent shall give prompt notice to Borrowers and Canadian Lenders of each Average Effective Discount Rate determined by Primary Documentation Agent for an applicable Drawing Date and the applicable discount rates, if any, furnished by each Schedule I Reference Bank or Schedule II Reference Bank for determining any applicable Average Effective Discount Rate.
Each Schedule I Reference Bank or Schedule II Reference Bank, as the case may be, agrees to furnish to Administrative Agent timely information for the purpose of determining each Average Effective Discount Rate.
At least two Schedule I Reference Banks or Schedule II/Schedule III Reference Banks, as the case may be, agree to furnish to Administrative Agent timely information for the purpose of determining each Average Effective Discount Rate.
If any one or more of the Schedule I Reference Banks or Schedule II Reference Banks shall not furnish such information to Administrative Agent, Administrative Agent shall determine such Average Effective Discount Rate on the basis of timely information furnished by the remaining Schedule I Reference Bank(s) or Schedule II Reference Bank(s), as applicable.
Each Schedule I Reference Bank or Schedule II Reference Bank, as the case may be, agrees to furnish to Primary Documentation Agent timely information for the purpose of determining each Average Effective Discount Rate.
If no two Schedule I Reference Banks or Schedule II/Schedule III Reference Banks furnish such information to Administrative Agent, Administrative Agent shall determine such Average Effective Discount Rate on the basis of timely information furnished by any single Schedule I Reference Bank or Schedule II/Schedule III Reference Bank, as applicable.
Canadian Administrative Agent shall give prompt notice to Borrowers and Canadian Lenders of each Average Effective Discount Rate determined by Canadian Administrative Agent for an applicable Drawing Date and the applicable discount rates, if any, furnished by each Schedule I Reference Bank or each Schedule II/Schedule III Reference Bank, as applicable, for determining any applicable Average Effective Discount Rate.