Base Rate Canada means the variable rate of interest per annum determined by the Administrative Agent from time to time as its base rate for United States dollar loans made by the Administrative Agent in Canada from time to time, being a variable per annum reference rate of interest adjusted automatically upon change by the Administrative Agent, calculated on the basis of a year of 365 or 366 days, as the case may be.
Base Rate Canada means, on any day on which such rate is determined, the greater of (i) the variable rate of interest per annum, expressed on the basis of a year of 365 or 366 days, as the case may be, established or quoted from time to time by the Administrative Agent as the reference rate of interest then in effect for determining interest rates on United States Dollar denominated commercial loans made by it in Canada; and (ii) the Federal Funds Effective Rate plus ½ of 1% per annum;
Examples of Base Rate Canada in a sentence
Subject to the terms and conditions hereof, the Borrower may obtain credit under the Credit Facility by way of one or more Bankers’ Acceptances, BA RateTerm CXXXX Loans, Daily Compounded CXXXX Loans, Prime Rate Loans, Base Rate Canada Loans, Term Benchmark Loans and Letters; provided, however, that the aggregate amount of credit extended by way of Letters shall not at any time exceed $100,000,000 or the U.S. Dollar Equivalent thereof.
If a Default has occurred and is continuing at 9:00 a.m. (Toronto time) on the first Business Day prior to the maturity of a Bankers’ Acceptance, BA RateCORRA Loan or Term Benchmark Loan, such Bankers’ Acceptance or BA RateCORRA Loan shall automatically convert into a Prime Rate Loan and such Term Benchmark Loan shall automatically convert into a Base Rate Canada Loan as though a notice to such effect had been given in accordance with Section 6.4.
Concurrently with repaying such portion of each affected Term Benchmark Loan, the Borrower may borrow a Base Rate Canada Loan from such Lender, whether or not it would have been entitled to effect such borrowing and such Lender shall make such Loan of a Base Rate Canada Loan, if so requested, in an amount such that the outstanding principal amount of the affected Loan made by such Lender shall equal the outstanding principal amount of such Loan immediately prior to such repayment.
In the absence of a Rollover Notice or Conversion Notice within the appropriate time periods referred to herein, a maturing Bankers’ Acceptance or BA RateCORRA Loan shall be automatically converted to a Prime Rate Loan and a maturing Term Benchmark Loan shall be automatically converted to a Base Rate Canada Loan as though a notice to such effect had been given in accordance with Section 6.4.
More Definitions of Base Rate Canada
Base Rate Canada means, for any day, the rate of interest per annum equal to the greater of (i) the per annum rate of interest which the Administrative Agent quotes or establishes for such day as the reference rate of interest for loans in U.S. Dollars in Canada to its Canadian borrowers; and (ii) the Federal Funds Rate plus 50 basis points per annum, adjusted automatically with each quoted or established change in such rate, all without the necessity of any notice to the Borrower or any other Person.
Base Rate Canada means, for any day, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1.00% and (iii) Adjusted Daily Simple SOFR in effect for such day plus 1.00%; provided that to the extent such highest rate as calculated above shall, at any time, be less than the Floor, such rate shall be deemed to be Floor for all purposes herein. Any change in the Base Rate (Canada) due to a change in the Prime Rate, the Federal Funds Effective Rate or Adjusted Daily Simple SOFR shall be effective on the opening of business on the day specified in the public announcement of such change in the Prime Rate, the Federal Funds Effective Rate or Adjusted Daily Simple SOFR, respectively. If the Base Rate (Canada) is being used as an alternative rate of interest pursuant to Section 3.05 or Section 3.06, then the Base Rate (Canada) shall be the greater of clauses (i) and (ii) above and shall be determined without reference to clause (iii) above.
Base Rate Canada means, at any particular time, the greater of (a) the annual rate of interest, designated as the “Base Rate Canada”, which the Agent establishes at its principal office in Toronto as the reference rate of interest in order to determine interest rates it will charge at such time for loans in U.S. dollars made to its customers in Canada, such rate to be adjusted automatically and without the necessity of any notice to the Borrower upon each change to such rate and (b) the Federal Funds Rate at such time plus ½ of 1% per annum. “ Base Rate Canada Advance ” means, at any particular time, any Advance which is outstanding at such time and in respect of which interest is to be calculated based on the Base Rate Canada and “Base Rate Canada Advances” means, at any particular time, all Base Rate Canada Advances at such time. “ Base Rate Canada Margin ” means, for any period, the percentage rate per annum applicable to that period as indicated below the reference to “Base Rate Canada Margin” in the pricing grid in the definition of “Applicable Margin”. “ Benchmark ” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then - current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.13(d) . “ Benchmark Replacement ” means the sum of (a) the alternate benchmark rate that has been selected by the Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then - prevailing market convention for determining a benchmark rate as a replacement to the then - current Benchmark for Dollar - denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement. “ Benchmark Replacement Adjustment ” means, with respect to any replacement of the then - current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by...
Base Rate Canada means, at any particular time, the greater of (a) the annual rate of interest, designated as the “Base Rate Canada”, which the Agent establishes at its principal office in Toronto as the reference rate of interest in order to determine interest rates it will charge at such time for loans in U.S. dollars made to its customers in Canada, such rate to be adjusted automatically and without the necessity of any notice to the Borrower upon each change to such rate and (b) the Federal Funds Rate at such time plus ½ of 1% per annum. “ Base Rate Canada Advance ” means, at any particular time, any Advance which is outstanding at such time and in respect of which interest is to be calculated based on the Base Rate Canada and “Base Rate Canada Advances” means, at any particular time, all Base Rate Canada Advances at such time. “ Base Rate Canada Margin ” means, for any period, the percentage rate per annum applicable to that period as indicated below the reference to “Base Rate Canada Margin” in the pricing grid in the definition of “Applicable Margin”. “ Benchmark ” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference
Base Rate Canada. ’ means the variable rate of interest per annum equal to the rate of interest determined by The Bank of Nova Scotia, in its capacity as administrative agent under the Credit Facilities from time to time, as its base rate for United States dollar loans made to commercial borrowers in Canada from time to time, being a variable per annum reference rate of interest adjusted upon change, calculated on the basis of a year of 365 days or 366 days in the case of a leap year;
Base Rate Canada means the variable rate of interest per annum determined by the Administrative Agent from time to time as its base rate for United States dollar loans made by the Administrative Agent in Canada from time to time, being a Third Amended and Restated Credit Agreement286042.00038/115243826.6 variable per annum reference rate of interest adjusted automatically upon change by the Administrative Agent, calculated on the basis of a year of 365 or 366 days, as the case may be. If at any time the Base Rate Canada is less than zero, the Base Rate Canada shall be deemed to be equal to zero.
Base Rate Canada means the variable rate of interest per annum determined by the Administrative Agent from time to time as its base rate for United States dollar loans made by the Administrative Agent in Canada from time to time, being a Third Amended and Restated Credit Agreement286042.00038/115243826.6 variable per annum reference rate of interest adjusted automatically upon change by the Administrative Agent, calculated on the basis of a year of 365 or 366 days, as the case may be. If at any time the Base Rate Canada is less than zero, the Base Rate Canada shall be deemed to be equal to zero.