CAD-LIBOR-Reference Banks definition
CAD-LIBOR-Reference Banks means that the rate for a Reset Date will be determined on the basis of the rates at which deposits in Canadian Dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on the day that is two London Banking Days preceding that Reset Date to prime banks in the London interbank market for a period of the Designated Maturity commencing on that Reset Date and in a Representative Amount. The Calculation Agent will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in Toronto, selected by the Calculation Agent, at approximately 11:00 a.m., Toronto time, on that Reset Date for loans in Canadian Dollars to leading European banks for a period of the Designated Maturity commencing on that Reset Date and in a Representative Amount.