Examples of CAD Recommended Rate in a sentence
If an Index Cessation Effective Date occurs with respect to CORRA, then the base rate for an applicable interest period in respect of which the final day of the related observation period occurs on or after the Index Cessation Effective Date with respect to CORRA will be the CAD Recommended Rate plus a fallback spread (which may be positive or negative or zero).
CAD Recommended Rate (i) No Index Cessation Effective Date with respect to CAD Recommended Rate.
If an Index Cessation Effective Date occurs with respect to XXXXX, the Rate of Interest for an Interest Determination Date which occurs on or after such Index Cessation Effective Date will be the CAD Recommended Rate, to which the most recently published spread will be applied and the Issuer (or its designee) shall make such adjustments as are necessary to account for any difference in the term, structure or tenor of the CAD Recommended Rate in comparison to XXXXX.
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If there is no CAD Recommended Rate before the end of the first Toronto banking day following the Index Cessation Effective Date with respect to CORRA, or there is a CAD Recommended Rate and an Index Cessation Effective Date subsequently occurs with respect to such CAD Recommended Rate, then the Base Rate for a CORRA Interest Determination Date that occurs on or after such applicable Index Cessation Effective Date will be the BOC Target Rate (as defined below).
If CORRA is not available at the time of an index cessation event and related index cessation effective date, the third alternative rate in the waterfall is the CAD Recommended Rate, which is the rate set by a committee officially endorsed or convened by the Bank of Canada at the time of a fallback index cessation event and related fallback index cessation effective date, with term adjustment, calculated by the Calculation Agent for the Notes.
In particular, the CAD Recommended Rate has not been established as of the date hereof.
If there is no CAD Recommended Rate before the end of the first Toronto banking day following the Index Cessation Effective Date with respect to CORRA, or there is a CAD Recommended Rate and an Index Cessation Effective Date subsequently occurs with respect to such CAD Recommended Rate, then the base rate for a CORRA Interest Determination Date that occurs on or after such applicable Index Cessation Effective Date will be the BOC Target Rate (as defined below).
If a CORRA Cessation Effective Date occurs, then the rate for a Reset Date which relates to a [relevant interest period] in respect of which the CORRA fixing date occurs on or after the CORRA Cessation Effective Date with will be the CAD Recommended Rate, to which the [Calculation Agent]3 shall apply a spread and make such adjustments to the CAD Recommended Rate as are necessary to account for any difference in term structure or tenor of the CAD Recommended Rate by comparison to CORRA, if any.
The FRN Fallback Language waterfall is identical to ISDA’s replacement rate waterfall, and has a number of other rates set out in the waterfall, including CAD Recommended Rate, which is a rate set by a committee officially endorsed or convened by the Bank of Canada (with a certain adjustment), and BOCTarget Rate, which is the Bank of Canada policy rate plus a certain spread and adjustment.