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.
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In particular, the CAD Recommended Rate has not been established as of the date hereof.
In particular, 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, has not been established as of the date of this Base Prospectus.
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.
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 same committee would thus determine the CAD Recommended Rate for swaps referencing ISDA’s documentation and FRNs using CARR’s recommended CORRA FRN fallback language.
If: there is no CAD Recommended Rate before the end of the first [Toronto Banking Day] following the CORRA Cessation Effective Date; or there is a CAD Recommended Rate and a CAD Recommended Rate Cessation Effective Date subsequently occurs, then the rate for a CORRA fixing date occurring on or after the CORRA Cessation Effective Date or a CAD Recommended Rate Fixing Date occurring on or after the CAD Recommended Rate Cessation Effective Date (as applicable) will be the BOC Target Rate.