Canadian Dollar Loan definition
Examples of Canadian Dollar Loan in a sentence
If any Canadian Dollar Loan is required to bear interest based at the Base Rate rather than the Canadian Base Rate pursuant to any applicable provision hereof, such Loan shall be funded in Dollars in an amount equal to the Dollar Amount of such Canadian Dollar Loan, all subject to the provisions of Section 2.4(b).
Each Lender at its option may make any Canadian Dollar Loan or Fixed Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Agreement.
Subject to Section 2.14, each Canadian Revolving Borrowing that is a Canadian Dollar Loan shall be comprised entirely of CP Loans or CDOR Rate Loans as the Borrower Representative may request in accordance herewith, provided that all such Borrowings made on the Effective Date must be made as CP Borrowings but may be converted into CDOR Rate Borrowings in accordance with Section 2.08.
If no election is made as to the Interest Rate Type of any Canadian Dollar Loan, such notice shall be deemed a request for a Canadian Prime Rate Loan.
Each notice of prepayment shall specify the prepayment date, each Canadian Dollar Loan or Bankers' Acceptance to be prepaid and the principal amount thereof, shall be irrevocable and shall commit the Borrower to prepay such Loan or Bankers' Acceptance in the amount and on the date stated therein.