Canadian Prime Rate Advance definition

Canadian Prime Rate Advance means a Canadian Borrower Advance made in Canadian Dollars that bears interest as provided in Section 2.08(b)(iii).

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Canadian Prime Rate Advance has the meaning specified in the definition of Advance.

Canadian Prime Rate Advance means an Advance to a Canadian Borrower which bears interest based on the Canadian Prime Rate. All Canadian Prime Rate Advances shall be denominated in Canadian Dollars.

Examples of Canadian Prime Rate Advance in a sentence

• The Agent agrees that it will, as promptly as practicable, notify the Canadian Borrower of the unavailability of Bankers' Acceptances and, if applicable, of the date and the amount of each Canadian Prime Rate Advance to be made or actually made in accordance with the immediately preceding sentence.

• Any amount of principal of, or interest on, any such Canadian Prime Rate Advance which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall be payable on demand and shall bear interest (both before and after judgment), from the date on which such amount is due until such amount is paid in full, at a rate per annum equal to the Canadian Prime Rate in effect from time to time plus the Applicable Margin plus, to the extent permitted by law, 2%.

• If the Canadian Borrower at any time fails to repay a Canadian Swing Line Loan made to such Borrower on the applicable date when due, such Borrower shall be deemed to have elected to borrow a Syndicated Canadian Advance which shall be a Canadian Prime Rate Advance under Section 2.2 as of such date equal in amount to the unpaid amount of such Canadian Swing Line Loan (notwithstanding the minimum amount of Canadian Prime Rate Advances as provided in Section 2.7).

• Interest accrued on each Floating Rate Advance and Canadian Prime Rate Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which the Floating Rate Advance or Canadian Prime Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity.

• If and so long as such Advance is a Canadian Prime Rate Advance and subject as provided in the following sentence, at a rate per annum equal at all times to the Canadian Prime Rate in effect from time to time plus the Applicable Margin, calculated daily and payable in arrears (i) on the first Business Day of each month in each year; and (ii) on the day on which such Canadian Prime Rate Advance becomes due and payable in full pursuant to the provisions hereof.

More Definitions of Canadian Prime Rate Advance

Canadian Prime Rate Advance means any Advance which bears interest at the Canadian Prime Rate.

Canadian Prime Rate Advance means a Pro Rata Advance that bears interest as provided in Section 2.04(a)(v).

Canadian Prime Rate Advance or a “CDOR Loan” and a U.S. Dollar Advance may (in accordance with Article 2 and Article 3) be designated as a “SOFR Loan”, a “Base Rate (Canada) Advance” or “Base Rate (United States) Advance”. Each of a Canadian Prime Rate Advance, a CDOR Loan, a SOFR Loan, a Base Rate (Canada) Advance and a Base Rate (United States) Advance is a “Type” of Advance.

Canadian Prime Rate Advance means a Canadian Advance denominated in Canadian Dollars that bears interest as provided in Section 2.8(a)(ii). “Canadian Prime Rate Margin” means a rate per annum determined in accordance with the Pricing Schedule. “CCAA” means the Companies’ Creditors Arrangement Act (Canada). “CDOR Rate” means on any date, with respect to a particular term as specified herein, the per annum rate of interest which is the rate based on an average rate applicable to Canadian Dollar bankers’ acceptances for the applicable term appearing on the applicable Bloomberg screen as of 10:00 A.M. on such date, or if such date is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Administrative Agent after 10:00 A.M. to reflect any error in any posted rate or in the posted average annual rate); provided, however, if such rate does not appear on the applicable Bloomberg screen as contemplated, then the CDOR Rate on any date shall be calculated as the arithmetic mean of the rates for the applicable term applicable to Canadian Dollar bankers’ acceptances quoted by the Schedule I Reference Banks as of 10:00 A.M. on such date, or if such date is not a Business Day, then on the immediately preceding Business Day); provided, further, that if the CDOR Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. “Citibank” has the meaning specified in the preliminary statements. “Commitment” means a Revolving Credit Commitment, a Canadian Commitment, an Australian Commitment, a Letter of Credit Commitment, a Swing Line Commitment or an Additional Currency Facility Commitment. “Commitment Increase” has the meaning specified in Section 2.15. “Commitment Schedule” means the Schedule attached hereto identified as such. “Committed Currencies” means Australian Dollars, Canadian Dollars, Euros, Yen and each other currency (other than US Dollars) that is approved in accordance with Section 1.3. “Communications” has the meaning specified in Section 10.1(d)(ii). “Company” has the meaning specified in the preliminary statements. “Conforming Changes” means, with respect to either the use or administration of an initial Benchmark or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate” (if applicable), the definition of “Canadian Prime Rate” (if applicable), the definition of “Business Day,” the definition o...

Canadian Prime Rate Advance means a Canadian Advance denominated in Canadian Dollars that bears interest as provided in Section 2.8(a)

Canadian Prime Rate Advance means an Advance which bears interest at the Canadian Prime Rate. “Canadian Prime Rate Loan” means a Loan which bears interest at the Canadian Prime Rate.

Canadian Prime Rate Advance means a Swing Line Loan denominated in Canadian Dollars which bears interest as provided in Section 2.5.2.