Daily Compounded CORRA means, for any day in an Interest Period, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a five (5) Business Day lookback period without observational shift) being established by the Administrative Agent in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; provided that if the Administrative Agent decides that any such methodology or convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another methodology or convention, acting reasonably, in consultation with the relevant Borrower; and provided that if the administrator has not provided or published CORRA and a Benchmark Transition Event with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA.
Daily Compounded CORRA means, for an Observation Period, the rate calculated using the following method, with the resulting percentage rounded, if necessary, to the fifth decimal place, with 0.000005% being rounded upwards and - 0.000005% being rounded downwards:
Daily Compounded CORRA means, for any day, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate being established by the Administrative Agent.
Examples of Daily Compounded CORRA in a sentence
If the Canadian Benchmark Replacement is Daily Compounded CORRA, all interest payments will be payable on a monthly basis.
If the Benchmark Replacement is Daily Compounded CORRA, all interest payments will be payable on a monthly basis.
Under the fallback provisions applicable to Benchmarks other than Compounded Daily SONIA, SONIA Compounded Index, Compounded SOFR and Daily Compounded CORRA (each, as defined in the Conditions), the Issuer shall use its reasonable endeavours to appoint an independent adviser, which must be an independent financial institution or independent financial adviser.
And we do, in our adjusted EBITDA 6 The terms of the agreement state that Fluence can borrow under the revolver at 1.0-1.5% plus the Canadian Prime Rate, or 2.0- 2.5% plus the Adjusted Term SOFR Rate, the Alternate Base Rate, the Adjusted EURIBOR Rate, or the Adjusted Daily Compounded CORRA.
The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of ABR, Adjusted Term SOFR, Term SOFR, Daily Compounded SOFR, the Term CORRA Reference Rate, Adjusted Term CORRA, Term CORRA, Daily Compounded CORRA, any Relevant Rate, any Daily Simple RFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower.
More Definitions of Daily Compounded CORRA
Daily Compounded CORRA means, for an Observation Period, the rate calculated as follows, with the resulting percentage rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards:
Daily Compounded CORRA means, for any Business Day in an interest payment period, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback) being established by the Lender in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; provided that if the Lender decides that any such convention is not administratively feasible for the Lender, then the Lender may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA and a Benchmark Transition Event with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA.
Daily Compounded CORRA means, for an Observation Period, the rate calculated as follows, with the resulting percentage rounded, if necessary, to the fifth decimal place, with 0.000005% being rounded upwards and (-) 0.000005% being rounded downwards: 𝐷𝑎𝑖𝑙𝑦 𝐶𝑜𝑚𝑝𝑜𝑢𝑘𝑑𝑒𝑑 𝐶𝑂𝑅𝑅𝐴 = (𝐶𝑂𝑅𝑅𝐴 𝐶𝑜𝑚𝑝𝑜𝑢𝑘𝑑𝑒𝑑 𝐼𝑘𝑑𝑒𝑥𝑒𝑛𝑑 − 1) ×365𝐶��𝑅𝑅𝐴 𝐶𝑜𝑚𝑝𝑜𝑢��𝑑𝑒𝑑 𝐼𝑘��𝑒𝑥𝑠𝑡𝑎𝑟𝑡 𝑑 Where: • “CORRA Compounded Indexstart” is equal to the CORRA Compounded Index (as defined herein) value on the date that is two Bank of Canada Business Days (as defined herein) preceding the first date of the relevant Floating Interest Period; • “CORRA Compounded Indexend” is equal to the CORRA Compounded Index value on the date that is two Bank of Canada Business Days preceding the Interest Payment Date (as defined herein) relating to such Floating Interest Period (or, in the case of the final Interest Payment Date, the Maturity Date, or if the Debentures are redeemed prior to the Maturity Date, the date of redemption of such Debentures, as applicable); and • “d” is the number of calendar days in the relevant Observation Period. Business Day Convention If any Interest Payment Date on or before the Interest Reset Date would otherwise fall on a day that is not a Business Day (as defined herein), then the Interest Payment Date will be the next day that is a Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day. If any Interest Payment Date after the Interest Reset Date would otherwise fall on a day that is not a Bank of Canada Business Day, then the Interest Payment Date will be the next day that is a Bank of Canada Business Day, unless the next Bank of Canada Business Day falls in the next calendar month, in which case the Interest Payment Date will instead be the immediately preceding day that is a Bank of Canada Business Day. If the Maturity Date falls on a day that is not a Bank of Canada Business Day, the required payment of principal and interest will be made on the next succeeding Bank of Canada Business Day. Floating Interest Rate Fallback Temporary Non-Publication of CORRA Compounded Index If, on or after the Interest Reset Date (i) the CORRA Compounded Indexstart or the CORRA Compounded Indexend is not published or displayed by the Reference Rate Administrator or an authorized distributor by 11:30 a.m. Toronto time (or an amended publication time, if any, as specified in the Reference Rate Administrator...
Daily Compounded CORRA means, for any Business Day in a CORRA Interest Period, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback of five
Daily Compounded CORRA means, for any day (a “CORRA Rate Day”), CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback) being established by the Bank in accordance with the methodology and conventions for this rate selected or recommended by the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto, for determining compounded CORRA for business loans; provided that if the Bank decides that any such convention is not administratively feasible for the Bank, then the Bank may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA and a Benchmark Replacement Date with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA. Notwithstanding the forgoing, if a loan with an interest rate based on Daily Compounded CORRA has been hedged in its entirety with an interest rate swap with the Bank, the lookback period in the methodology for the calculation of Daily Compounded CORRA shall be two (2) business days.
Daily Compounded CORRA means, for any day in a Collection Period, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback) being established by the Financial Services Agent in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; provided that if the Financial Services Agent decides that any such convention is not administratively feasible for the Financial Services Agent, then the Financial Services Agent may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA and a Benchmark Transition Event with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA;
Daily Compounded CORRA means, for any day, (a "Daily Compounded CORRA Rate Day"), a rate per annum equal to CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback for the day (such day, the "Daily Compounded CORRA Determination Day"), that is five (5) Business Days prior to (a) if such Daily Compounded CORRA Rate Day is a Business Day, such Daily Compounded CORRA Rate Day, or (b) if such Daily Compounded CORRA Rate Day is not a Business Day, the Business Day immediately preceding such Daily Compounded CORRA Rate Day, in each case, as CORRA is published by the administrator; provided, that if as of 5:00 p.m. (Toronto time) on any Daily Compounded CORRA Determination Day, CORRA for the applicable tenor has not been published by the administrator and a Canadian Benchmark Replacement Date with respect to Daily Compounded CORRA has not occurred, then Daily Compounded CORRA will be CORRA as published by the administrator on the first preceding Business Day for which CORRA was published by the administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Daily Compounded CORRA Determination Day.