Daily Compounded CXXXX means, for any day, CXXXX 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 Administrative Agent in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CXXXX for business loans; provided that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CXXXX and a Benchmark Transition Event with respect to CXXXX has not occurred, then, in respect of any day for which CXXXX is required, references to CXXXX will be deemed to be references to the last provided or published CXXXX.
Daily Compounded CXXXX means, for any day, CXXXX with interest accruing on a compounded daily basis, with the methodology and conventions for this rate being established by the Administrative Agent.
Daily Compounded CXXXX means, for any day, CXXXX 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 Administrative Agent in accordance with the methodology and conventions for this rate selected or recommended by the Canadian Relevant Governmental Body for determining compounded CXXXX for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion; and provided, further, that if the administrator has not provided or published CXXXX and a Canadian Benchmark Transition Event with respect to CXXXX has not occurred, then, in respect of any day for which CXXXX is required, references to CXXXX will be deemed to be references to the last provided or published CXXXX.
Examples of Daily Compounded CXXXX in a sentence
Each Lender agrees to notify the Agent and the Borrower in writing promptly upon becoming aware that it is no longer illegal for such Lender to determine or charge interest rates based upon Adjusted Term CXXXX or Adjusted Daily Compounded CXXXX, as applicable.
Subject to the terms and conditions hereof, the Borrower may obtain credit under the Credit Facility by way of one or more Bankers’ Acceptances, BA RateTerm CXXXX Loans, Daily Compounded CXXXX Loans, Prime Rate Loans, Base Rate Canada Loans, Term Benchmark Loans and Letters; provided, however, that the aggregate amount of credit extended by way of Letters shall not at any time exceed $100,000,000 or the U.S. Dollar Equivalent thereof.
More Definitions of Daily Compounded CXXXX
Daily Compounded CXXXX means, for any day (a "Daily Compounded CXXXX Rate Day"), a rate per annum equal to CXXXX for the day (such day, the "Daily Compounded CXXXX Determination Day"), that is five (5) Business Days prior to (a) if such Daily Compounded CXXXX Rate Day is a Business Day, such Daily Compounded CXXXX Rate Day, or (b) if such Daily Compounded CXXXX Rate Day is not a Business Day, the Business Day immediately preceding such Daily Compounded CXXXX Rate Day, in each case, as CXXXX is published by the administrator; provided, however, that if as of 5:00 p.m. (Toronto time) on any Daily Compounded CXXXX Determination Day, CXXXX for the applicable tenor has not been published by the administrator and a Canadian Benchmark Replacement Date with respect to Daily Compounded CXXXX has not occurred, then Daily Compounded CXXXX will be CXXXX as 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 CXXXX Determination Day.
Daily Compounded CXXXX means, for any day, CXXXX 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 Canadian Relevant Governmental Body for determining compounded CXXXX 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 CXXXX and a Benchmark Replacement Date with respect to CXXXX has not occurred, then, in respect of any day for which CXXXX is required, references to CXXXX will be deemed to be references to the last provided or published CXXXX; and provided that if Daily Compounded CXXXX as so determined shall be less than the Floor, then Daily Compounded CXXXX shall be deemed to be the Floor.
Daily Compounded CXXXX means, for any Business Day in any Interest Period, CXXXX 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 Administrative Agent in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CXXXX for business loans; provided that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CXXXX and a Benchmark Replacement Date with respect to CXXXX has not occurred, then, in respect of any day for which CXXXX is required, references to CXXXX will be deemed to be references to the last provided or published CXXXX; and provided that if Daily Compounded CXXXX as so determined shall be less than the Floor, then Daily Compounded CXXXX shall be deemed to be the Floor.
Daily Compounded CXXXX means, for any day, CXXXX with interest accruing on a compounded daily basis, with the methodology and conventions for this rate being established by the Administrative Agent. “Daily Simple SOFR” means, with respect to any applicable determination date, a rate per annum equal to the Secured Overnight Financing Rate published on such date on the Federal Reserve Bank of New York’s website (or any successor source). “Daily SOFR” means the rate per annum equal to SOFR determined for any day pursuant to the definition thereof plus the SOFR Adjustment. Any change in Daily SOFR shall be effective from and including the date of such change without further notice. If the rate as so determined would be less than 0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement. “Daily SOFR Loan” means a Loan that bears interest at a rate based on Daily SOFR. “Debt Rating” has the meaning specified in the definition of “Applicable Rate.” “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. “deemed year” has the meaning specified in Section 2.09(d).
Daily Compounded CXXXX means, for any day, CXXXX with interest accruing on a compounded daily basis, with the methodology and conventions for this rate being established by the Administrative Agent. “Daily Simple SOFR” means, with respect to any applicable determination date, a rate per annum equal to the Secured Overnight Financing Rate published on such date on the Federal Reserve Bank of New York’s website (or any successor source). “Daily SOFR” means the rate per annum equal to SOFR determined for any day pursuant to the definition thereof plus the SOFR Adjustment. Any change in Daily SOFR shall be effective from and including the date of such change without further notice. If the rate as so determined would be less than 0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement. “Daily SOFR Loan” means a Loan that bears interest at a rate based on Daily SOFR. “Debt Rating” has the meaning specified in the definition of “Applicable Rate.” “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. “deemed year” has the meaning specified in Section 2.09(d). “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Daily SOFR Loan, a Term SOFR Loan or an Alternative Currency Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. “Defaulting Lender” means, subject to Section 2.18(b), any Lender that, as reasonably determined by the Administrative Agent, (a) has failed to (i) perform any of its funding obligations hereunder, including in respect of (x) its Loans or (y) participations in respect of L/C Obligations or Alternative Cu...