Local Rate definition

Local Rate means (i) for Loans or Letters of Credit in AUD, the AUD Rate, (ii) for Loans or Letters of Credit in NZD, the NZD Rate, (iii) for Loans or Letters of Credit in Canadian Dollars, the CDOR Rate, (iv) for Loans or Letters of Credit in Swedish Krona, the XXXXXX Rate, (v) for Loans or Letters of Credit in Norwegian Krone, the NIBOR Rate and (vi) for Loans or Letters of Credit in Danish Krone, the CIBOR Rate.

Local Rate means, with respect to:

Local Rate with respect to:

Examples of Local Rate in a sentence

• Any change in the interest rate on a Local Rate Loan resulting from a change in the Local Rate shall become effective as of the opening of business on the day on which such change in the Local Rate shall become effective.

• Any change in the interest rate on a Loan resulting from a change in the Local Rate or with respect to Local Loans that are ABR Loans, resulting from a change in ABR, shall become effective as of the opening of business in the jurisdiction of the local lending office of the relevant Local Fronting Lender on the day on which such change shall become effective.

• The Local Fronting Lender shall as soon as practicable notify the relevant Local Borrower of each determination of Local Rate.

• Interest in respect of the Local Rate Loans and Acceptances shall be calculated on the basis of a 365 or 366-day year, as the case may be, for the actual days elapsed or on such other basis as may be agreed from time to time by the relevant Local Fronting Lender and the relevant Borrowers to reflect customary practices in the relevant jurisdiction.

• Interest shall accrue on any amount owing pursuant to this Section 2.31(d) which is not paid when due (whether by scheduled maturity, mandatory prepayment, acceleration or otherwise) from the date such amount becomes due until paid in full at a fluctuating rate per annum equal to the rate which would then be payable on any overdue Local Rate Loans and shall be payable by such Local Borrowing Subsidiary upon demand by such Local Fronting Lender.

More Definitions of Local Rate

Local Rate means, for Loans in CAD, the CDOR Rate.

Local Rate means for Loans in a Local Rate Currency, the Local Bank Reference Rate for that currency.

Local Rate means (a) with respect to any Working Capital B-2 Advance denominated in any Foreign Currency, the rate of interest from time to time publicly announced by Citibank in the jurisdiction of issuance of such Foreign Currency as its base rate (or its equivalent thereof) for loans denominated in such Foreign Currency at the principal lending office of Citibank in the jurisdiction of issuance of such Foreign Currency, (b) with respect to any Working Capital B-3 Advance, the rate of interest from time to time publicly announced by the principal office of Citibank in Milan, Italy as the base rate (or its equivalent thereof) for loans denominated in such Foreign Currency at the principal lending office of Citibank in the jurisdiction of issuance of such Foreign Currency and (c) with respect to any Canadian Borrower Advance denominated in Canadian Dollars, the Canadian Prime Rate.

Local Rate when used in reference to any Revolving Alternate Currency Loan or Revolving Alternate Currency Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a local base rate set forth in the Alternate Currency Supplement applicable thereto.

Local Rate means a rate that applies over the lines or routes of one (1) carrier only.

Local Rate means, for Advances denominated in Canadian Dollars, the CDOR Rate.

Local Rate means, for Borrowings denominated in Canadian Dollars, the CDOR Rate.