Term CORRA means, for the applicable corresponding tenor, the forward-looking term rate based on CORRA that has been selected or recommended by the Relevant Governmental Body, and that is published by an authorized benchmark administrator and is displayed on a screen or other information service, as identified or selected by the Administrative Agent in its reasonable discretion at approximately a time and as of a date prior to the commencement of an Interest Period determined by the Administrative Agent in its reasonable discretion in a manner substantially consistent with market practice.
Term CORRA means, for any calculation with respect to a Term CORRA Loan, the Term CORRA Reference Rate for a tenor comparable to the applicable CORRA Interest Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first (1st) day of such CORRA Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a CORRA Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first (1st) preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first (1st) preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day.
Term CORRA means, for any calculation with respect to a CAD Advance, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Accrual Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first day of such Interest Accrual Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; provided, further that, with respect to the first Interest Accrual Period with respect to any CAD Advance, Term CORRA shall be, (x) if the related Interest Accrual Period is three months in duration, the Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) having a tenor of three months, as such rate is published by the Term CORRA Administrator (the “Three-Month Term CORRA Reference Rate”), (y) if the related Interest Accrual Period is more than one month but less than three months in duration, the rate (rounded to the same number of decimal places as the two relevant Term CORRA Reference Rates) which results from interpolating (1) the applicable Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) for the longest period for which the Term CORRA Reference Rate is available which is less than the Interest Accrual Period with respect to such CAD Advance and (2) the applicable Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) for the shortest period for which the Term CORRA Reference Rate is available which exceeds the Interest Accrual Period with respect to such CAD Advance (the “Interpolated Term CORRA Reference Rate”), or (z) if the related Interest Accrual Period is one month or less in duration, the Term CORRA Reference Rate (as of the Periodic Term CORRA Determination Date) having a tenor of one month, as such rate is published by the...
Examples of Term CORRA in a sentence
These types of facilities are expected to move to another rate such as overnight CORRA or Term CORRA.
The cost differential between the two types of derivatives (i.e. the basis between Term CORRA and CORRA derivatives) will be driven by market supply and demand dynamics.
The second stage of CARR’s transition plan provides additional time for the creation of Term CORRA for the loan market.
Based on the results of its consultation, CARR has decided that a Term CORRA benchmark would be important for the successful transition of the Canadian loan and trade finance market from CDOR to CORRA.
The resulting public consultation found that Canadian non-financial corporates, in particular, had a strong desire for a Term CORRA benchmark, as a term rate would be less operationally complex and facilitate cash flow forecasting.
More Definitions of Term CORRA
Term CORRA means, (a) for any calculation with respect to a Eurocurrency Loan in Canadian Dollars for any Interest Period, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 5:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a replacement of the Term CORRA Reference Rate has not occurred pursuant to Section 2.12(d), then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; and (b) for any calculation with respect to a Loan with a Benchmark equal to the Canadian Prime Rate on any day, the Term CORRA Reference Rate for a tenor of one (1) month on the day (such day, the “Prime Rate CORRA Determination Day”) that is two (2) Business Days prior to such day, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 5:00 p.m. (Toronto time) on any Prime Rate CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a replacement of the Term CORRA Reference Rate has not occurred pursuant to Section 2.12(d), then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Prime Rate CORRA Determination Day. “Term CORRA Administrator” means Candeal Benchmark Administration Services Inc., TSX Inc. (or a successor administrator of the Term CORRA Reference Rate selected by the Administrative Agent in its reasonable discretion). “Term CORRA Reference Rate” means the forward-looking term rate based on CORRA. “Term SOFR” means, (a) for any calculation with respect ...
Term CORRA has the meaning assigned to such term in clause (c) of the definition of Term Benchmark Rate.
Term CORRA means for any Interest Period, relating to a Canadian Revolver Loan denominated in Canadian dollars (other than a Canadian Prime Rate Revolver Loan), the rate per annum equal to the forward-looking term rate based on CORRA, as published on the applicable Reuters screen page (or other commercially available source providing such quotations as may be designated by the Agent from time to time) on the day that is two (2) Business Days prior to the first day of such Interest Period (or if such day is not a Business Day, then on the immediately preceding Business Day) with a term equivalent to such Interest Period plus the Term CORRA Adjustment for such Interest Period; provided, that, if Term CORRA shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
Term CORRA means the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day that is two (2) Banking Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator. “Term CORRA Adjustment” means 0.29547% (29.547 bps) per annum for a one-month tenor.
Term CORRA means the forward-looking term rate for the applicable Corresponding Period (or, if there is no Corresponding Period, such rate for the Interpolated Period) based on CORRA that has been selected or recommended by a committee officially endorsed or convened by the Bank of Canada.
Term CORRA means the forward-looking term rate for the applicable Corresponding Period (or, if there is no Corresponding Period, such rate for the Interpolated Period) based on CORRA that has been selected or recommended by the relevant regulatory authority.