Definition Information
"Canadian Base Rate" shall mean, for any day, the per annum rate of interest equal to the greatest of (a) the rate of interest in effect for such day or so designated from time to time by BANA(acting through its Canada branch) as its "base rate" for commercial loans made by it in Dollars, such rate being a reference rate and not necessarily representing the lowest or best rate being charged to any customer; (b) the Federal Funds Rate for such day, plus 0.50% per annum; or (c) the Eurocurrency Rate for a one-month interest period as determined on such day, plus 1.00%. Any change in such rate announced by BANA (acting through its Canada branch) shall take effect at the opening of business on the day specified in the public announcement thereof. If the Canadian Base Rate is being used as an alternate rate of interest pursuant to Section 3.05 hereof, then the Canadian Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above; provided if the Canadian Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
| Definition Category: | Canadian Base Rate |
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