Common use of Determination of CD Rate Clause in Contracts

Determination of CD Rate. If the Interest Rate Basis is CD Rate, the interest rate payable with respect to this Note shall equal the CD Rate determined as specified herein, plus or minus the Spread, if any, specified on the face hereof or multiplied by the Spread Multiplier, if any, specified on the face hereof. The CD Rate shall equal the rate as of the second Business Day prior to the Interest Reset Date specified on the face hereof (a “CD Rate Interest Determination Date”) for negotiable U.S. dollar certificates of deposit having the Index Maturity specified on the face hereof as published by the Board of Governors of the Federal Reserve System in H.15(519) under the heading “CDs (secondary market)”. If such rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date (as defined below) pertaining to such CD Rate Interest Determination Date, then the CD Rate shall be the rate on such CD Rate Interest Determination Date set forth in H.15 Daily Update for that day in respect of certificates of deposit having the Index Maturity specified above under the heading “CD(s) (secondary market)”. If such rate is not yet published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 p.m., New York City time, on the Calculation Date pertaining to such CD Rate Interest Determination Rate, then the CD Rate on such CD Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the secondary market offered rates, as of 10:00 a.m., New York City time, on such CD Rate Interest Determination Date, of three leading non-bank dealers in negotiable U.S. dollar certificates of deposit in The City of New York selected by the Calculation Agent, after consultation with Québec (and which may include the agents appointed by Québec for the purpose of soliciting purchases of the Notes by others from Québec (the “Agents”) and affiliates of the Agents) for negotiable U.S. dollar certificates of deposit of major United States money center banks with a remaining maturity closest to the specified Index Maturity and in an amount that is representative for a single transaction in such market at such time, provided, however, that if the dealers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the CD Rate determined as of such CD Rate Interest Determination Date shall be the CD Rate in effect on such CD Rate Interest Determination Date.

Determination of CD Rate. If the Interest Rate Basis is CD Rate, the interest rate payable with respect to this Note shall equal the CD Rate determined as specified herein, plus or minus the Spread, if any, specified on the face hereof or multiplied by the Spread Multiplier, if any, specified on the face hereof. The CD Rate shall equal the rate for each Interest Reset Date will be determined as of the second Business Day prior to the Interest Reset Date specified on the face hereof (a “CD Rate Interest Determination Date”) ). The CD Rate will be the rate on the CD Rate Interest Determination Date for negotiable U.S. dollar certificates of deposit having the Index Maturity specified on the face hereof as published by the Board of Governors of the Federal Reserve System in H.15(519) (as defined below) under the heading “CDs (secondary market)”. If such rate is ” or, if not so published in H.15(519) by 3:00 p.m.P.M., New York City time, on the related Calculation Date (as defined below) pertaining to such CD Rate Interest Determination Date, then the CD Rate shall be the rate on such CD Rate Interest Determination Date set forth for negotiable U.S. dollar certificates of deposit of the Index Maturity specified on the face hereof, as published in H.15 Daily Update (as defined below), or such other recognized electronic source used for that day in respect the purpose of certificates of deposit having the Index Maturity specified above displaying such rate, under the heading caption “CD(s) CDs (secondary market)”. If such rate is not yet published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 p.m.P.M., New York City time, on the related Calculation Date pertaining to such CD Rate Interest Determination RateDate, then the CD Rate on such CD Rate Interest Determination Date shall will be calculated by the Calculation Agent and shall will be the arithmetic mean of the secondary market offered rates, rates as of 10:00 a.m.A.M., New York City time, on such CD Rate Interest Determination Date, of three leading non-bank nonbank dealers in negotiable U.S. dollar certificates of deposit in The City of New York (which may include the Agents or their affiliates) selected by the Calculation Agent, after consultation with Québec (and which may include the agents appointed by Québec for the purpose of soliciting purchases of the Notes by others from Québec (the “Agents”) and affiliates of the Agents) Québec, for negotiable U.S. dollar certificates of deposit of major United States money center banks with a remaining maturity closest to the specified Index Maturity and specified on the face hereof, in an amount that is representative for a single transaction in such that market at such that time, ; provided, however, that if the dealers so selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the CD Rate determined as of such CD Rate Interest Determination Date shall will be the CD Rate in effect on such CD Rate Interest Determination Date. “H.15(519)” means the weekly statistical release designated as such, published by the Board of Governors of the Federal Reserve System and available on their website at xxxx://xxx.xxxxxxxxxxxxxx.xxx/releases/h15/current, or any successor site or publication.