Common use of Federal Funds Effective Rate Clause in Contracts

Federal Funds Effective Rate. for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds Effective Rate for the last day on which such rate was announced.

Federal Funds Effective Rate. for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds Effective Rate for the last day on which such rate was announced. Financial Projections shall have the meaning assigned to that term in Section 5.01(h)(ii).

Federal Funds Effective Rate. for For any day shall mean day, the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to the nearest one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of New York (or any successor) Cleveland on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate” as of the date of this Agreement; providedRate or, if such Federal Reserve Bank rate is not so published for any day that is a Business Day the average (or its successorrounded upwards, if necessary, to the next 1/100 of 1%) does not announce such rate on any day, of the “Federal Funds Effective Rate” quotations for such day shall be for such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it. In the event that the Federal Funds Effective Rate shall be less than zero, then for the last day on which such rate was announcedpurposes of this Agreement the Federal Funds Effective Rate shall be deemed to be zero. Foreign Lender. A Lender that is not a U.S. Person.