Examples of Federal Funds Rate Advance in a sentence
Each Federal Funds Rate Advance shall be in an amount that is an integral multiple of $500,000.
While such Advance is a Federal Funds Rate Advance, a rate per annum equal at all times to the sum of the Federal Funds Rate in effect from time to time plus the Applicable Margin for Federal Funds Rate Advances, payable quarterly in arrears on the last Business Day of each March, June, September and December and on the date such Advance shall be Converted or such principal repaid.
The unpaid principal amount of each Federal Funds Rate Advance shall bear interest prior to maturity at a rate per annum equal to the Federal Funds Rate plus the Applicable Federal Funds Rate Margin.
The Bank is authorized by the Company to make a Loan to the Company under this Agreement (as a Federal Funds Rate Advance) in the amount of any such expenses and to apply the proceeds of such Loan to the payment of such expenses.
If the Company shall fail to notify the Bank of the continuation of any Eurodollar Rate Advance within the time required by this Section, such Advance shall, on the last day of the Interest Period applicable thereto, automatically be converted into a Federal Funds Rate Advance of the same principal amount.