Overnight Fed Funds Rate definition

Overnight Fed Funds Rate means the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published by the Federal Reserve Bank of New York (with the rate for the last Business Day of a given calendar month being the rate so published on the Business Day immediately following such Day), or, if such rate is note so published, the average quotations, for the last Business Day of a given calendar month, of such transactions received by the Bank from three Federal funds brokers of recognized standing selected by the Bank. If the Customer wishes to have any of its Assets held in the custody of an institution other than the established Subcustodians as defined in Section 3 (or their securities depositories), such arrangement must be authorized by a written agreement, signed by the Bank and the Customer.
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Overnight Fed Funds Rate means, for any day, a fluctuating interest rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (and, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Bank from three federal funds brokers of recognized standing selected by the Bank.
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Overnight Fed Funds Rate. For any day, the overnight federal funds rate published on Bloomberg Page FEDL01 or any successor page thereto.
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Examples of Overnight Fed Funds Rate in a sentence

  • The amount of interest credit shall be known as the "Daily Credits." Alternatively, for each day of the month in which the closing balance is less than zero (an "overdraft"), the overdraft amount will be subject to a charge calculated by taking the amount of the overdraft multiplied by the Overnight Fed Funds Rate (defined below) plus .50% divided by 365 days.

  • Interest payable under this Agreement shall be calculated on the basis of (i) a year of 360 days and paid on the actual number of days elapsed in the cases of Loans and amounts bearing interest based on the Overnight Fed Funds Rate and (ii) a year of 365 or 366 days, as the case may be, and paid on the actual number of days elapsed in the cases of amounts bearing interest at the Prime Rate.