Overnight Federal Funds Rate definition

Overnight Federal Funds Rate means, for any month, the average of daily "Federal Funds Rates" for such month. In turn, the daily Federal Funds Rates shall mean, for any day, the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers on such day, as published by the Federal Reserve Bank of New York on the business day next succeeding such day.

Overnight Federal Funds Rate means, for any month, the average of daily "Federal Funds Rates" for such month. In turn, the daily Federal Funds Rates shall mean, for any day, the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers on such day, as published by the Federal Reserve Bank of New York on the business day next succeeding such day. BNY Mellon will pass through to the Fund or Funds any out-of-pocket expenses, including (but not limited to) vendor costs, postage, external legal and tax fees, courier expense, registration fees, and stamp duties. BNY Mellon may earn indirect compensation for items including but not limited to overdrafts, float, bank deposits and net Interest revenue. Any additional services will incur additional fees (e.g. accounting, benefit payments, performance and risk analytics, etc). For details on certain direct and indirect compensation that may be earned by BNY Mellon, please refer to the website: xxx.xxxxxxxxx.xxx/xx-xxxxxxxxxxx. Once on the site, the following password will be required to review the content: ASCOMP00 (note: the last 2 digits in the password are zeros).

Overnight Federal Funds Rate means for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of one percent (1%)) 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 on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that (a) if such day is not a Business Day, the Overnight Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Overnight Federal Funds Rate for such day shall be the average rate charged to Xxxxx Fargo Bank, National Association on such day on such transactions as determined by Xxxxx Fargo Bank, National Association.

Examples of Overnight Federal Funds Rate in a sentence

• For each day of the month in which the closing cash balance of the Account is more than zero, such cash balance amount will earn interest calculated by taking the amount of the idle balance multiplied by the Overnight Federal Funds Rate (defined below) minus .50% divided by 365 days.

• The amount of interest credit shall be known as the "Daily Credits." Alternatively, for each day of the month in which the closing balance of the Account 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 Federal Funds Rate (defined below) plus .50% divided by 365 days.

• For each day of the month in which the closing cash balance of the Fund is more than zero, such cash balance amount will earn interest calculated by taking the amount of the idle balance multiplied by the Overnight Federal Funds Rate (defined below) minus .50% divided by 365 days.

• Any overdue amounts payable by any of the Letter of Credit Banks to the Issuing Bank in respect of a draw under any Letter of Credit shall bear interest, payable on demand, for the first two (2) days of such non-payment, at the Overnight Federal Funds Rate, and, thereafter, at the Overnight Federal Funds Rate plus four percent (4%).

• In the event that the Administrative Agent does not promptly distribute such amounts, the Administrative Agent shall pay interest on such amounts to the Banks at the Overnight Federal Funds Rate until such amounts are distributed.

More Definitions of Overnight Federal Funds Rate

Overnight Federal Funds Rate. The rate on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day by the Federal Reserve Bank of New York.

Overnight Federal Funds Rate means, for any period, a fluctuating interest rate per annum equal, for each day during such period, 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 (or, 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 which is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it in its sole discretion acting in good faith.

Overnight Federal Funds Rate means, with respect to any determination date, the rate for Overnight Federal Funds as published on Telerate page 118 under the heading "Federal Funds (Effective)" expressed as an annualized rate of interest. In the event that such rate is not so published by 9:00 A.M., New York City time, on the determination date, the Overnight Federal Funds Rate shall be the most recently available rate prior to the determination date.

Overnight Federal Funds Rate means, for any period, a fluctuating interest rate per annum equal, for each day during such period, 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 (or, 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 which is a Business Day, the average of the quotations for such day on such transactions received by the Agent Bank from three Federal funds brokers of recognized standing selected by it in its sole discretion acting in good faith. Owner has the meaning specified in the Owner Trust Agreement.

Overnight Federal Funds Rate means, at any time, the rate per annum at which Issuer, in its sole discretion, can acquire Federal funds in the interbank overnight federal funds market including through brokers of recognized standing.

Overnight Federal Funds Rate shall have the meaning set forth in the Loan Agreement. The provisions of the Loan Agreement are hereby incorporated in this Promissory Note to the same extent as if set forth at length herein.

Overnight Federal Funds Rate means, at any time, the rate per annum at which Issuer’s New York Branch, as a branch of a foreign bank, in its sole discretion, can acquire Federal funds in the interbank overnight federal funds market including through brokers of recognized standing.