Examples of Federal Funds Open Rate in a sentence
Subject to the terms and conditions of the line of credit documents, advances under the line of credit (if any) will bear interest at a variable rate equal to the higher of PNC’s Prime Rate or the sum of the Federal Funds Open Rate plus 175 basis points.
If there was no such interest reset period, the Federal Funds (Open) Rate will be the initial interest rate.
If fewer than three brokers selected by the calculation agent are quoting as described above, the Federal Funds (Open) Rate for the new interest reset period will be the same as that for the immediately preceding interest reset period.
Federal Funds (Open) Rate: Unless otherwise specified in the applicable Pricing Supplement, the Federal Funds (Open) Rate for each interest reset period will be the rate on the applicable Interest Determination Date for federal funds published in H.15 Daily Update under the heading “Federal Funds” and opposite the caption “Open,” as displayed on Reuters on page FEDFUNDS1.
Federal Funds (Open) Rate Notes.Federal Funds (Open) Rate Notes will bear interest at the interest rates specified in the Federal Funds (Open) Rate Notes and in the Pricing Supplement.