Common use of CD Rate Clause in Contracts

CD Rate. Unless otherwise specified above, if this is a CD rate Note or a floating rate Note for which the CD rate is an applicable base rate, “CD rate” means, with respect to any interest determination date (a “CD rate interest determination date”) the rate on that date for negotiable U.S. dollar certificates of deposit having the index maturity specified above as published in H.15(519), as defined below, under the heading “CDs (Secondary Market).” If the CD rate cannot be determined in this manner, the following procedures shall apply. - If the rate described above is not published by 3:00 p.m., New York City time, on the relevant calculation date, then the CD rate shall be the rate on that CD rate interest determination date for negotiable U.S. dollar certificates of deposit having the specified index maturity as published in H.15 Daily Update, as defined below, or other recognized electronic sources used for the purpose of displaying the applicable rate, under the caption “CDs (Secondary Market).” - If by 3:00 p.m., New York City time, on the applicable calculation date, that rate is not published in either H.15(519), H.15 Daily Update or another recognized electronic source, the CD rate for that CD rate interest determination date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on that CD rate interest determination date, of three leading non-bank dealers in negotiable U.S. dollar certificates of deposit in The City of New York, selected by the Calculation Agent, after consultation with the Company, for negotiable U.S. dollar certificates of deposit of major U.S. money market banks for negotiable certificates of deposit with a remaining maturity closest to the index maturity specified above in an amount that is representative for a single transaction in that market at that time. - If the dealers selected as described above by the Calculation Agent are not quoting rates as set forth above, the CD rate for that CD interest rate determination date shall be the CD rate in effect for the immediately preceding interest reset period, or if there was no interest reset period, then the rate of interest payable shall be the initial interest rate.

CD Rate. Unless otherwise specified above, if this is a CD rate Note or a floating rate Note for which the CD rate is an applicable base rate, “CD rate” means, with respect to any interest determination date (a “CD rate interest determination date”) the rate on that date for negotiable U.S. dollar certificates of deposit having the index maturity specified above as published in H.15(519), as defined below, under the heading “CDs (Secondary Market).” If the CD rate cannot be determined in this manner, the following procedures shall apply. - • If the rate described above is not published by 3:00 p.m., New York City time, on the relevant calculation date, then the CD rate shall be the rate on that CD rate interest determination date for negotiable U.S. dollar certificates of deposit having the specified index maturity as published in H.15 Daily Update, as defined below, or other recognized electronic sources used for the purpose of displaying the applicable rate, under the caption “CDs (Secondary Market).” - • If by 3:00 p.m., New York City time, on the applicable calculation date, that rate is not published in either H.15(519), H.15 Daily Update or another recognized electronic source, the CD rate for that CD rate interest determination date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on that CD rate interest determination date, of three leading non-bank dealers in negotiable U.S. dollar certificates of deposit in The City of New York, selected by the Calculation Agent, after consultation with the Company, for negotiable U.S. dollar certificates of deposit of major U.S. money market banks for negotiable certificates of deposit with a remaining maturity closest to the index maturity specified above in an amount that is representative for a single transaction in that market at that time. - • If the dealers selected as described above by the Calculation Agent are not quoting rates as set forth above, the CD rate for that CD interest rate determination date shall be the CD rate in effect for the immediately preceding interest reset period, or if there was no interest reset period, then the rate of interest payable shall be the initial interest rate.