Federal Funds Advance definition

Federal Funds Advance means an Advance bearing interest at the Federal Funds Rate.
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Federal Funds Advance means an Advance which bears an interest at the Federal Funds Rate as defined below.
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Federal Funds Advance collectively, the Loans (or any portions thereof), at such time as they (or such portions) are made and/or being maintained at a rate of interest based upon the Federal Funds Rate.
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Examples of Federal Funds Advance in a sentence

  • Upon the election of the Swingline Lender at any time, all outstanding Swingline Advances (including Swingline Advances made pursuant to Section 2.5(c) below) designated by the Swingline Lender shall be reallocated among all Lenders in accordance with each Lender's Adjusted Commitment Percentage, and each such Swingline Advance shall thereafter be deemed for all purposes a Federal Funds Advance.

  • Prior to maturity, the outstanding principal balance of each (i) Federal Funds Advance shall bear interest on the unpaid principal balance thereof at the Federal Funds Rate plus the Applicable Margin and (ii) Eurodollar Advance shall bear interest on the unpaid principal balance thereof at the Eurodollar Rate for the applicable Interest Period plus the Applicable Margin.

  • Interest on the unpaid balance of each outstanding Federal Funds Advance shall be payable monthly on the first Business Day of each month, commencing on the first Business Day of the month next following the Date of Advance, and on the Maturity Date.

  • Each Eurodollar Advance shall be in the minimum amount of $2,000,000 (and in multiples of $100,000 if in excess thereof), and each Floating Rate Advance and Federal Funds Advance shall be in the minimum amount of $100,000 (and in multiples of $100,000 if in excess thereof), provided, however, that any Floating Rate Advance may be in the amount of the unused Aggregate Commitment.

  • Notwithstanding anything to the contrary contained in this Agreement, at any time during the continuance of a Default the Agent may (and at the direction of the Required Lenders shall) declare by notice to the Company that no Advance may be made as, converted into or continued as a Eurodollar Advance and each such Advance shall automatically be converted into a Federal Funds Advance at the expiration of the Eurodollar Interest Period applicable thereto.

  • Each Federal Funds Advance shall be in the minimum amount of $100,000, and each Floating Rate Advance shall be in the minimum amount of $100,000, provided, however, that any Floating Rate Advance may be in the amount of the unused Aggregate Commitment.

  • Notwithstanding the foregoing, if the Company fails to repay or give the Agent notice of repayment of a Federal Funds Advance before 10:00 a.m. (Chicago time) on the Business Day that the Company intends to repay such Advance, any payment of such Advance received by the Agent on such Business Day after the time required for payment or notice shall be deemed to have been received by the Agent at the opening of business on the following Business Day.

  • Interest accrued on each Floating Rate Advance and/or Federal Funds Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, on any date on which the Floating Rate Advance and/or Federal Funds Advance is prepaid, whether due to acceleration or otherwise, and at maturity.

  • Changes in the rate of interest on that portion of any Advance maintained as a Federal Funds Advance will take effect simultaneously with each change in the Federal Funds Effective Base Rate.

  • Interest accrued on each Floating Rate Advance or Federal Funds Advance shall be payable on each Payment Date and on any date on which the Advance is prepaid, whether due to acceleration or otherwise.


More Definitions of Federal Funds Advance

Federal Funds Advance and Federal Funds Loan" means an Advance or a Loan, as the case may be, which bears interest at a Federal Funds Rate.
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Related to Federal Funds Advance

  • Revolving Advance has the meaning given in Section 2.1.

  • Federal Funds Rate means, for any day, the 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 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 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 Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

  • Federal Funds Effective Rate means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding 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 (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

  • Reference Rate Advance means an Advance which bears interest as provided in Section 2.09(a).

  • Reference Rate Loan means any Committed Loan that bears interest at a rate determined with reference to the Reference Rate.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Alternate Base Rate Advance means an Advance which bears interest at the Alternate Base Rate.

  • U.S. Base Rate Loan means a Loan denominated in Dollars which bears interest at a rate based upon the U.S. Base Rate.

  • Fed Funds Rate means, for any period, a fluctuating interest rate (expressed as a per annum rate and rounded upwards, if necessary, to the next 1/16 of 1%) 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 rates are not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by BNPLC's Parent from three Federal funds brokers of recognized standing selected by BNPLC's Parent. All determinations of the Fed Funds Rate by BNPLC's Parent shall, in the absence of clear and demonstrable error, be binding and conclusive upon NAI.

  • Federal Funds Open Rate means the rate set forth on Moneyline Telerate (or any successor service) on page 5 (or any other page as may replace the specified page on that service) for an Interest Determination Date underneath the caption “FEDERAL FUNDS” in the row titled “OPEN”. If the rate is not available for an Interest Determination Date, the rate for that Interest Determination Date shall be the Federal Funds Rate as determined below.

  • Periodic Advance The aggregate of the advances required to be made by a Servicer on any Distribution Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder, the amount of any such advances being equal to the total of all Monthly Payments (adjusted, in each case (i) in respect of interest, to the applicable Mortgage Interest Rate less the applicable Servicing Fee in the case of Periodic Advances made by a Servicer and to the applicable Net Mortgage Interest Rate in the case of Periodic Advances made by the Master Servicer or Trustee and (ii) by the amount of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar legislation or regulations then in effect) on the Mortgage Loans, that (x) were delinquent as of the close of business on the related Determination Date, (y) were not the subject of a previous Periodic Advance by such Servicer or of a Periodic Advance by the Master Servicer or the Trustee, as the case may be and (z) have not been determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

  • Floating Rate Advance means an Advance which bears interest at the Floating Rate.

  • Disbursement Rate means an annual rate of interest, as of the date of determination, equal to the greater of (a) eight percent (8%) and (b) the per annum rate for ten (10) year U.S. Treasury Obligations as published in The Wall Street Journal plus three hundred (300) basis points; provided, however, that in no event shall the Disbursement Rate exceed eleven and one-half percent (11.5%).

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Base Rate Advance means an Advance that bears interest as provided in Section 2.07(a)(i).

  • Alternate Base Rate Loan means a Loan which bears interest at the Alternate Base Rate.

  • Fixed Rate Loan means a Competitive Loan bearing interest at a Fixed Rate.

  • LIBOR Rate Advance means an Advance which bears interest at a LIBOR Rate.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Swingline Advance means an advance made by the Swingline Lender, if any, to the Borrower pursuant to Section 2.

  • Fixed Rate Advance means an Advance which bears interest at a Fixed Rate.

  • Domestic Rate Loan means any Advance that bears interest based upon the Alternate Base Rate.

  • LIBOR Advance means an Advance bearing interest at a rate based upon the LIBOR Rate.

  • Eurodollar Rate Advance means an Advance that bears interest as provided in Section 2.07(a)(ii).