Floating CD Rate definition

Floating CD Rate means, for any CD Rate Loan, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) determined by the Agent to be the average of the bid rates quoted to the Agent at approximately 10:00 a.m. (or as soon thereafter as practicable) by two (2) or more certificate of deposit dealers of recognized national standing selected by the Agent for the purchase at face value of certificates of deposit of the Agent having a term of ninety (90) days and in an amount comparable to the principal amount of the CD Loan to be made by the Agent.
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Floating CD Rate means the sum of (a) the product of (i) the Three-Month Secondary CD Rate and (ii) a fraction, the numerator of which is one and the denominator of which is one minus the CD Reserve Percentage and (b) the CD Assessment Rate. For purposes of this definition, the following terms shall have the following meanings: "Three- Month Secondary CD Rate" means, for any day, the secondary market rate for three-month certificates of deposit reported as being in effect on such day (or if such day is not a Business Day, the next following Business Day) by the Board of Governors of the Federal Reserve System (the "Board"), through the public information telephone line of the Federal Reserve Bank of New York (which rate will, under current practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day), or, if such rate is not so reported, the average (rounded upwards to the nearest 1/100th of 1%) of the secondary market quotations for three-month certificates of deposit of major money center banks in New York City received at approximately 10:00 a.m., New York City time, on such day or next preceding Business Day by the Swingline Lender from three New York City negotiable certificate of deposit dealers of recognized standing selected by it; "CD Reserve Percentage" means for any day as applied to any calculation of the Floating CD Rate, that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board for determining the maximum reserve requirement for a Depositary Institution (as defined in Regulation D of the Board) in respect of new non-personal time deposits in Dollars having a maturity of 30 days or more; and "CD Assessment Rate" means for any day the net annual assessment rate (rounded upwards, if necessary, to the next 1/100 of 1%) determined by the Swingline Lender to be payable on such day to the Federal Deposit Insurance Corporation or any successor ("FDIC") for FDIC's insuring time deposits made in Dollars at offices of the Swingline Lender in the United States.
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Floating CD Rate means, for each Swingline Loan, the interest rate per annum at which deposits in Dollars are available to the Swingline Lender for 90 days in the form of negotiable certificates of deposit in the secondary certificate of deposit market (the "90 Day CD rate") on or about 10:00 A.M. (Charlotte, North Carolina time) on the date of making the Swingline Loan, in an amount substantially the same as such Swingline Loan, as adjusted to reflect the cost of any applicable reserve requirements, assessments of the Federal Deposit Insurance Corporation (or any successor) and other assessments, which Floating CD Rate shall change as of the date that the 90 Day CD rate shall change and shall change as often as the 90 Day CD rate shall change.
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Examples of Floating CD Rate in a sentence

  • Loans made pursuant to this SECTION 2.17 shall be limited to Floating CD Rate Loans.

  • Swingline Loans hereunder shall bear interest at the Floating CD Rate plus the Applicable Percentage, and may be repaid and reborrowed in accordance with the provisions hereof.

Related to Floating CD Rate

  • CD Rate means: (1) the rate on the particular Interest Determination Date for negotiable United States dollar certificates of deposit having the Index Maturity specified on the face hereof as published in H.15(519) (as defined below) under the caption “CDs (secondary market)”; or (2) if the rate referred to in clause (1) is not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on the particular Interest Determination Date for negotiable United States dollar certificates of deposit of the particular Index Maturity as published in H.15 Daily Update (as defined below), or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “CDs (secondary market)”; or (3) if the rate referred to in clause (2) is not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on

  • Mid-Swap Floating Leg Benchmark Rate means EURIBOR (if the Specified Currency is euro), LIBOR for the Specified Currency (if the Specified Currency is U.S. dollars, Pounds Sterling or Swiss Francs), CIBOR (if the Specified Currency is Danish Kroner), NIBOR (if the Specified Currency is Norwegian Kroner), STIBOR (if the Specified Currency is Swedish Kronor) or (in the case of any other Specified Currency) the benchmark rate most closely connected with such Specified Currency and selected by the Calculation Agent in its discretion after consultation with the Issuer;

  • Floating Rate means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day plus (ii) the Applicable Margin, in each case changing when and as the Alternate Base Rate changes.