Example: If the interest rate applicable to the ith FRBNY Business Day is five and one quarter percent, then ri = 5.25.
For any calendar day that is not a FRBNY Business Day (e.g., weekend days, FRBNY holidays), the applicable value shall be the effective federal funds rate for the previous FRBNY Business Day.
Business Day means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
Payment Business Day means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in Stockholm and Frankfurt am Main and on which the Clearing System settles payments in the Issue Currency.
Exchange Business Day means any Scheduled Trading Day on which the Exchange and each Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing Time.
New York Business Day means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close.