Federal Funds Effective Rate. 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, 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 rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by Agent from three (3) Federal funds brokers of recognized standing selected by Agent. Any change in the Federal Funds Effective Rate shall become effective as of the opening of business on the day on which such change in the Federal Funds Effective Rate becomes effective, without notice or demand of any kind.
Appears in 8 contracts
Samples: Revolving Credit Agreement (CorEnergy Infrastructure Trust, Inc.), Revolving Credit Agreement (CorEnergy Infrastructure Trust, Inc.), Revolving Credit Agreement (CorEnergy Infrastructure Trust, Inc.)
Federal Funds Effective Rate. For any day, the rate per annum equal to the weighted average of the rates on overnight Federal federal funds transactions with members of the Federal Reserve System arranged by Federal federal funds brokersbrokers on such day, as published for by the Federal Reserve Bank of New York on the Business Day next succeeding such day day; provided that (or, a) if such day is not a Business Day, the Federal Funds Effective 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) by the Federal Reserve Bank of New York, or, if no such rate is not so published for any day that is a on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of the quotations for 1/100 of 1%) charged to Bank of America on such day on such transactions received as determined in good faith by Agent from three (3) Federal funds brokers of recognized standing selected by Agent. Any change in the Federal Funds Effective Rate shall become effective as of the opening of business on the day on which such change in the Federal Funds Effective Rate becomes effective, without notice or demand of any kindLender.
Appears in 2 contracts
Samples: Credit and Term Loan Agreement (Open Link Financial, Inc.), Credit and Term Loan Agreement (Open Link Financial, Inc.)
