§ 375.2 What special definitions apply to this part?

The definitions in 31 CFR part 356 govern this part except as follows:

Accrued interest means an amount payable by the Treasury Department as part of the settlement amount for the interest income earned between the last interest payment date up to and including the settlement date.

Bank means the Federal Reserve Bank of New York.

Customer means a person or entity on whose behalf a submitter has been directed to submit an offer of a specified amount of securities in a specific redemption operation.

FedTrade means the Federal Reserve Bank of New York's proprietary electronic trading platform used to conduct redemption operations, and includes any successor thereto.

Maximum redemption amount means the maximum par amount of securities that we are planning to redeem through a redemption operation. We will state the maximum redemption amount in the redemption operation announcement.

Minimum offer amount means the smallest par amount of a security that may be offered to the Treasury Department. We will state the minimum offer amount in the redemption operation announcement.

Multiple means the smallest additional par amount of a security that may be offered to the Treasury Department. We will state the multiple in the redemption operation announcement.

Offer means an offer to deliver for redemption a stated par amount of a specific security to the Treasury Department at a stated price.

Price means the dollar amount to be paid for a security expressed as a percent of its current par amount.

Redemption operation means a competitive process by which the Treasury Department accepts offers of marketable Treasury securities that by their terms are not immediately payable.

Security means an outstanding unmatured obligation of the United States Government that the Secretary of the Treasury is authorized to buy, redeem, or refund under 31 U.S.C. 3111.

Settlement means full and complete delivery of and payment for securities redeemed.

Settlement amount means the par amount of each security that we redeem, multiplied by the price we accept in a redemption operation, plus any accrued interest.

Settlement date means the date specified in the redemption operation announcement on which you must deliver a security to the Treasury Department for payment.

Submitter means an entity submitting offers directly to the Treasury Department for its own account, for the account of others, or both. (See § 375.11(a)).

Tender means a computer transmission or document submitted in a redemption operation that contains one or more offers.

We or us means the Secretary of the Treasury and his or her delegates, including the Treasury Department, the Bureau of the Fiscal Service, and their representatives. The term also includes the Federal Reserve Bank of New York, acting as fiscal agent of the United States.

You means a prospective submitter in a redemption operation.