Initial Currency Rate Law and Legal Definition
According to 13 CFR 120.420 [Title 13 Business Credit and Assistance; Chapter I Small Business Administration; Part 120 Business Loans; Subpart D “ Lenders; Participating Lender Financings], Initial Currency Rate (ICR) is the securitizer's benchmark Currency Rate. SBA will calculate the securitizer's ICR as of the end of the calendar quarter immediately prior to the first securitization completed after April 12, 1999. This calculation will include all 7(a) loans which are outstanding and were approved in any fiscal year prior to SBA's current fiscal year. Each quarter, SBA will compare each securitizer's Currency Rate to its ICR.