FHLB Five Year Classic Regular Advance Rate definition
FHLB Five Year Classic Regular Advance Rate means, as of the date of any calculation or determination, the most recent published Federal Home Loan Bank of Boston Classic Regular Advance Rate for five (5) year maturities. In the event that the Federal Home Loan Bank of Boston announces more than one “Classic Advance Rate” for the indicated term, the Classic Advance Rate selected by the Bank from those so announced (plus the spread) shall be the rate applicable hereto. In the event that the Change Date falls on a Saturday, Sunday or legal holiday, the Change Date shall be deemed to occur on the first business day next following such Saturday, Sunday or legal holiday.
FHLB Five Year Classic Regular Advance Rate means, as of the date of any calculation or determination, the most recent published Federal Home Loan Bank of Boston Classic Regular Advance Rate for five (5) year maturities. In the event that the Federal Home Loan Bank of Boston announces more than one “Classic Advance Rate” for the indicated term, the Classic Advance Rate selected by the Bank from those so announced (plus the spread) shall be the rate applicable hereto. In the event that the Change Date falls on a Saturday, Sunday or legal holiday, the Change Date shall be deemed to occur on the first business day next following such Saturday, Sunday or legal holiday. Notwithstanding the foregoing, following the occurrence of any Event of Default and until paid in full, the outstanding principal of this Note shall bear interest at the greater of (i) five percent (5%) above the interest rate in effect as of the occurrence of such default, and (ii) eighteen percent (18%) per annum. Interest will be calculated on the basis of a 360 day banking year and charged for the actual number of calendar days elapsed. Principal and interest on this Note shall be repaid as follows: