SOFR Advances will reset each Business Day, except that in respect of any interest period, the last two (2) Business Days of such interest period shall be a deemed a “suspension period”. During a suspension period, the index for each day during that suspension period will be the index value for the reset date immediately prior to first business day of such suspension period. The suspension period may vary based on funding availability and market condition. For Saturday, Sunday and other non-U.S. Government Securities business days, the rate in effect will be the rate posted on the preceding U.S. Government Securities business day.

Quarterly and at maturity

SOFR Advances without a call option are generally not prepayable prior to their stated maturity. The FHLB does however offer quarterly Callable Options (in whole only) for SOFR Advances with varying repayment structures that may include non-prepayment periods or “lock-outs” on predetermined dates at the time of application, provided that notification of such Call is made to the FHLB at least two U.S. Government Securities Business Days prior to the Callable Option Date. If the Callable Option Date is not a U.S. Government Securities Business Day, then the Callable Option Date will fall on the following U.S. Government Securities Business date. In cases where a prepayment of a “locked-out” Advance is desired, the FHLB may allow a prepayment with applicable fees that would make the FHLB economically indifferent to such a prepayment.