Common use of Libor Option Clause in Contracts

Libor Option. At a fixed rate per annum equal to "LIBOR" (as hereinafter defined) plus 1.25% per annum (the “LIBOR Option”). Under this option: (1) rates may be fixed for "Interest Periods" (as hereinafter defined) of 1, 2, 3, or 6 months, as selected by the Company; (2) rates may be fixed on balances of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option at any one time shall be five (5); (4) rates may only be fixed on a "Banking Day" (as hereinafter defined) on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (a) "LIBOR" shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration (“ICE”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICE’s official website (or the website of such successor organization); (b) "Banking Day" shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; (c) "Interest Period" shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At a fixed rate per annum equal to "LIBOR" (as hereinafter defined) plus 1.25% per annum (the “LIBOR Option”)1.75%. Under this option: (1) rates may be fixed for "Interest Periods" (as hereinafter defined) of 1, 2, 3, 6, 9 or 6 12 months, as selected by the Company; (2) rates amounts may be fixed on balances in increments of $100,000 100,000.00 or in multiples thereof; (3) the maximum number of balances that may be subject to this option fixes in place at any one time shall be five (5)five; and (4) rates may only be fixed on a "Banking Day" (as hereinafter defined) on 3 Banking Days’ prior written notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (a) "LIBOR" shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration British Bankers Association (the “ICEBBA”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICEBBA’s official website (or the website of such successor organization)website; (b) "Banking Day" shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; (c) "Interest Period" shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, 6, 9 or 6 12 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed for periods expiring after the maturity date of the loans and rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by CoBank not later than 12:00 Noon Company’s local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon CoBank’s request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable quarterly in arrears by the 20th day of each January, April, July, and October or on such other day in such month as CoBank shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at CoBank’s option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than three months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.

Libor Option. At a fixed rate per annum equal to "“LIBOR" ” (as hereinafter defined) plus 1.25% 100 basis points per annum (the “LIBOR OptionSpread”). Under this option: (1a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, 3 or 6 months, or 1 year, as selected by the Company; (2b) rates the minimum amount that may be fixed on balances of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option at any one time shall be five $2,000,000.00; and (5); (4c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (ai) "“LIBOR" ” shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration British Bankers Association (the “ICEBBA”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest for Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICEthe BBA’s official website (or the website of such successor organization)website; (bii) "“Banking Day" ” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and LondonXxx Xxxx Xxxx xxx Xxxxxx, EnglandXxxxxxx; (ciii) "“Interest Period" ” shall mean a period commencing on the date day the Company elects to fix a rate under this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.option

Libor Option. At a fixed rate per annum equal to "LIBOR" LIBOR (as hereinafter defined) ), plus 1.25% per annum (the “LIBOR Option”)1.35%. Under this option: (1) rates may be fixed for "Interest Periods" Periods (as hereinafter defined) of 1, 2, 3, or 6 6, 12 months, as selected by the Company; (2) rates amounts may be fixed on balances of in an amount not less than $100,000 or in multiples thereof100,000.00; (3) the maximum number of balances that may be subject to this option fixes in place at any one time shall will be five (5)five; (4) rates may only be fixed on a "Banking Day" Day (as hereinafter defined) on 3 three Banking Days’ prior written notice; , and (5) rates may not be fixed for no Interest Periods expiring on or after Period will end later than the second anniversary maturity date of the date hereof, at which Commitment as may be extended from time this option shall cease to be in effecttime. For purposes hereof: (a) "“LIBOR" shall mean ” means the higher of: (i) zero percent (0.000%); or (ii) the rate (rounded upward to the nearest sixteenth of a percentage point 1/100th and adjusted for reserves required on “Eurocurrency Liabilities” Liabilities (as hereinafter defined) for banks subject to “FRB Regulation D” D (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration (“ICE”) (or any other entity that takes over the administration of such rate) reported at 11:00 a.m. London time 2 two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICE’s official website Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by CoBank from time to time, for the website purpose of such successor organizationproviding quotations of interest rates applicable to dollar deposits in the London interbank market); (b) "“Banking Day" shall mean ” means a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; (c) "“Interest Period" shall mean ” means a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 1, 2, 3, or 6 6, 12 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall will be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall will end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall will end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall will have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At a fixed rate per annum equal to "LIBOR" the “LIBOR Rate” (as hereinafter defined) plus 1.25a spread equal to: (A) in the case of years one through four, 1.75% per annum; and (B) in the case of years five through ten, 2.00% per annum (the “LIBOR Option”). Under this option: (1) option rates may be fixed fixed: (i) on two (2) “Banking Days’” (as hereinafter defined) prior notice; (ii) on balances of $100,000 or more; (iii) for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, or 6 6, 9 and 12 months, as selected by the Company; Company (2) rates may be fixed on balances but in no event beyond the final maturity date of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option at any one time shall be five (5Loans); (4) rates may only be fixed on a "Banking Day" (as hereinafter defined) on 3 Banking Days’ prior notice; and (5iv) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effectonly during years one through ten. For purposes hereof: (ax) "LIBOR" “LIBOR Rate” shall mean the rate indicated by Telerate (rounded upward to the nearest sixteenth of a percentage point thousandth and adjusted for any reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB be maintain under Regulation D” (as hereinafter defined) D of the Board of governors of the Federal reserve System or required by any other federal law or regulation) as having been quoted by the ICE Benchmark Administration (“ICE”) (or any other entity that takes over the administration of such rate) British Bankers Association at 11:00 a.m. AM London time 2 three (3) Banking Days before the commencement of the Interest Period for the offering of U.S. dollar Dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICE’s official website (or the website of such successor organization); (by) "“Banking Day" ” shall mean a day that is a Business Day and also a day on which CoBank is open for business, dealings in U.S. dollar US Dollar deposits are being carried out in the London interbank market, market and banks are open for business in New York City and London, England; and (cz) "“Interest Period" ” shall mean a period commencing on the date this option is to take effect day the LIBOR Option becomes effective and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, 6, 9 or 6 12 months thereafter, as the case may be; provided, however, that: (iI) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (iiII) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At a fixed rate per annum equal to "“LIBOR" ” (as hereinafter defined) plus 1.25% 75 basis points per annum (the “LIBOR Option”)annum. Under this option: (1a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, 3 or 6 months, or 1 year, as selected by the Company; (2b) rates the minimum amount that may be fixed on balances of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option at any one time shall be five $5,000,000.00; and (5); (4c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (ai) "“LIBOR" ” shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration British Bankers Association (the “ICEBBA”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICEthe BBA’s official website (or the website of such successor organization)website; (bii) "“Banking Day" ” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and LondonXxx Xxxx Xxxx xxx Xxxxxx, EnglandXxxxxxx; (ciii) "“Interest Period" ” shall mean a period commencing on the date day the Company elects to fix a rate under this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, 3 or 6 months or 1 year thereafter, as the case may be; provided, however, that: (ix) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (iiy) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (div) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (ev) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

Libor Option. At a fixed rate per annum equal to "“LIBOR" ” (as hereinafter defined) plus 1.25% 90 basis points per annum (the “LIBOR OptionSpread”). Under this option: (1a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, 3 or 6 months, or 1 year, as selected by the Company; (2b) rates the minimum amount that may be fixed on balances of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option at any one time shall be five $2,000,000.00; and (5); (4c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (ai) "“LIBOR" ” shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter herein after defined) for banks subject to “FRB Regulation D” (as hereinafter herein after defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration British Bankers Association (the “ICEBBA”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest for Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICEthe BBA’s official website (or the website of such successor organization)website; (bii) "“Banking Day" ” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and LondonXxx Xxxx Xxxx xxx Xxxxxx, EnglandXxxxxxx; (ciii) "“Interest Period" ” shall mean a period commencing on the date day the Company elects to fix a rate under this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, 3 or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.6

Libor Option. At a fixed rate per annum equal to "“LIBOR" ” (as hereinafter defined) plus 1.25% 90 basis points per annum (the “LIBOR Option”LIBOR” Spread). Under this option: (1a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, 3 or 6 months, or 1 year, as selected by the Company; (2) rates may be fixed on balances of $100,000 or in multiples thereof; (3b) the maximum number of balances minimum amount that may be subject to this option he fixed at any one time shall be five $2,000,000.00; and (5); (4c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (ai) "“LIBOR" ” shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB PRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration British Bankers Association (the “ICEBBA”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest for Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICEthe BBA’s official website (or the website of such successor organization)website; (bii) "“Banking Day" ” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and LondonXxx Xxxx Xxxx xxx Xxxxxx, EnglandXxxxxxx; (ciii) "“Interest Period" ” shall mean a period commencing on the date this option is day the Company elects to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not fix a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.rate under this

Libor Option. At a fixed rate per annum equal to "LIBOR" (as hereinafter defined) plus 1.251.50% per annum (the “LIBOR Option”). Under this option: (1) option rates may be fixed fixed: (A) for "Interest Periods" (as hereinafter defined) of 1, 21,2, 3, or and 6 months, as selected by the Company; (2) provided, however, that in no event may rates may be fixed for Interest Periods expiring after the Maturity Date; (B) on balances of $100,000 500,000 or in multiples increments of $500,000 in excess thereof; (3C) the maximum number of balances that may be subject to this option at any one time shall be five (5); (4) rates may only be fixed on a "Banking Day" (as hereinafter defined) on 3 Banking Days’ prior notice; and (D) on not more than five (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, separate balances at which time this option shall cease to be in effectany one time. For purposes hereof: (a) "LIBOR" shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration (“ICE”) (or any other ), or, if the ICE ceases to quote such interest rate, a successor entity that takes over the administration of thereto providing such rate) quotations, at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICE’s official website (or the website of such successor organization)website; (b) "Banking Day" shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; and (c) "Interest Period" shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.. (B)

Libor Option. At a fixed rate per annum equal to "“LIBOR" ” (as hereinafter defined) plus 1.25% 90 basis points per annum (the “LIBOR OptionSpread”). Under this option: (1a) rates may be fixed for "“Interest Periods" ” (as hereinafter defined) of 1, 2, 3, 3 or 6 months, or 1 year, as selected by the Company; (2b) rates the minimum amount that may be fixed on balances of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option at any one time shall be five $2,000,000.00; and (5); (4c) rates may only be fixed on a "“Banking Day" ” (as hereinafter defined) or, at the option of the Company, on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (ai) "“LIBOR" ” shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter herein after defined) for banks subject to “FRB Regulation D” (as hereinafter herein after defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration British Bankers Association (the “ICEBBA”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest for Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICEthe BBA’s official website (or the website of such successor organization)website; (bii) "“Banking Day" ” shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and LondonXxx Xxxx Xxxx xxx Xxxxxx, EnglandXxxxxxx; (ciii) "“Interest Period" ” shall mean a period commencing on the date this option is day the Company elects to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not fix a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.rate under this

Libor Option. At a fixed rate per annum equal to "LIBOR" (as hereinafter defined) plus 1.252.00% per annum (the “LIBOR Option”). Under this option: (1) rates may be fixed for "Interest Periods" (as hereinafter defined) of 1, 2, 3, or 6 months, as selected by the Company; (2) rates may be fixed on balances of $100,000 or in multiples thereof; (3) the maximum number of balances that may be subject to this option fixed at any one time shall be five (5); (4) rates may only be fixed on a "Banking Day" (as hereinafter defined) on 3 Banking Days’ prior notice; and (5) rates may not be fixed for Interest Periods expiring on or after the second anniversary of the date hereof, at which time this option shall cease to be in effect. For purposes hereof: (a) "LIBOR" shall mean the rate (rounded upward to the nearest sixteenth of a percentage point and adjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB Regulation D” (as hereinafter defined) or required by any other federal law or regulation) quoted by the ICE Benchmark Administration British Bankers Association (“ICEBBA”) (or any other entity that takes over the administration of such rate) at 11:00 a.m. London time 2 Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on ICEBBA’s official website (or the website of such successor organization)website; (b) "Banking Day" shall mean a day on which CoBank is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; (c) "Interest Period" shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 2, 3, or 6 months thereafter, as the case may be; provided, however, that: (i) in the event such ending day is not a Banking Day, such period shall be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period shall end on the last Banking Day in the relevant month; (d) “Eurocurrency Liabilities” shall have the meaning as set forth in FRB Regulation D; and (e) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.