What is a convertible advance? What is the difference between the Bermudan and European option?
A convertible advance typically offers an attractive fixed rate of interest in exchange for granting us the option to convert the advance at specific intervals (Bermudan/European) to an adjustable rate advance on a predetermined date(s) before maturity. The option to convert the advance is solely at our discretion. Once we exercise our option to convert, the resulting adjustable rate advance may be prepaid without a fee on the conversion date and on any reset date thereafter.
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