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<br />"Payment Date" means a date on which a payment <br />of principal and/or interest is due hereunder, determined as <br />follows: The first Payment Date shall be the 30th day <br />following the date hereof, the second Payment Date shall be the <br />60th day following the date hereof and the third Payment Date <br />shall be the first Rate Change Date. Each Rate Change Date <br />thereafter through and including the Call Date shall be Payment <br />Dates, with intermediate Payment Dates occurring on the 30th <br />and 60th days following each Rate Change Date prior to the Call <br />Date. The 121st Payment Date shall be the first day of the <br />month next following the Call Date, and the first day of each <br />succeeding month through and including the Final Maturity Date <br />shall be a Payment Date. <br /> <br />"Banking Day" means a day on which commercial <br />banks in the City of Minneapolis, Minnesota, are open for <br />business. <br /> <br />"Call Date" means the fortieth (40th) Rate <br />Change Date, which date is also the 120th Payment Date. <br /> <br />"Final Maturity Date" means the first day of the <br />month which coincides with or next precedes the twentieth <br />(20th) anniversary of the date hereof. <br /> <br />"Fixed Certificate of Deposit Rate" means, for <br />any day on which the Tax Exempt Rate is to be determined, the <br />average of the dealer bid rates at 10:00 a.m. Minneapolis time <br />(or as soon thereafter as is practicable) on such day for the <br />purchase at face value of negotiable certificates of deposit of <br />the Lender maturing on the next succeeding Rate Change Date, as <br />such average is determined by the Lender from three certificate <br />of deposit dealers of recognized standing or, if such <br />quotations are unavailable, then on the basis of other sources <br />reasonably selected by the Lender. <br /> <br />"Bond Buyer Rate" means the most recent weekly <br />yield published in the Bond Buyer's Index of Average Municipal <br />Bond Yields (20 Bond Index) publiShed in the Daily Bond Buyer, <br />plus one-half of one percent (0.5%). <br /> <br />"Treasury Rate" means the yield on U.S. Treasury <br />Securities (as published by the Federal Reserve Bank of New <br />York) having a maturity date closest to the Final Maturity <br />Da te . <br /> <br />11 <br />