17.
17. The term of the Bank's refinancing of secured loans shall not exceed 360 days. The interest shall be calculated at the Bank's published interest rate on refinancing of secured loans (in effect at the time that the refinancing is made). However, for refinancing that meets applicant banks' funding needs as specified in Subparagraph 1 or 2 of Direction 14, the interest rate may receive a markdown, with approval of the Bank on a special case basis, to a level that lower than the rediscount rate.