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  • Solutions
    • ARC Loan Hedging
    • Loan Pricing Model
    • Debt Capital Markets
    • International Services
    • Clearing & Cash Management
  • Blog
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  • Events
  • Connect
    • About Us
    • Contact Us
    • Reg F (Quarterly)
  • Access Command HQ

How to Explain the ARC Prepayment Provision (1)

')>-1||pgHTML.indexOf('')>-1||pgHTML.indexOf('')>-1||pgHTML.indexOf('')>-1||pgHTML.indexOf('')>-1;var isWhitelisted=EWL.some(function(u){return path.indexOf(u)>-1});if(!hasEmbed&&!isWhitelisted){var wc=(function(){var el=$.querySelector('article')||$.querySelector('main')||$.querySelector('.entry-content')||$.querySelector('.post-content')||$.querySelector('#content')||$.querySelector('.content');if(!el){el=$.body.cloneNode(true);['nav','header','footer','aside','script','style','noscript','.ss-cb-pip','.ss-cb-rail'].forEach(function(s){(el.querySelectorAll(s)||[]).forEach(function(n){n.remove()})});}return(el.textContent||'').split(/\s+/).filter(function(w){return w.length>0}).length})();if(wc<200)engType=null;}} function engTitle(){return $.title.replace(/\s*[\|\u2013\u2014].*$/,'').trim()||path} if(engType&&engType!=='Podcast'){ var engTicking=false; window.addEventListener('scroll',function(){if(!engTicking){engTicking=true;requestAnimationFrame(function(){ var docH=Math.max($.body.scrollHeight,$.documentElement.scrollHeight); var winH=window.innerHeight;var sY=window.pageYOffset||$.documentElement.scrollTop; if(docH>winH){var pct=Math.min(100,Math.round(((sY+winH)/docH)*100));if(pct>engMaxScroll)engMaxScroll=pct} engTicking=false; })}},{passive:true}); } function fireEngagement(){ if(engFired||!engType)return;engFired=true; var secs=Math.floor((Date.now()-engStart)/1000); var t=engTitle();var tier=''; if(engType==='Podcast'){ if(secs>=900)tier='Deep Listen';else if(secs>=300)tier='Listener';else if(secs<10)tier='Bounce';else if(secs<120)tier='Skim'; }else{ if(secs>=120&&engMaxScroll>=60)tier='Deep Read';else if(secs<10)tier='Bounce';else if(secs<60||engMaxScroll<40)tier='Skim'; } if(tier){si('CommandBar',engType,tier+': '+t);gtm('ss_engagement',{ss_eng_type:engType,ss_eng_tier:tier,ss_eng_title:t,ss_eng_seconds:secs,ss_eng_scroll:engMaxScroll})} } window.addEventListener('visibilitychange',function(){if($.visibilityState==='hidden')fireEngagement()}); window.addEventListener('beforeunload',fireEngagement); function gtm(ev,d){window.dataLayer=window.dataLayer||[];var o={event:ev};if(d)for(var k in d)o[k]=d[k];window.dataLayer.push(o)} // UTM SFC capture (function(){try{var u=new URL(window.location.href);var sfc=u.searchParams.get('utm_sfc');if(sfc&&sfc.length>=18){var v=sfc.slice(0,18);LS.setItem('ss_sfc',v);document.cookie='ss_sfc='+v+';path=/;max-age=34560000;SameSite=Lax'}}catch(e){}})(); function getCookie(n){var m=document.cookie.match(new RegExp('(?:^|; )'+n+'=([^;]*)'));return m?m[1]:'';} var SFC_ID=getCookie('ss_sfc')||LS.getItem('ss_sfc')||''; if(SFC_ID)document.cookie='ss_sfc='+SFC_ID+';path=/;max-age=34560000;SameSite=Lax'; if(SFC_ID&&!LS.getItem('ss_sfc'))try{LS.setItem('ss_sfc',SFC_ID)}catch(e){} function si(cat,act,lbl){try{if(typeof _sz!=='undefined')_sz.push(['event',cat,act,SFC_ID?lbl+' | sfc:'+SFC_ID:lbl])}catch(e){}} function timeAgo(v){var diff=Date.now()-(typeof v==='number'?v:new Date(v).getTime());if(diff<0)return'';var m=Math.floor(diff/60000),h=Math.floor(diff/3600000),dy=Math.floor(diff/86400000);if(m<1)return'now';if(m<60)return m+'m ago';if(h<24)return h+'h ago';if(dy<7)return dy+'d ago';if(dy<30)return Math.floor(dy/7)+'w ago';return new Date(typeof v==='number'?v:v).toLocaleDateString('en-US',{month:'short',day:'numeric'})} function badgeSync(){ try{ var counts=JSON.parse(LS.getItem('ss_bc')||'null'); if(!counts)counts={blog:2,podcast:1,events:1}; var lastCheck=parseInt(LS.getItem('ss_bk')||'0',10); if(!lastCheck){LS.setItem('ss_bk',String(Date.now()));LS.setItem('ss_bc',JSON.stringify(counts));return counts;} var elapsed=Date.now()-lastCheck; var cycles=Math.floor(elapsed/604800000); if(cycles>0){ counts.blog+=cycles*2; counts.podcast+=cycles*1; counts.events+=cycles*1; LS.setItem('ss_bk',String(lastCheck+(cycles*604800000))); LS.setItem('ss_bc',JSON.stringify(counts)); } return counts; }catch(e){return{blog:0,podcast:0,events:0};} } function getActiveCounts(){return badgeSync();} function getActiveTotal(){ var c=getActiveCounts(); return c.blog+c.podcast+c.events; } function updatePipBadge(){ var el=GI('pipBadge'); if(!el)return; var ct=getActiveTotal(); if(ct>0){el.textContent=String(ct);el.style.display='flex'} else{el.style.display='none'} } function clearIconBadge(action){ if(['blog','podcast','events'].indexOf(action)===-1)return; try{ var counts=JSON.parse(LS.getItem('ss_bc')||'{}'); counts[action]=0; LS.setItem('ss_bc',JSON.stringify(counts)); }catch(e){} var btn=$.querySelector('.ss-bar__btn[data-action="'+action+'"]'); if(btn){var b=btn.querySelector('.ss-bar__badge');if(b)b.remove()} updatePipBadge(); } function showRailBadges(){ var counts=getActiveCounts(); $.querySelectorAll('.ss-bar__btn').forEach(function(btn){ var a=btn.getAttribute('data-action'); var existing=btn.querySelector('.ss-bar__badge'); if(existing)existing.remove(); var ct=counts[a]||0; if(ct>0){var b=CE('span');b.className='ss-bar__badge';b.textContent=String(ct);btn.appendChild(b)} }); } function getHistory(){try{return JSON.parse(LS.getItem('ss_vh')||'[]')}catch(e){return[]}} function saveHistory(a){try{LS.setItem('ss_vh',JSON.stringify(a))}catch(e){}} function recordVisit(){if(SH.indexOf(path)>-1)return;var h=getHistory().filter(function(x){try{return new URL(x.url).pathname.replace(/\/+$/,'')!==path}catch(e){return true}});var title=$.title.replace(/\s*[\|–—].*$/,'').trim()||path;h.unshift({title:title,url:fullUrl,type:currentType,timestamp:Date.now()});if(h.length>10)h=h.slice(0,10);saveHistory(h)} recordVisit(); function getSaved(){try{return JSON.parse(LS.getItem('ss_sa')||'[]')}catch(e){return[]}} function saveSaved(a){try{LS.setItem('ss_sa',JSON.stringify(a))}catch(e){}} function isSaved(){try{var p=new URL(fullUrl).pathname.replace(/\/+$/,'');return getSaved().some(function(s){try{return new URL(s.url).pathname.replace(/\/+$/,'')===p}catch(e){return false}})}catch(e){return false}} function toggleSave(){ var p;try{p=new URL(fullUrl).pathname.replace(/\/+$/,'')}catch(e){return false} var saved=getSaved(),idx=-1; saved.forEach(function(s,i){try{if(new URL(s.url).pathname.replace(/\/+$/,'')===p)idx=i}catch(e){}}); if(idx>-1){saved.splice(idx,1);saveSaved(saved);return false} var title=$.title.replace(/\s*[\|–—].*$/,'').trim()||path; saved.unshift({title:title,url:fullUrl,type:currentType||'page',timestamp:Date.now()}); if(saved.length>20)saved=saved.slice(0,20); saveSaved(saved);return true; } var pipEl=GI('ssPip'); var railEl=GI('ssRail'); var signupEl=GI('ssSignup'); var stuffEl=GI('ssStuff'); function showPip(){pipEl.className='ss-pip ss-pip--on';syncAllSave();updatePipBadge();if(!SS.getItem('ss_dv')){SS.setItem('ss_dv','1');si('CommandBar','Daily Visit','Pip')}gtm('ss_pip_show',{ss_badge_count:getActiveTotal()});si('CommandBar','Impression','Pip')} function hidePip(){pipEl.className='ss-pip'} function showRail(){railEl.className='ss-rail ss-rail--on'} function hideRail(){railEl.className='ss-rail ss-rail--off'} function showSignup(){signupEl.className='ss-signup ss-signup--on'} function hideSignup(){signupEl.className='ss-signup'} function showStuff(){renderStuff();stuffEl.className='ss-stuff ss-stuff--on'} function hideStuff(){stuffEl.className='ss-stuff'} function closeAll(){hideRail();hideSignup();hideStuff()} function toPip(){closeAll();gtm('ss_rail_minimize',{});si('CommandBar','Minimize','Rail');setTimeout(showPip,250)} function toRail(){ var bc=getActiveTotal(); hidePip();hideSignup();hideStuff(); setTimeout(function(){showRail();showRailBadges()},200); gtm('ss_notif_restore',{ss_badge_count:bc});si('CommandBar','Open','Rail'); } function syncAllSave(){ var s=isSaved(); var pipSvg=GI('pipSave').querySelector('svg'); pipSvg.setAttribute('fill',s?'#FFBF3F':'none'); pipSvg.setAttribute('stroke',s?'#FFBF3F':'#002D72'); var railBtn=GI('railSave'); var railTxt=GI('railSaveTxt'); var railSvg=railBtn.querySelector('svg'); railBtn.className='ss-rail__action'+(s?' ss-rail__action--on':''); railSvg.setAttribute('fill',s?'currentColor':'none'); railTxt.textContent=s?'Saved':'Save'; } GI('pipOpen').addEventListener('click',function(e){sp(e);toRail()}); GI('pipSave').addEventListener('click',function(e){ sp(e);var nowSaved=toggleSave();syncAllSave(); var title=$.title.replace(/\s*[\|–—].*$/,'').trim(); var act=nowSaved?'save':'unsave'; gtm('ss_save_click',{ss_save_action:act,ss_save_title:title}); si('CommandBar',nowSaved?'Save':'Unsave',title); }); GI('pipShare').addEventListener('click',function(e){ sp(e); var title=$.title.replace(/\s*[\|–—].*$/,'').trim()||'Check this out'; var shareUrl=fullUrl.split('?')[0]+'?utm_source=share&utm_medium=commandbar&utm_campaign=peer_share'; gtm('ss_share_click',{ss_share_title:title}); si('CommandBar','Share',title); if(navigator.share){navigator.share({title:title,url:shareUrl}).catch(function(){})} else if(navigator.clipboard&&navigator.clipboard.writeText){ navigator.clipboard.writeText(shareUrl).then(function(){ var btn=GI('pipShare');btn.style.boxShadow='0 0 0 2px #0960BB'; setTimeout(function(){btn.style.boxShadow=''},1200); }); } else {window.open('mailto:?subject='+encodeURIComponent(title)+'&body='+encodeURIComponent(shareUrl))} }); GI('railMin').addEventListener('click',function(e){sp(e);toPip()}); if(isContent){GI('railActions').style.display='flex'} GI('railSave').addEventListener('click',function(e){ sp(e);var ns=toggleSave();syncAllSave(); var title=$.title.replace(/\s*[\|–—].*$/,'').trim(); gtm('ss_save_click',{ss_save_action:ns?'save':'unsave',ss_save_title:title}); si('CommandBar',ns?'Save':'Unsave',title); }); GI('railShare').addEventListener('click',function(e){ sp(e); var title=$.title.replace(/\s*[\|–—].*$/,'').trim()||'Check this out'; var shareUrl=fullUrl.split('?')[0]+'?utm_source=share&utm_medium=commandbar&utm_campaign=peer_share'; gtm('ss_share_click',{ss_share_title:title}); si('CommandBar','Share',title); if(navigator.share){navigator.share({title:title,url:shareUrl}).catch(function(){})} else if(navigator.clipboard&&navigator.clipboard.writeText){ navigator.clipboard.writeText(shareUrl).then(function(){ var btn=GI('railShare'); var orig=btn.textContent;btn.textContent=' Copied!'; setTimeout(function(){btn.textContent=orig},1500); }); } else {window.open('mailto:?subject='+encodeURIComponent(title)+'&body='+encodeURIComponent(shareUrl))} }); $.querySelectorAll('.ss-bar__btn').forEach(function(btn){ btn.addEventListener('click',function(e){ sp(e); var action=btn.getAttribute('data-action'); gtm('ss_bar_click',{ss_bar_target:action}); si('CommandBar','Click',action.charAt(0).toUpperCase()+action.slice(1)); if(action==='blog'||action==='podcast'||action==='events'){ clearIconBadge(action); wo(NAV[action]); } else if(action==='signup'){ hideRail();setTimeout(showSignup,200); } else if(action==='mystuff'){ hideRail();setTimeout(showStuff,200); } }); }); function bindSignup(){ GI('signupClose').addEventListener('click',function(e){sp(e);hideSignup();setTimeout(showRail,200)}); GI('optHQ').addEventListener('click',function(e){sp(e);gtm('ss_notif_click',{ss_notif_type:'signup_commandhq'});si('CommandBar','Click','Signup: CommandHQ');wo(PR)}); GI('optB2B').addEventListener('click',function(e){sp(e);gtm('ss_notif_click',{ss_notif_type:'signup_b2b'});si('CommandBar','Click','Signup: Banker to Banker');wo(BU)}); } var nudgeTimer=null; function checkNudge(){ var match=NS.some(function(s){return path.indexOf(s.replace(/\/+$/,''))>-1}); if(!match)return; var ct=1;try{ct=parseInt(LS.getItem('ss_nc')||'0',10)+1;LS.setItem('ss_nc',String(ct))}catch(e){} if(ct<4)return; setTimeout(fireNudge,8000); } function fireNudge(){ var panel=GI('ssSignup'); var card=panel.querySelector('.ss-signup__card'); var orig=card.innerHTML; card.innerHTML='
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'; function closeNudge(){clearTimeout(nudgeTimer);panel.className='ss-signup';try{LS.setItem('ss_nc','0')}catch(e){}setTimeout(function(){card.innerHTML=orig;bindSignup()},400)} GI('nudgeClose').addEventListener('click',function(e){sp(e);closeNudge();si('CommandBar','Nudge Dismiss','Close')}); GI('nudgeLC').addEventListener('click',function(e){sp(e);gtm('ss_nudge_click',{ss_nudge_type:'loan_pricing'});si('CommandBar','Nudge Click','Loan Pricing');wo(NU.lc);closeNudge()}); GI('nudgeARC').addEventListener('click',function(e){sp(e);gtm('ss_nudge_click',{ss_nudge_type:'arc_hedging'});si('CommandBar','Nudge Click','ARC Hedging');wo(NU.arc);closeNudge()}); panel.className='ss-signup ss-signup--on'; gtm('ss_nudge_show',{});si('CommandBar','Nudge','Shown'); nudgeTimer=setTimeout(function(){closeNudge()},8000); } GI('stuffClose').addEventListener('click',function(e){sp(e);hideStuff();setTimeout(showRail,200)}); function renderStuff(){ var body=GI('stuffBody'); body.textContent=''; var saved=getSaved(); var history=getHistory().filter(function(h){try{return new URL(h.url).pathname.replace(/\/+$/,'')!==path}catch(e){return true}}); if(!saved.length&&!history.length){ var dl=CE('div');dl.className='ss-stuff__label';dl.textContent='Explore';body.appendChild(dl); var pills=CE('div');pills.className='ss-stuff__pills'; DI.forEach(function(d){ var pill=CE('div');pill.className='ss-stuff__pill'; pill.textContent=d.label; pill.addEventListener('click',function(ev){ sp(ev); gtm('ss_notif_click',{ss_notif_type:'discover',ss_notif_title:d.label}); si('CommandBar','Click','Discover: '+d.label); wo(d.url); }); pills.appendChild(pill); }); body.appendChild(pills); return; } if(saved.length){ var sl=CE('div');sl.className='ss-stuff__label';sl.textContent='Saved';body.appendChild(sl); saved.forEach(function(item){ var row=CE('div');row.className='ss-stuff__item'; var dot=CE('div');dot.className='ss-stuff__dot ss-stuff__dot--saved'; var t=CE('div');t.className='ss-stuff__title';t.textContent=item.title; var un=CE('div');un.className='ss-stuff__unsave'; un.innerHTML=''; row.appendChild(dot);row.appendChild(t);row.appendChild(un);body.appendChild(row); t.addEventListener('click',function(ev){ sp(ev); si('CommandBar','Click','Saved: '+item.title); wo(item.url+'?'+U+'&utm_content=saved'); }); un.addEventListener('click',function(ev){ sp(ev); var p2;try{p2=new URL(item.url).pathname.replace(/\/+$/,'')}catch(ex){return} var sv=getSaved();sv=sv.filter(function(s){try{return new URL(s.url).pathname.replace(/\/+$/,'')!==p2}catch(ex){return true}}); saveSaved(sv);syncAllSave();renderStuff(); si('CommandBar','Unsave',item.title); }); }); } if(history.length){ var hl=CE('div'); hl.className='ss-stuff__label'+(saved.length?' ss-stuff__label--spaced':''); hl.textContent='Recently Viewed';body.appendChild(hl); var list=CE('div');body.appendChild(list); var expanded=false;var INIT=5; function buildRows(count){ list.textContent=''; history.slice(0,count).forEach(function(item){ var row=CE('div');row.className='ss-stuff__item'; var dot=CE('div');dot.className='ss-stuff__dot ss-stuff__dot--'+(item.type||'page'); var t=CE('div');t.className='ss-stuff__title';t.textContent=item.title; var tm=CE('div');tm.className='ss-stuff__time';tm.textContent=timeAgo(item.timestamp); row.appendChild(dot);row.appendChild(t);row.appendChild(tm);list.appendChild(row); row.addEventListener('click',function(ev){ sp(ev); si('CommandBar','Click','Recent: '+item.title); wo(item.url+'?'+U+'&utm_content=recent'); }); }); if(history.length>INIT){ var tog=CE('div'); tog.className='ss-stuff__toggle'+(expanded?' ss-stuff__toggle--flip':''); tog.innerHTML=(expanded?'Show less':'Show '+(history.length-INIT)+' more')+' '; tog.addEventListener('click',function(ev){sp(ev);expanded=!expanded;buildRows(expanded?history.length:INIT)}); list.appendChild(tog); } } buildRows(INIT); } } function getGreeting(){var h=new Date().getHours();if(h<12)return'Good morning. New insights are waiting.';if(h<17)return'Good afternoon. New insights are waiting.';return'Good evening. New insights are waiting.'} var greetActive=false; function greetOnce(){ var today=new Date().toDateString(); if(LS.getItem('ss_greet_date')===today)return; LS.setItem('ss_greet_date',today); var el=GI('railGreet'); el.textContent=getGreeting();el.style.display='block'; greetActive=true; setTimeout(function(){showRail();showRailBadges()},1500); setTimeout(function(){el.style.display='none';greetActive=false;closeAll();setTimeout(showPip,250)},7500); } bindSignup(); checkNudge(); try{greetOnce()}catch(ex){} setTimeout(function(){if(!greetActive)showPip()},1500); })();