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Printable
Version
October 31, 2008
- On any Repayment Date (1) for
which the member is obligated to repay the Bank an amount
equal to or greater than $250,000,000 under one or more
advances, the member shall make repayment at or before
2:00 p.m., Eastern Time (the “Cut-off Time”)
on such Repayment Date.
- In the event that the member fails to repay the Bank
by the Cut-off Time on any such Repayment Date, the Bank
has the right to convert such outstanding advance or advances
that were due to be repaid by the Member into an overnight
advance with an advance rate equal to the Bank’s
Cost of Funds plus the spread, as determined by the Bank.
This provision shall apply to any advance with a Repayment
Date of July 20, 2006 or later.
(1)“Repayment
Date” means with respect to any advance, the maturity
date as specified in the relevant advance application,
or in the case of a prepayment of an advance, the prepayment
date mutually agreed to by the member and the Bank.
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