Common use of Action by FHFA Clause in Contracts

Action by FHFA. An FHLBank may request a determination from the FHFA that a specific statutory or regulatory change constitutes an Automatic Termination Event, and may claim that an Automatic Termination Event has occurred, or will occur, with respect to a specific statutory or regulatory change only if the FHLBank has complied with the time limitations and procedures of subsection IV.A.1. If within 60 calendar days after an FHLBank delivers such request to the FHFA, the FHFA provides the requesting FHLBank with a written determination that a specific statutory or regulatory change is an Automatic Termination Event, then an Automatic Termination Event Declaration Date shall be deemed to occur as of the expiration of such 60 calendar day period (except as provided in subsection IV.A.3). The date of such Automatic Termination Event Declaration Date shall be as of the expiration of such 60 calendar day period (except as provided in subsection IV.A.3), no matter on which day prior to the expiration of the 60 calendar day period the FHFA has provided its written determination. If the FHFA fails to make a determination within 60 calendar days after the requesting FHLBank delivers such request to the FHFA, then an Automatic Termination Event Declaration Date shall be deemed to occur as of the date of the expiration of such 60 calendar day period (except as provided in subsection IV.A.3); provided, however, that if the FHFA makes a written request for information from the requesting FHLBank, such 60 calendar day period shall be tolled from the date that the FHFA transmits its request until such FHLBank delivers to the FHFA information responsive to its request. An FHLB that makes such request to the FHFA shall notify the other FHLBanks of the failure to receive a determination from the FHFA after the lapse of the 60 calendar day period (taking into account any tolling of such period). If within 60 calendar days after an FHLBank delivers to the FHFA a request for determination that a specific statutory or regulatory change constitutes an Automatic Termination Event (or such longer period if the 60 calendar day period is tolled pursuant to the preceding sentence), the FHFA provides the requesting FHLBank with a written determination that a specific statutory or regulatory change is not an Automatic Termination Event, then an Automatic Termination Event shall not have occurred with respect to such change.