Common use of Action by FHLBanks Clause in Contracts

Action by FHLBanks. If an FHLBank desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the FHLBank shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the FHFA) identifying the specific statutory or regulatory change that is the basis for the assertion. For the purposes of this section, ‘prompt written notice’ means notice delivered no later than 90 calendar days subsequent to: (1) the date the specific statutory change takes effect; or (2) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register. Such notice shall include as an exhibit a draft Declaration of Automatic Termination prepared for the signature of an officer of each FHLBank. Upon receipt of such notice, each FHLBank shall make an analysis of the facts and circumstances set forth in the notice, and, subject to the standards of good faith and fair dealing, make a determination whether the specific statutory or regulatory change constitutes an Automatic Termination Event. If an FHLBank determines that such change constitutes an Automatic Termination Event, a duly authorized officer of that FHLBank shall execute the Declaration of Automatic Termination (which may be signed in counterpart). The standard for approval of the Declaration of Automatic Termination is execution by at least 2/3 of the then existing FHLBanks (including the FHLBank that filed notice). If within 60 calendar days of transmission of such written notice to all of the other FHLBanks, at least 2/3 of the then existing FHLBanks execute a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event, then the Declaration of Automatic Termination shall be delivered to the FHFA within 10 calendar days of the date that the Declaration of Automatic Termination is executed. After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the FHFA, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in subsection IV.A.3). If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required 2/3 of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the FHLBank that filed the notice may request a determination from the FHFA that the specific statutory or regulatory change constitutes an Automatic Termination Event. Such request must be filed with the FHFA within 10 calendar days after the expiration of the 60 calendar day period that begins upon transmission of the written notice of the basis of the assertion to all of the other FHLBanks.

Action by FHLBanks. If an FHLBank desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the FHLBank shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the FHFA) identifying the specific statutory or regulatory change that is the basis for the assertion. For the purposes of this section, ‘'prompt written notice’ ' means notice delivered no later than 90 calendar days subsequent to: (1) the date the specific statutory change takes effect; or (2) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register. Such notice shall include as an exhibit a draft Declaration of Automatic Termination prepared for the signature of an officer of each FHLBank. Upon receipt of such notice, each FHLBank shall make an analysis of the facts and circumstances set forth in the notice, and, subject to the standards of good faith and fair dealing, make a determination whether the specific statutory or regulatory change constitutes an Automatic Termination Event. If an FHLBank determines that such change constitutes an Automatic Termination Event, a duly authorized officer of that FHLBank shall execute the Declaration of Automatic Termination (which may be signed in counterpart). The standard for approval of the Declaration of Automatic Termination is execution by at least 2/3 of the then existing FHLBanks (including the FHLBank that filed notice). If within 60 calendar days of transmission of such written notice to all of the other FHLBanks, at least 2/3 of the then existing FHLBanks execute a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event, then the Declaration of Automatic Termination shall be delivered to the FHFA within 10 calendar days of the date that the Declaration of Automatic Termination is executed. After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the FHFA, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in subsection IV.A.3). If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required 2/3 of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the FHLBank that filed the notice may request a determination from the FHFA that the specific statutory or regulatory change constitutes an Automatic Termination Event. Such request must be filed with the FHFA within 10 calendar days after the expiration of the 60 calendar day period that begins upon transmission of the written notice of the basis of the assertion to all of the other FHLBanks.

Action by FHLBanks. If an FHLBank the Bank desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the FHLBank Bank shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the FHFA) identifying the specific statutory or regulatory change that is the basis for the assertion. For the purposes of this section, ‘“prompt written notice’ ” means notice delivered no later than 90 calendar days subsequent to: (1) the date the specific statutory change takes effect; or (2) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register. Such notice shall include as an exhibit a draft Declaration of Automatic Termination prepared for the signature of an officer of each FHLBank. Upon receipt of such notice, each FHLBank shall make an analysis of the facts and circumstances set forth in the notice, and, subject to the standards of good faith and fair dealing, make a determination whether the specific statutory or regulatory change constitutes an Automatic Termination Event. If an FHLBank determines that such change constitutes an Automatic Termination Event, a duly authorized officer of that FHLBank shall execute the Declaration of Automatic Termination (which may be signed in counterpart). The standard for approval of the Declaration of Automatic Termination is execution by at least 2/3 of the then existing FHLBanks (including the FHLBank that filed notice). If within 60 calendar days of transmission of such written notice to all of the other FHLBanks, at least 2/3 of the then existing FHLBanks execute (including the Bank)execute a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event, then the Declaration of Automatic Termination shall be delivered by the Bank to the FHFA within 10 calendar days of the date that the Declaration of Automatic Termination is executed. After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the FHFA, or is delivered to the FHFA by another FHLBank pursuant to the terms of its capital plan, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in subsection IV.A.310.1.3). If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required 2/3 of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the FHLBank that filed the notice Bank may request a determination from the FHFA that the specific statutory or regulatory change constitutes an Automatic Termination Event. Such request must be filed with the FHFA within 10 calendar days after the expiration of the 60 calendar day period that begins upon transmission of the written notice of the basis of the assertion to all of the other FHLBanks.

Action by FHLBanks. If an FHLBank desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the FHLBank shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the FHFA) identifying the specific statutory or regulatory change that is the basis for the assertion. For the purposes of this section, ‘'prompt written notice’ ' means notice delivered no later than 90 calendar days subsequent to: (1) the date the specific statutory change takes effect; or (2) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register. Such notice shall include as an exhibit a draft Declaration of Automatic Termination prepared for the signature of an officer of each FHLBank. Final 9 Upon receipt of such notice, each FHLBank shall make an analysis of the facts and circumstances set forth in the notice, and, subject to the standards of good faith and fair dealing, make a determination whether the specific statutory or regulatory change constitutes an Automatic Termination Event. If an FHLBank determines that such change constitutes an Automatic Termination Event, a duly authorized officer of that FHLBank shall execute the Declaration of Automatic Termination (which may be signed in counterpart). The standard for approval of the Declaration of Automatic Termination is execution by at least 2/3 of the then existing FHLBanks (including the FHLBank that filed notice). If within 60 calendar days of transmission of such written notice to all of the other FHLBanks, at least 2/3 of the then existing FHLBanks execute a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event, then the Declaration of Automatic Termination shall be delivered to the FHFA within 10 calendar days of the date that the Declaration of Automatic Termination is executed. After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the FHFA, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in subsection IV.A.3). If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required 2/3 of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the FHLBank that filed the notice may request a determination from the FHFA that the specific statutory or regulatory change constitutes an Automatic Termination Event. Such request must be filed with the FHFA within 10 calendar days after the expiration of the 60 calendar day period that begins upon transmission of the written notice of the basis of the assertion to all of the other FHLBanks.

Action by FHLBanks. If an FHLBank desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the FHLBank shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the FHFA) identifying the specific statutory or regulatory change that is the basis for the assertion. For the purposes of this section, ‘'prompt written notice’ ' means notice delivered no later than 90 calendar days subsequent to: (1) the date the specific statutory change takes effect; or (2) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register. Such notice shall include as an exhibit a draft Declaration of Automatic Termination prepared for the signature of an officer of each FHLBank. Upon receipt of such notice, each FHLBank shall make an analysis of the facts and circumstances set forth in the notice, and, subject to the standards of good faith and fair dealing, make a determination whether the specific statutory or regulatory change constitutes an Automatic Termination Event. If an FHLBank determines that such change constitutes an Automatic Termination Event, a duly authorized officer of that FHLBank shall execute the Declaration of Automatic Termination (which may be signed in counterpart). The standard for approval of the Declaration of Automatic Termination is execution by at least 2/3 of the then existing FHLBanks (including the FHLBank that filed notice). If within 60 calendar days of transmission of such written notice to all of the other FHLBanks, at least 2/3 of the then existing FHLBanks execute a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event, then the Declaration of Automatic Termination shall be delivered to the FHFA within 10 calendar days of the date that the Declaration of Automatic Termination is executed. After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the FHFA, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in subsection IV.A.3). If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required 2/3 of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the FHLBank that filed the notice may request a determination from the FHFA that the specific statutory or regulatory change constitutes an Automatic Termination Event. Such request must be filed with the FHFA within 10 calendar 8 days after the expiration of the 60 calendar day period that begins upon transmission of the written notice of the basis of the assertion to all of the other FHLBanks.