Common use of ADVANCE DOCUMENTATION Clause in Contracts

ADVANCE DOCUMENTATION. (a) The Member may apply for Advances and commitments for Advances or to renew an Advance by completing and submitting an Application to the Bank or by telephonic or other unsigned communication (“telephonic application”). The Bank may suspend the use of telephonic applications at any time. The terms of each Advance or commitment for an Advance shall be conclusively established by this Agreement and by either (1) the Member’s Application when such Application is executed by the Bank without any change; (2) in the case of a telephonic application received, completed, or modified by the Bank, by a Confirmation of Advance generated by the Bank; or (3) in the case of an open line of credit Advance, the Member’s Daily Investment Deposit Statement (“DIDS”). (b) Within three (3) business days of the date of the Member’s receipt of the Bank’s Confirmation of Advance, the Member shall prepare, sign, and submit to the Bank a completed Application conforming to such Confirmation of Advance. Failure of the Bank to receive such conforming Application from the Member shall in no way affect the Member’s obligations with respect to such Advance. The Member shall be estopped from asserting any claim or defense with respect to the terms applicable to an Advance or a commitment for an Advance entered into pursuant to a telephonic application unless, within two (2) business days of receipt of the Bank’s Confirmation of Advance, or, in the case of an open line of credit Advance, the DIDS, the Member delivers to the Bank a written notice specifying the disputed term(s) or condition(s) of the Advance or commitment for an Advance. Upon the request of the Bank, the Member shall sign and deliver to the Bank a promissory note or notes in such form as the Bank may reasonably require evidencing any Advance. Unless otherwise agreed to by the Bank in writing, each Advance shall be made by crediting the Member’s Daily Investment Deposit Account (“DID Account”) with the Bank.

ADVANCE DOCUMENTATION. (a) The Member may apply for Advances and commitments for Advances or to renew an Advance by completing and submitting an Application to the Bank or by telephonic or other unsigned communication (“telephonic application”). The Bank may suspend the use of telephonic applications at any timetime upon prior written or electronic notice to the Bank’s members generally. The terms of each Advance or commitment for an Advance shall be conclusively established by this Agreement and by either (1) the Member’s Application when such Application is executed by the Bank without any change; (2) in the case of a telephonic application received, completed, or modified by the Bank, by a Confirmation of Advance generated by the Bank; or (3) in the case of an open line of credit Advance, the Member’s Daily Investment Deposit Statement (“DIDS”). (b) Within three (3) business days of the date of the Member’s receipt of the Bank’s Confirmation of Advance, the Member shall prepare, sign, and submit to the Bank a completed Application conforming to such Confirmation of Advance. Failure of the Bank to receive such conforming Application from the Member shall in no way affect the Member’s obligations with respect to such Advance. The Member shall be estopped from asserting any claim or defense with respect to the terms applicable to an Advance or a commitment for an Advance entered into pursuant to a telephonic application unless, within two (2) business days of receipt of the Bank’s Confirmation of Advance, or, in the case of an open line of credit Advance, the DIDS, the Member delivers to the Bank a written notice specifying the disputed term(s) or condition(s) of the Advance or commitment for an Advance. Upon the request of the Bank, the Member shall sign and deliver to the Bank a promissory note or notes in such form as the Bank may reasonably require evidencing any Advance. Unless otherwise agreed to by the Bank in writing, each Advance shall be made by crediting the Member’s Daily Investment Deposit Account (“DID Account”) with the Bank.