Common use of AMORTIZATION OF ADVANCES Clause in Contracts

AMORTIZATION OF ADVANCES. (a) In the event that the Bank determines that the creditworthiness of the Member, as determined from time to time by the Bank, does not meet the requirements of the Bank, the Bank may, without limitation of the Bank’s rights upon the occurrence of an Event of Default, require amortization by means of monthly payments of principal on all or part of the Member’s Advances. The Member agrees to begin making such monthly amortization payments, upon thirty (30) days written notice from the Bank, in such monthly amounts as the Bank shall specify in writing. Member shall make such payments while any amount remains unpaid on the subject Advances or until notified otherwise by the Bank. No monthly payment shall exceed ten percent (10%) of the original principal balance of the Advance being amortized. Unless otherwise specified by the Bank in writing to the Member, such monthly amortizing payments shall not extend or modify the maturity date or other scheduled payment dates applicable to the Advance being amortized. Amortization payments required pursuant to this Section 2.04 shall be in addition to all other payments of principal and interest with respect to Advances. (b) In the event the Bank renews an Advance which is not fully secured by Eligible Collateral pursuant to Section 10(a)(5) of the Act (12 U.S.C. 1430(a)(5), as amended) and any Regulations adopted thereunder, the Member shall reduce the level of such Advance in accordance with a repayment schedule determined by the Federal Housing Finance Board as required by this section of the Act.

AMORTIZATION OF ADVANCES. (a) In the event that the Bank determines that the creditworthiness of the Member, as determined from time to time by the Bank, does not meet the requirements of the Bank, the Bank may, may without limitation of the Bank’s rights upon the occurrence of an Event of Default, require amortization by means of monthly payments of principal on all or part of the Member’s Advances. The Member agrees to begin making such monthly amortization payments, upon thirty (30) days written notice from the Bank, in such monthly amounts as the Bank shall specify in writing. Member shall make such payments while any amount remains unpaid on the subject Advances or until notified otherwise by the Bank. No monthly payment shall exceed ten percent (10%) of the original principal balance of the Advance being amortized. Unless otherwise specified by the Bank in writing to the Member, such monthly amortizing payments shall not extend or modify the maturity date or other scheduled payment dates applicable to the Advance being amortized. Amortization payments required pursuant to this Section 2.04 shall be in addition to all other payments of principal and interest with respect to Advances. (b) In the event the Bank renews an Advance which is not fully secured by Eligible Collateral pursuant to Section 10(a)(5) of the Act (12 U.S.C. 1430(a)(5), as amended) and any Regulations adopted thereunder, the Member shall reduce the level of such Advance in accordance with a repayment schedule determined by the Federal Housing Finance Board as required by this section of the Act.

AMORTIZATION OF ADVANCES. (a) In the event that the Bank determines that the creditworthiness of the Member, as reasonably determined from time to time by the Bank, does not meet the requirements of the Bank, the Bank may, without limitation of the Bank’s rights upon the occurrence of an Event of Default, require amortization by means of monthly payments of principal on all or part of the Member’s Advances. The Member agrees to begin making such monthly amortization payments, upon thirty (30) days written notice from the Bank, in such monthly amounts as the Bank shall specify in writing. Member shall make such payments while any amount remains unpaid on the subject Advances or until notified otherwise by the Bank. No monthly payment shall exceed ten percent (10%) of the original principal balance of the Advance being amortized. Unless otherwise specified by the Bank in writing to the Member, such monthly amortizing payments shall not extend or modify the maturity date or other scheduled payment dates applicable to the Advance being amortized and interest shall continue to accrue on such Advance as amortized. Amortization payments required pursuant to this Section 2.04 shall be in addition to all other payments of principal and interest with respect to Advancesany other Advances that are not subject to amortization pursuant to this Section 2.04. (b) In the event the Bank renews an Advance which is not fully secured by Eligible Collateral pursuant to Section 10(a)(5) of the Act (12 U.S.C. 1430(a)(5), as amended) and any Regulations adopted thereunder, the Member shall reduce the level of such Advance in accordance with a repayment schedule determined by the Federal Housing Finance Board as required by this section of the Act.