Common use of Assignment to Federal Reserve Bank Clause in Contracts

Assignment to Federal Reserve Bank. The Bank may assign and pledge all or any portion of a Bank Note and the obligations owing to it hereunder to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned obligations made by the Department to the Bank in accordance with the terms of this Agreement shall satisfy the Department’s obligations hereunder in respect of such assigned obligation to the extent of such payment. No such assignment shall release the Bank from its obligations hereunder.

Assignment to Federal Reserve Bank. The Bank may assign and pledge all or any portion of a Bank Note and the obligations Obligations owing to it hereunder to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned obligations Obligations made by the Department District to the Bank in accordance with the terms of this Agreement shall satisfy the DepartmentDistrict’s obligations Obligations hereunder in respect of such assigned obligation Obligation to the extent of such payment. No such assignment shall release the Bank from its obligations hereunder.

Assignment to Federal Reserve Bank. The Bank may assign and pledge all or any portion of a the Obligations and/or the Bank Note and the obligations Bonds owing to it hereunder to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned obligations Obligations made by the Department City to the Bank in accordance with the terms of this Agreement shall satisfy the DepartmentCity’s obligations Obligations hereunder in respect of such assigned obligation Obligation and/or the Bank Bonds to the extent of such payment. No such assignment shall release the Bank from its obligations hereunder.

Assignment to Federal Reserve Bank. The Bank may assign and pledge all or any portion of a Bank Note and the obligations owing to it hereunder Obligations to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned obligations Obligations made by the Department District to the Bank in accordance with the terms of this Agreement or any other Related Document shall satisfy the Department’s obligations of the District hereunder or thereunder in respect of such assigned obligation Obligation to the extent of such payment. No such assignment shall release the Bank from its obligations hereunderhereunder or under the Letter of Credit.