Disbursement Account. A demand deposit account (DDA) has been opened at the Bank in the name of the Member. Upon the Bank’s approval of the funding of the Homeownership Set-aside Program subsidy, the subsidy shall be deposited into such DDA, and the Member shall be responsible for the disbursement of funds. The subsidy must be drawn down and used by eligible households within the timeframe(s) set forth in the Bank’s AHP Implementation Plan. Unless an exception is specifically granted by the Bank, if the subsidy is not drawn down and used by eligible households within the timeframe(s) set forth in the Bank’s AHP Implementation Plan, the Bank shall cancel its approval, any funded subsidy shall be returned to the Bank, and the Bank shall make such cancelled subsidy available for other AHP-eligible households.
Appears in 3 contracts
Disbursement Account. A demand deposit account (DDA) has been opened at the Bank in the name of the Member. Upon the Bank’s approval of the funding of the Homeownership AHP Set-aside Program Product subsidy, the subsidy shall be deposited into such DDA, and the Member shall be responsible for the disbursement of funds. The subsidy must be drawn down and used by eligible households within the timeframe(s) set forth in the Bank’s AHP Implementation Plan. Unless an exception is specifically granted by the Bank, if the subsidy is not drawn down and used by eligible households within the timeframe(s) set forth in the Bank’s AHP Implementation Plan, the Bank shall cancel its approval, any funded subsidy shall be returned to the Bank, and the Bank shall make such cancelled subsidy available for other AHP-eligible households.
Appears in 2 contracts
