Common use of Election of Service Clause in Contracts

Election of Service. Each MPF Bank may elect, as part of the master servicing duties, that the MPF Provider administer Approved Non-Member Servicers on behalf of the MPF Bank in accordance with this Section 3.2 and as specified in the FHLB Guide. The MPF Bank shall indicate its election by consenting to the transfer of Servicing to an Approved Non-Member Servicer in accordance with the FHLB Guide.