FRBNY Loan. Subject to the terms and conditions hereof and the Governance and Asset Management Guidelines, including the condition that there then shall be $5,000,000,000 of outstanding Treasury Advances and $10,000,000,000 of outstanding FDIC Advances as required under Sections 10.3(b) and 10.3(c), in the event that the Citigroup Ring-Fence Entities incur a Covered Loss in any Calendar Quarter during the Loss Coverage Period and as a result thereof the Citigroup Ring-Fence Entities’ aggregate cumulative Covered Losses exceed $15,000,000,000, FRBNY agrees to make a single term loan (the “FRBNY Loan”) to Citigroup in Dollars on the FRBNY Funding Date in an amount equal to the FRBNY Available Amount; provided, that unless the FRBNY Funding Date shall occur on or prior to the FRBNY Outside Date, FRBNY shall have no obligation to make the FRBNY Loan hereunder. Amounts borrowed by Citigroup under this Section 4.1 and repaid or prepaid may not be reborrowed and any obligation of FRBNY to advance funds to Citigroup under this Master Agreement shall terminate upon FRBNY’s funding of the FRBNY Loan.
