Lead Bank’s Default. Any sums due from the Lead Bank to the Participant Bank shall be payable upon demand and shall accrue interest, payable upon demand, at the MPF Bank Default Rate. In addition, the Participant Bank may draw against funds from the Lead Bank’s Clearing Account from time to time to satisfy the Lead Bank’s obligations under this Section 7.7 (whether or not any such withdrawal shall cause the balance in the Lead Bank’s Clearing Account to become negative) upon giving the Lead Bank concurrent notice. In such event, the provisions of Section 5.5 shall be applicable. Such payments to the Participant Bank shall be first applied to accrued interest and then to the repayment of the amounts initially owed to the Participant Bank. The Lead Bank shall remain obligated to fund all other amounts under this ARTICLE VII. The Participant Bank’s remedies and rights under this Agreement and the FHLB Guide are cumulative and concurrent and in addition to every other available right, power or remedy at law or in equity.
Appears in 4 contracts
Samples: Mpf® Consolidated Interbank Agreement (Federal Home Loan Bank of Boston), Consolidated Interbank Agreement (Federal Home Loan Bank of Chicago), Consolidated Interbank Agreement (Federal Home Loan Bank of Pittsburgh)
