Notice Regarding Your Repurchase Agreement Sample Clauses

Notice Regarding Your Repurchase Agreement. The FDIC requires that all financial institutions that have repurchase agreements with their customers notify those customers annually of the legal effect of those agreements should the institution fail and be taken over by the FDIC. THE CUSTOMER ACKNOWLEDGES THAT IT HAS BEEN ADVISED THAT THE FUNDS HELD BY THE BANK UNDER A REPURCHASE TRANSACTION ARE NOT A DEPOSIT WITH THE BANK AND, THEREFORE, ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) IN THE EVENT OF THE BANK’S FAILURE. AS MORE SPECIFICALLY DISCUSSED HEREIN, THE CUSTOMER HOLDS AN UNDIVIDED FRACTIONAL INTEREST IN A POOL OF SECURITIES MAINTAINED BY THE BANK SPECIFICALLY FOR THIS PURPOSE. IN THE EVENT OF THE BANK’S FAILURE, THE FDIC WILL RECOGNIZE THE CUSTOMER’S OWNERSHIP INTEREST IN SUCH SECURITIES. THE OVERALL VALUE OF SUCH SECURITIES ON ANY GIVEN DAY MAY EXCEED OR BE LESS THAN THE AGGREGATE DOLLAR VALUE OF ALL FUNDS SUBJECT TO REPURCHASE AGREEMENTS WITH THE BANK. THE CUSTOMER ACKNOWLEDGES THAT, IN THE EVENT OF A SHORTFALL, THE CUSTOMER WILL BE TREATED AS A GENERAL UNSECURED CREDITOR OF THE BANK WITH RESPECT TO THE AMOUNT OF THE DEFICIENCY. THE CUSTOMER FURTHER ACKNOWLEDGES THAT THE FDIC HAS WIDE DISCRETION WITH RESPECT TO THE MANNER IN WHICH IT INTERPRETS ITS RULES AND REGULATIONS AND, IN INTERPRETING SUCH RULES AND REGULATIONS, MAY TAKE A POSITION THAT IS INCONSISTENT WITH THE FOREGOING.
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