Payment Through Clearing Account. To effect payment of any amount owed by the Participant Bank under this Section 7.2(j), the Lead Bank shall draw against the Participant Bank’s Clearing Account from time to time (whether or not any such draw shall cause the balance in the Participant Bank’s Clearing Account to become negative). In the event that any withdrawal from the Participant Bank’s Clearing Account shall cause the balance in such account to become negative, such deficit shall be governed by the provisions of Section 7.6.
Appears in 4 contracts
Samples: Interbank Agreement (Federal Home Loan Bank of Boston), MPF Consolidated Interbank Agreement (Federal Home Loan Bank of Chicago), Consolidated Interbank Agreement (Federal Home Loan Bank of Pittsburgh)
Payment Through Clearing Account. To effect payment of any amount owed by the Participant Bank under this Section 7.2(j)3.11, the Lead Bank shall draw against the Participant Bank’s Clearing Account from time to time (whether or not any such draw shall cause the balance in the Participant Bank’s Clearing Account to become negative). In the event that any withdrawal from the Participant Bank’s Clearing Account shall cause the balance in such account to become negative, such deficit shall be governed by the provisions of Section 7.64.4.
Appears in 2 contracts
Samples: Master Participation Agreement (Federal Home Loan Bank of Chicago), Master Participation Agreement (Federal Home Loan Bank of Chicago)
