Common use of Program Contribution; Participation Share Clause in Contracts

Program Contribution; Participation Share. (a) A Program Contribution in the amount of One Million Five Hundred Thousand Dollars ($1,500,000) is required for a FHLB to participate in the MPF Program, such Program Contribution being payable in installments as follows: (i) One Million Dollars ($1,000,000) upon the execution of a Services Agreement and (ii) Five Hundred Thousand Dollars ($500,000) upon the earlier to occur of (y) One Billion Dollars ($1,000,000,000) in Program Loans being funded or purchased under such Services Agreement or (z) the third anniversary of the execution of such Services Agreement.