Automatic Termination Event definition

Automatic Termination Event means (i) a change in the Act, or another applicable statute, occurring subsequent to the Effective Date, that will have the effect of creating a new, or higher, assessment or taxation on net income or capital of the FHLBanks, or (ii) a change in the Act, another applicable statute, or the Regulations, occurring subsequent to the Effective Date, that will result in a higher mandatory allocation of an FHLBank’s Quarterly Net Income to any Retained Earnings account than the annual amount, or total amount, specified in an FHLBank’s capital plan as in effect immediately prior to the Automatic Termination Event.

Automatic Termination Event means a change in the Act, the Regulations, or other applicable law, occurring subsequent to the Effective Date, that has the effect of: (i) creating any new or higher assessment or taxation on the net income or capital of any FHLBank, or a higher effective RREM for any FHLBank than the amount set forth in this Agreement; or (ii) establishing general restrictions applicable to payment of Dividends by FHLBanks that satisfy all relevant capital standards (a) requiring a new or higher mandatory allocation of an FHLBank’s Quarterly Net Income to any Retained Earnings account than the amount specified in this Agreement, or (b) prohibiting the payments of Dividends from any portion of an FHLBank’s Retained Earnings that is not Restricted Retained Earnings.

Automatic Termination Event means (i) a change in the Act, or another applicable statute, occurring subsequent to the Effective Date, that will have the effect of creating a new, or higher, assessment or taxation on net income or capital of the FHLBanks, or (ii) a change in the Act, another applicable statute, or the Regulations, occurring subsequent to the Effective Date, that will result in a higher mandatory allocation of an FHLBank's Quarterly Net Income to any Retained Earnings account than the annual amount, or total amount, specified in an FHLBank's capital plan as in effect immediately prior to the Automatic Termination Event.

Examples of Automatic Termination Event in a sentence

• If an Automatic Termination Event Declaration Date has occurred, then without further action by the Bank or the FHFA: (i) the date of the Automatic Termination Event Declaration Date shall be an Allocation Termination Date; and (ii) one year from the date of the Automatic Termination Event Declaration Date shall be a Restriction Termination Date.

• If the Bank desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the Bank shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the FHFA) identifying the specific statutory or regulatory change that is the basis for the assertion.

• If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required 2/3 of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the Bank may request a determination from the FHFA that the specific statutory or regulatory change constitutes an Automatic Termination Event.

• If the Target List Provider permanently stops determining the composition of the Target List or the Target List has been otherwise permanently discontinued or withdrawn, that shall constitute an Automatic Termination Event in respect of the Securities.

• After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the FHFA, or is delivered to the FHFA by another FHLBank pursuant to the terms of its capital plan, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in Subsection VI.E.1.c).

More Definitions of Automatic Termination Event

Automatic Termination Event has the meaning set forth in Section 7 hereof.

Automatic Termination Event means the occurrence of any one or more of the following events, unless (i) waived or modified by the Prepetition Secured Party prior to the occurrence of the applicable event; or (ii) following the occurrence of the applicable event, waived by the Prepetition Secured Party prior to the expiration of one Business Day period set forth in Paragraph 17 (Termination Date) above, in each case by notice in writing (email shall suffice) to counsel to the Park Avenue Owner:

Automatic Termination Event means (i) a change in the Act, or another applicable statute, occurring subsequent to the Effective Date, that will have the effect of creating a new, or higher, assessment or taxation on net income or capital of the FHLBanks, or (ii) a change in the Act, another applicable statute,

Automatic Termination Event means (i) a change in the Act, or another applicable statute, occurring subsequent to the Effective Date, that will have the effect of creating a new, or

Automatic Termination Event means an event of default set forth in the Reimbursement Agreement between the Company and the Liquidity Provider which would result in the immediate termination of the Liquidity Facility prior to its stated expiration date without at least thirty days prior notice from the Liquidity Provider to the Tender Agent, other than a termination upon the substitution of an Alternate Liquidity Facility.

Automatic Termination Event means any of items (a) or (b) of the Termination Events.

Automatic Termination Event has the meaning given to such term in Section 5.