Letter of Agreement for Obtaining Advances Through a Correspondent

Sample
Instructions
Blank Agreement [MS Word; 32K]

The numbers in the sample agreement correspond to the numbered instructions below.

[Letterhead of Depository Institution]

Exhibit 1 to Appendix C of Operating Circular 10
LETTER OF AGREEMENT FOR OBTAINING ADVANCES THROUGH A CORRESPONDENT

Date: _______________
Federal Reserve Bank of _______(1)_______
Address
City, State, Zip

Attention:
In order to be able to request advances from you through a correspondent and in order to make payments to you through a correspondent, we agree to the provisions of Appendix C to your Operating Circular No. 10, effective January 2, 1998, as amended from time to time. We designate ________(2)_________ as the Correspondent under that agreement.

________________(3a)________________
            Name of depository institution

ABA Number: _____(3b)_________________

By: _____________(4)_________________
            Authorized signature(s)

________________(5)_________________
Name(s)

________________(6)____________________
Title(s)

We agree to act as Correspondent for ________(7)_________ and, as such, to be bound by the provisions of Appendix C to your Operating Circular No. 10, effective January 2, 1998, as amended from time to time. Pursuant to paragraph 3.1 of Appendix C, we are furnishing below a list of individuals to whom the Federal Reserve Bank of ________(8)_________ may provide an advice of credit or debit entries made under the Correspondent Agreement. These individuals are also authorized to instruct the Reserve Bank not to debit our account or to reverse a debit in accordance with paragraph 5 of the Correspondent Agreement. We may amend this list from time to time.

________________(9a)____________________
            Name of Correspondent

Location:_________(9b)________________

ABA Number: _____(9c)_________________

By: _____________(10)________________
                 Authorized Signature

________________(11)___________________
Name(s)

________________(12)___________________
Title(s)

________________(13)___________________
Date

Individuals permitted to receive notification of credit or debit entries described in Appendix C and authorized to instruct the Reserve Bank not to debit the Correspondent account or to reverse a debit: [list between 3 and 5 employees]

Name (14)	Title (15)
_________________	_________________
_________________	_________________
_________________	_________________
_________________	_________________
_________________	_________________

Instructions

(1)	Insert the name of the local Federal Reserve office on this line. This identifies the Federal Reserve Bank at which the Correspondent's account is held.
(2)	Insert the name, location and ABA number of the financial institution that is the designated Correspondent for the borrower.
(3a)	Insert the borrower's name on this line.
(3b)	Insert the borrower's ABA Number on this line.
(4)	The instructions must be signed by an individual authorized to borrow funds on behalf of the borrowing financial institution.
(5)	The printed name of the individual signing the form on the preceding line should appear on this line.
(6)	The title of the individual who signed the form should be inserted on this line.
(7)	Insert the name of the borrowing institution for which the Correspondent is agreeing to provide a pass-through account service.
(8)	Insert the location of the Federal Reserve office on this line. This identifies the Reserve Bank from which advices will be sent to individuals identified on subsequent line.
(9a)	Insert the name of the Correspondent whose account funds will pass-through before being made available to the borrower.
(9b)	Insert the location of the Correspondent whose account funds will pass-through before being made available to the borrower.
(9c)	Insert the ABA Number of the Correspondent whose account funds will pass-through before being made available to the borrower.
(10)	The form must be signed by an individual authorized to enter into such arrangements on behalf of the Correspondent.
(11)	Insert the printed name of the individual who signed the Letter of Agreement form on behalf of the Correspondent.
(12) & (13)	Insert the title of the individual who signed the Letter of Agreement form on behalf of the Correspondent and the date it was signed.
(14) & (15)	List the names and titles of individuals authorized to receive notification of debit and credit entries posted to the account of the Correspondent.