Application for the 2022 COVID-19 Recovery Advance

Important Note: Application for this advance is a mandatory takedown and the advance must settle before it can be prepaid.

Pursuant to and subject to the terms of an Advances, Collateral Pledge, and Security Agreement and a resolution adopted by the Borrower’s Board of Directors (“Resolution”), now on file with the Federal Home Loan Bank of Chicago (“Bank”), the  undersigned (“Borrower”) hereby applies for a commitment of funds, proceeds of which are to be deposited to Borrower's Daily  Investment Deposit (DID) account.

The below request for a commitment of funds will be processed on a first-come, first-served basis.

Requests submitted and processed 8:30 a.m. CT Monday through 1 p.m. CT Friday will be scheduled to fund the following Monday. You will receive a Notification of Commitment for Forward-Starting Advance once the below terms are processed. The  Notification of Commitment for Forward-Starting Advance will indicate the Funding Date.

The below advance will be issued in accordance with the terms and conditions of the Advance Plan (referenced below) in effect on the Commitment Date as further described in (1) the Bank’s credit policy in effect (including the Product Term Sheet in the  Member Products Guide), as revised from time-to-time; (2) the Special Terms and Conditions set forth below; (3) the  Notification of Commitment for Forward-Starting Advance; and (4) the Confirmation of Advance.

Special Terms And Conditions

This advance will incorporate by reference the RCAP Terms and Conditions published in the Federal Home Loan Bank of Chicago’s Member Products Guide, and such Terms and Conditions are made a part hereof as if set forth herein in their  entirety.

  1. This advance is prepayable at any time time only at par plus accrued interest and a prepayment fee, if any, calculated in accordance with the prepayment policy in effect at the time the advance is prepaid.
  2. The funding of this advance is subject to the Borrower meeting all credit and collateral requirements on the Funding Date  indicated in the Notification of Commitment for Forward-Starting Advance.

The undersigned officer of the Borrower certifies that in accordance with the to apply to the Bank for this advance.

The undersigned officer further certifies that upon funding of the herein requested advance, the Borrower’s total borrowings,  including all amounts borrowed from sources other than the Bank, will not exceed any borrowing limitation established by the  Borrower’s Board of Directors.

It is agreed as a condition of making said advance, that, if pursuant to the Bank’s capital plan or the Federal Home Loan Bank  Act, the Borrower is required to purchase additional capital stock, the Bank may deduct the amount of the required purchase  from the proceeds of this advance and apply it to the purchase of such stock.

Please note: If you do not receive a confirmation email after submitting form below, please check the information you provided to make sure it matches the request and re-submit. 

Please provide your full member institution name.

Please provide your five digit member number.

Please provide the name of the individual with advance transact authorization.

Please provide your title.

Required: Your email address will be used for confirmation emails and follow-up communications.

Maximum of $5 million; limit of one advance per member/housing associate.