Agreements
OC-10 Agreements
Last Updated: 12.01.2025
Establishing Discount Window Access
To establish access to the Discount Window, please complete the Operating Circular No. 10 (OC-10) agreements listed below. The Instructions for Completing Required OC-10 Agreements guide provides direction on completing the agreements. The agreements listed in the 'Ancillary Agreements and Forms' table may or may not apply to an institution. If the depository institution is a U.S. branch or agency of a foreign bank, please contact the local Reserve Bank for additional discount window documentation requirements.
Submit completed OC-10 agreements to your local Reserve Bank.
| Operating Circular No. 10 (OC-10) Agreements | ||
|---|---|---|
| Agreement Type | Agreements for U.S. Borrowers (Appendix 3) | Agreements for Non-U.S. Borrowers (Appendix 4) |
| The Form of OC-10 Letter of Agreement evidences an institution's acceptance of the terms and conditions in Operating Circular No. 10. | Appx 3 Form of OC-10 Letter of Agreement | Appx 4 Form of OC-10 Letter of Agreement |
| The Certificate will provide the Federal Reserve Bank all of the information needed to make an effective UCC-1 financing statement filing against the Borrower. | Appx 3 Form of OC-10 Certificate | Appx 4 Form of OC-10 Certificate |
| The Authorizing Resolutions for Borrowers evidences an institution's authorization to borrow from and pledge assets to a Reserve Bank. |
Appx 3 Form of OC-10 Authorizing Resolutions for Borrowers Note: If your institution was chartered by the State of Wisconsin, please complete the Appx 3 Form of OC-10 Authorizing Resolutions for Borrowers Chartered by the State of Wisconsin instead. |
Appx 4 Form of OC-10 Authorizing Resolutions for Borrowers |
| The Official Authorization List is a list of individuals who are authorized to borrow and/or pledge/withdraw collateral. | Appx 3 Form of OC-10 Official Authorization List | Appx 4 Form of OC-10 Official Authorization List |
| The Legal Opinion of Foreign Outside Counsel and the Legal Opinion of United States Outside Counsel relate to the enforceability of agreements and interests and should be completed by legal counsel of non-U.S. borrowers. |
Appx 4 Form of OC-10 Legal Opinion of Foreign Outside Counsel Appx 4 Form of OC-10 Legal Opinion of United States Outside Counsel |
|
| Ancillary Agreements and Forms | |
|---|---|
| The Agreement for Third-Party Custodian to Hold Collateral allows an institution to designate a third-party custodian to provide collateral custody services for assets pledged as discount window colalteral. | Appx 5 Form of Agreement for Third-Party Custodian to Hold Collateral |
| The Letter of Agreement to Correspondent Credit and Payment Agreement allows an institution to designate a correspondent as a settlement point for discount window advances. Note: This agreement is required for institutions that do not have a master account. |
Appx 5 Form of Letter of Agreement to Correspondent Credit and Payment Agreement |