National Rural definition

National Rural or “Borrower”), Xxxxxx Mac Mortgage Securities Corporation (“Purchaser”), and Federal Agricultural Mortgage Corporation (“Guarantor”), National Rural has agreed, in the event of a payment default by National Rural on the Notes, to grant the Control Party certain rights of setoff against amounts due and owing to National Rural on any Series C Preferred Stock, par value $1,000 per share (the “Preferred Stock”), of Guarantor. Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Agreement. Borrower, Guarantor and Purchaser hereby agree that in the event of, and only in the event of, a payment Event of Default by Borrower pursuant to Section 7.01(a) of the Agreement (“Payment Default”), the Control Party shall have the right, at the Control Party’s sole option and discretion, to setoff any amounts due to Borrower in respect of Guarantor’s Preferred Stock, whether in respect of dividends, redemption, liquidation or otherwise (the “Preferred Payments”), and to apply the Preferred Payments on a dollar-for-dollar basis against the amount of Borrower’s Payment Default. Such setoff amount by the Control Party shall not exceed the amount of Borrower’s Payment Default, and under no circumstances shall Borrower be liable to Purchaser or the Guarantor in connection with the transactions described herein for any amount in excess of the principal amount of the Notes plus interest, as provided in the Agreement. Borrower’s amount due under the Notes shall be satisfied and discharged to the extent of, but only to the extent of, the Control Party’s effective setoff. If no Payment Default by Borrower has occurred, however, the Guarantor shall have no right to setoff or otherwise withhold the Preferred Payments from Borrower. The Control Party shall provide Borrower with notice of, and reasonably detailed back up information with respect to, any setoff effected by the Control Party under this letter agreement. The rights of the Control Party herein shall be in addition to, and not in substitution or limitation of, any other rights and remedies available to the Control Party, whether such rights or remedies arise pursuant to law, the Agreement or any other agreement between the parties. Please acknowledge your acceptance of the foregoing terms by executing this letter agreement in the space below, whereupon this agreement shall constitute a valid agreement binding upon Purchaser and Borrower. Very truly yours, XXXXXX MAC MORTGAGE SECURIT...
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National Rural has the meaning set forth in the introductory paragraph hereof.
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Examples of National Rural in a sentence

  • Petersen Chief Executive Officer A signed original of this written statement required by Section 302 has been provided to National Rural Utilities Cooperative Finance Corporation and will be retained by National Rural Utilities Cooperative Finance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

  • Petersen Chief Executive Officer A signed original of this written statement required by Section 906 has been provided to National Rural Utilities Cooperative Finance Corporation and will be retained by National Rural Utilities Cooperative Finance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

  • The Investment Manager has obtained such personnel through an agreement with National Rural Electric Cooperative Association, which has primary responsibility for the salaries, expenses and fees of persons provided to serve as directors, officers and employees of the Investment Manager.

  • Andrew Don Chief Financial Officer A signed original of this written statement required by Section 302 has been provided to National Rural Utilities Cooperative Finance Corporation and will be retained by National Rural Utilities Cooperative Finance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

  • Lilly Chief Financial Officer A signed original of this written statement required by Section 302 has been provided to National Rural Utilities Cooperative Finance Corporation and will be retained by National Rural Utilities Cooperative Finance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

  • Andrew Don Chief Financial Officer A signed original of this written statement required by Section 906 has been provided to National Rural Utilities Cooperative Finance Corporation and will be retained by National Rural Utilities Cooperative Finance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

  • Lilly Chief Financial Officer A signed original of this written statement required by Section 906 has been provided to National Rural Utilities Cooperative Finance Corporation and will be retained by National Rural Utilities Cooperative Finance Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

  • Each Notice of Borrowing shall also provide name, telephone and email contact information of an authorized representative of National Rural.

  • This Note shall be construed and enforced in accordance with, and the rights of National Rural and the holder hereof shall be governed by, the laws of the District of Columbia, excluding choice-of-law principles of the law of the District of Columbia that would require the application of the laws of another jurisdiction.

  • Neither National Rural nor any Person directly or indirectly controlling, controlled by or under common control with National Rural shall serve as Collateral Agent hereunder.

Related to National Rural

  • Rural means those areas designated by USDA as being eligible Rural areas. A list of USDA Rural areas can be accessed on the USDA website at [http://eligibility.sc.egov.usda.gov/]

  • CPS means Consumer Portfolio Services, Inc., a California corporation and its successors.

  • Fannie Mae The Federal National Mortgage Association, or any successor xxxxxto.

  • National Repository means any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule.

  • Financial Security means Financial Security Assurance Inc., a New York stock insurance company, its successors and assigns.

  • Renewable Energy Certificate or "REC" means a certificate

  • Delivered Energy means the kilowatt hours of Electricity actually fed and measured by the energy meters at the Delivery Point and as certified by SLDC/MSEDCL authorities.

  • Non-Reporting Financial Institution means any Financial Institution that is:

  • Loan Trustee Means, with respect to any Indenture, the bank, trust company or other financial institution designated as loan trustee thereunder, and any successor to such loan trustee.

  • Freddie Mac Federal Home Loan Mortgage Corporation, a corporate instrumentality of the United States created and existing under Title III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto.

  • Federated means Federated Investors, Inc. and any of its subsidiaries as the context may require.

  • Academy means the academy named at the beginning of this Disciplinary Policy and Procedure and includes all sites upon which the academy undertaking is, from time to time, being carried out.

  • National bank means a national banking association

  • U.S. Bank means U.S. Bank National Association.

  • professional association means a self-regulatory organization of engineers, geoscientists or both engineers and geoscientists that

  • CCPA means the California Consumer Privacy Act, Cal. Civ. Code § 1798.100 et seq., and its implementing regulations.