FEDERAL AGENCY SECURITIES Sample Clauses

FEDERAL AGENCY SECURITIES. These are direct obligations issued by various agencies of the Federal Government (e.g. GNMA, FNMA, FHLMC, and SLMA). While not all bear the explicit guarantee of the U.S. Treasury, it is implicitly deemed unthinkable that the U.S. Government would allow any of its agencies to default on outstanding debt. For this reason, we will treat these securities, for all practical purposes including reserve requirements and repurchase agreement acceptability, the same as U.S. Treasury securities. Current risk weight: GNMA’s - 0%, others -20%. CERTIFICATES OF DEPOSIT (CD’s) For investment purposes, these should be classified into two categories: CD’s > $100,000 (i.e. Jumbo’s) and Brokered CD’s. Current risk weight: 20%. Jumbo CD’s are obligations, which have been issued by other banks with common maturities of 1, 3 and 6 months. A secondary market exists wherein these may be purchased and sold, thus providing essential liquidity. Brokered CD’s are obligations issued by other banks and thrifts in denominations <$100,000 and, therefore, are 100% insured by the FD1C. Since it is unthinkable that the U.S. Government would allow any of its agencies to dishonor outstanding guarantees relied upon by the depositing public, Oriental will treat these like Federal Agency Securities in terms of safety and soundness. Brokered CD’s are subject to early withdrawal penalties. MORTGAGE-BACKED SECURITIES (MBS) These are cash flow bonds secured by FHA/VA mortgages in the case of MBS issued by the Governmental National Mortgage Association (GNMA) and secured by conventional loans in MBS issued by the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage Corporation (FNMA). The GNMA issues have the same credit quality as U.S. Governments and are backed by the U.S. Treasury as to the timely repayment of principal and interest. FNMA is a Federal Agency, FHLMC is a private corporation, but for all intents and purposes, may be viewed as comparable to FNMA in credit quality. The FHLMC mortgage-backed securities are called “participation certificates” (PC). Private label securities with AAA ratings are also readily available. They represent pools backed by non-Agency guaranteed whole loans for which various credit enhancements have been added to obtain the AAA rating. Current risk weight: GNMA’s — 0%; Other Agency — 20%; Private Issue - %. COLLATERALIZED MORTGAGE OBLIGATIONS (CMO) These are bonds collateralized by mortgage-backed securities above. While investments i...
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FEDERAL AGENCY SECURITIES. Financial institutions with a Xxxxx'x credit rating of at least A-1 for long term or P-1 for short term deposits. 1 Certificates of Deposit 2. Time Deposits 3. Bankers Acceptance 4. Loan Participations 5. Letter of Credit backed instruments D. Commercial Paper limited to at least A-1 or P-1. E. Money Market Preferred Stock or Notes (A rated) through recognized major money market dealers. F. Repurchase Agreements with recognized major money market dealers or banks, against securities which meet the qualifications stated above and having a market value of at least 100% of the amount of the repurchase agreement. G. Other investments plus those covered above with A quality or above may consist of up to 10% of total invested surplus funds.
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Related to FEDERAL AGENCY SECURITIES

  • Portfolio Securities Portfolio securities of the Issuer may be bought or sold by or through Distributors, and Distributors may participate directly or indirectly in brokerage commissions or "spreads" for transactions in portfolio securities of the Issuer.

  • Federal Securities Laws Promptly notify Agent in writing if any Borrower or any of its Subsidiaries (i) is required to file periodic reports under the Exchange Act, (ii) registers any securities under the Exchange Act or (iii) files a registration statement under the Securities Act.

  • SECURITIES FORMS SECTION 201.

  • FOREIGN SECURITIES SYSTEMS Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.

  • Securities Sold In accordance with Instructions, the Custodian shall, with respect to a sale, deliver or cause to be delivered the Securities thus designated as sold to the broker or other person specified in the Instructions relating to such sale. Unless the Custodian has received Special Instructions to the contrary, such delivery shall be made only upon receipt of payment therefor in the form of: (a) cash, certified check, bank cashier's check, bank credit, or bank wire transfer; (b) credit to the account of the Custodian with a clearing corporation of a national securities exchange of which the Custodian is a member; or (c) credit to the Account of the Custodian with a Securities System, in accordance with the provisions of Section 4(b)(3) hereof. Notwithstanding the foregoing, the Custodian may deliver Securities and other Assets prior to receipt of payment for such Securities in accordance with Instructions, applicable laws, generally accepted trade practices, or the terms of the instrument representing such Security or other Asset. For example, Securities held in physical form may be delivered and paid for in accordance with "street delivery custom" to a broker or its clearing agent, against delivery to the Custodian of a receipt for such Securities, provided that the Custodian shall have taken reasonable steps to ensure prompt collection of the payment for, or return of, such Securities by the broker or its clearing agent, and provided further that the Custodian shall not be responsible for the selection of or the failure or inability to perform of such broker or its clearing agent or for any related loss arising from delivery or custody of such Securities prior to receiving payment therefor.

  • Securities Transactions The Subadviser and any affiliated person of the Subadviser will not purchase securities or other instruments from or sell securities or other instruments to the Fund; provided, however, the Subadviser or any affiliated person of the Subadviser may purchase securities or other instruments from or sell securities or other instruments to the Fund if such transaction is permissible under applicable laws and regulations, including, without limitation, the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder. The Subadviser, on its own behalf and with respect to its Access Persons (as defined in subsection (e) of Rule 17j-1 under the 1940 Act), agrees to observe and comply with Rule 17j-1 and its Code of Ethics (which shall comply in all material respects with Rule 17j-1), as the same may be amended from time to time. On at least an annual basis, the Subadviser will comply with the reporting requirements of Rule 17j-1, which may include either (i) certifying to the Adviser that the Subadviser and its Access Persons have complied with the Subadviser’s Code of Ethics with respect to the Subadviser Assets or (ii) identifying any violations which have occurred with respect to the Subadviser Assets. The Subadviser will have also submitted its Code of Ethics for its initial approval by the Board of Trustees no later than the date of execution of this agreement and subsequently within six months of any material change thereto.

  • Custodian or Foreign Securities System The Custodian may hold foreign securities for all of its customers, including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

  • Prior Securities Transactions No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company since the date of the Company’s formation, except as disclosed in the Registration Statement.

  • Investment Securities and Commodities (i) Each of the Company and its Subsidiaries has good title in all material respects to all securities and commodities owned by it (except those sold under repurchase agreements) which are material to the Company and its Subsidiaries on a consolidated basis, free and clear of any Liens, except for such failures to have good title as are set forth in the financial statements included in the Company Reports as of the entry into this Agreement or to the extent such securities or commodities are pledged in the ordinary course of business to secure obligations of the Company or its Subsidiaries. Such securities and commodities are valued on the books of the Company in accordance with GAAP in all material respects. (ii) The Company and its Subsidiaries and their respective businesses employ investment, securities, commodities, risk management and other policies, practices and procedures that the Company believes are prudent and reasonable in the context of such businesses, and the Company and its Subsidiaries have, since January 1, 2023, been in compliance with such policies, practices and procedures in all material respects.

  • Recent Securities Transactions Subsequent to the respective dates as of which information is given in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, and except as may otherwise be indicated or contemplated herein or therein, the Company has not (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its share capital.

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