Formation of Pools Clause Samples
Formation of Pools. The Agent may, from time to time in its ------------------ sole discretion, at the request of the Company, transmit Pledged Mortgage Loans to a custodian that is acceptable to the Agent in connection with the issuance of Mortgage-backed Securities and the formation of pools of Mortgage Loans, subject, however, to the provisions of Sections 6 and 20 hereof. The Agent and its designated agent shall be entitled to rely on the written instructions of the Company in this regard and shall have no obligation to act in the absence of such written instructions.
Formation of Pools. (a) With respect to each Pledged Mortgage Loan which is intended for inclusion in a pool of Mortgage Loans backing G▇▇▇▇▇ M▇▇ Securities, the Borrower shall enter into and conform with such custody and related agreements and procedures as are reasonably required by the Agent to permit the creation, transmittal to, maintenance and sale of G▇▇▇▇▇ Mae Securities in both certificated and uncertificated book-entry form. The Agent may enter into such agreements as may be necessary or appropriate in the sole discretion of the Agent in order to effectuate the issuance, maintenance and transfer of such G▇▇▇▇▇ M▇▇ Securities under any such book-entry system or program.
(b) With respect to each Pledged Mortgage Loan which is intended for inclusion in a F▇▇▇▇▇ Mae or F▇▇▇▇▇▇ Mac Mortgage Loan pool to back book-entry F▇▇▇▇▇ Mae Securities or F▇▇▇▇▇▇ Mac Securities, the Borrower agrees that it will enter into and conform to such agreements and procedures as are established by the Agent in its reasonable judgment from time to time for the delivery of Pledged Mortgage Loans to a F▇▇▇▇▇▇ Mac or F▇▇▇▇▇ M▇▇ pool custodian (or directly to F▇▇▇▇▇▇ Mac or F▇▇▇▇▇ M▇▇, as the case may be) and the issuance, maintenance and transfer of F▇▇▇▇▇▇ Mac Securities or F▇▇▇▇▇ M▇▇ Securities under such book-entry system or program. The Agent may enter into such agreements as may be necessary or appropriate in the reasonable judgment of the Agent in order to effectuate the issuance, maintenance and transfer of such F▇▇▇▇▇ Mae Securities or F▇▇▇▇▇▇ Mac Securities under such book-entry system or program.
(c) The Agent or its designated agent will use its best efforts to complete documents in a timely manner and otherwise to cooperate with the Borrower in the issuance of Mortgage-backed Securities and the formation of pools of Mortgage Loans as contemplated by this Section 10.03, subject, however, to the provisions of Sections 6 and 20 hereof, and will cause all Mortgage Loans delivered to a pool custodian to be accompanied by a Bailee Letter. The Agent and its designated agent shall be entitled to rely on the written instructions of the Borrower and the written instructions and published guidelines of the applicable Investor in this regard and shall have no obligation to act in the absence of such written instructions or published guidelines.
Formation of Pools. (a) The following provisions shall apply with respect to the delivery of Pledged Loans which are intended for inclusion in a pool of Loans backing securities to be issued by GNMA (each such Loan, a "Pool Mortgage"):
(i) the Borrower shall enter into and conform to such custody and related agreements required by the Bank to permit the creation, transmittal to, and maintenance and sale of GNMA Securities in both certificated and uncertificated book-entry form with Participant Trust Company ("PTC") in New York City, or such other successor organization or system approved from time to time by GNMA. Such agreements shall be with such financial organizations who have been (and continue to be during the term of this Agreement) approved by the PTC as participants in the PTC and further approved by the Bank, and shall provide, among other things, that GNMA Securities pledged hereunder shall be created, maintained and traded at the direction, the name and for the benefit of the Bank (any such PTC participant being referred to herein as a "PTC Participant"). The accounts maintained at the PTC in which GNMA Securities pledged hereunder shall be delivered to and maintained in, any trading accounts and any accounts into which proceeds or interest and other amounts payable in respect to any GNMA Securities which are pledged hereunder are herein collectively referred to as the "PTC Account." The PTC Account shall, for all purposes of this Agreement and any GNMA Securities and the proceeds thereof and other amounts with respect thereto contained therein, be deemed part of the Collateral hereunder.
(ii) With respect to each Pledged Loan which is intended for inclusion in a GNMA mortgage loan pool to back book-entry GNMA Securities, the Borrower agrees that it will enter into and conform to such agreements and procedures are as established by the Bank in its sole judgment from time to time for the delivery of Pledged Loans to a GNMA pool custodian (or directly to GNMA Securities under such book-entry system or program. The Bank may enter into such agreements as may be necessary or appropriate in the sole discretion of the Bank in order to effectuate the issuance, maintenance and transfer of such GNMA Securities under such book-entry system or program.
(iii) Upon compliance with the foregoing, the Bank or its designated agent shall, on the settlement date of the related GNMA trade (the "Settlement Date"), arrange to have delivered to the GNMA Pool Custodian the related GNMA S...
Formation of Pools. (a) With respect to each Pledged Mortgage Loan which is intended for inclusion in a pool of Mortgage Loans backing GNMA Securities, the Pledgor shall enter into and conform with such custody and related agreements and procedures as are reasonably required by the Collateral Agent, with the approval of the Agent, to permit the creation, transmittal to, maintenance and sale of GNMA Securities in both certificated and uncertificated book-entry form. The Collateral Agent may enter into such agreements as may be necessary or appropriate in the sole discretion of the Collateral Agent, with the approval of the Agent, in order to effectuate the issuance, maintenance and transfer of such GNMA Securities under any such book-entry system or program.
(b) With respect to each Pledged Mortgage Loan which is intended for inclusion in a FNMA or FHLMC Mortgage Loan pool to back book-entry FNMA Securities or FHLMC Securities, the Pledgor agrees that it will enter into and conform to such agreements and procedures as are established by the Collateral Agent in its reasonable judgment, with the approval of the Agent, from time to time for the delivery of Pledged Mortgage Loans to a FHLMC or FNMA pool custodian (or directly to FHLMC or FNMA, as the case may be) and the issuance, maintenance and transfer of FHLMC Securities or FNMA Securities under such book-entry system or program. The Collateral Agent may enter into such agreements as may be necessary or appropriate in the reasonable judgment of the Collateral Agent, with the approval of the Agent, in order to effectuate the issuance, maintenance and transfer of such FNMA Securities or FHLMC Securities under such book-entry system or program. The Pledgor further agrees that the initial certifications and the settlements in connection with FNMA, FHLMC and GNMA pools are to be performed by the Collateral Agent or its designated agent.
(c) The Collateral Agent or its designated agent (which designated agent must be pre-approved by the Agent) will use its best efforts to complete documents in a timely manner and otherwise to cooperate with the Pledgor in the issuance of Mortgage-Backed Securities and the formation of pools of Mortgage Loans as contemplated by this Section 10.03, and will cause all Mortgage Loans delivered to a pool custodian to be accompanied by a Bailee Letter. The Collateral Agent and such designated agent shall be entitled to rely on the written instructions of the Pledgor and shall have no obligation to act in ...