Common use of GIFC Clause in Contracts

GIFC. If so provided in the applicable Terms Supplement and pursuant to a GIFC described therein, the Administrator will deposit into the Custodial Account with respect to a REMIC Pool containing GNMA Certificates to which payments of principal and interest on such GNMA Certificates will be credited upon receipt, as well as any other amounts received by the Administrator. Amounts credited to the Custodial Account will be distributed to Holders on the applicable Payment Date to the extent of interest and principal payments due on the related Multiclass Securities and any related MACR Certificates on that Payment Date. Prior to the related Payment Date, amounts not yet distributable may be debited from the Custodial Account and invested with the Administrator at a rate of return guaranteed to the REMIC Pool by the Administrator, pursuant to the GIFC. On or before the related Payment Date, the Administrator will credit to the Custodial Account pursuant to the GIFC the amounts so invested, together with the guaranteed investment proceeds. The guaranteed investment proceeds, to the extent not applied to interest and principal payments on the related Multiclass Securities and any related MACR Certificates, shall be retained by the Administrator in its corporate capacity as an administration fee pursuant to the GIFC.

GIFC. If so provided in the applicable Terms Supplement and pursuant to a GIFC described therein, the Administrator will deposit into the Custodial Account with respect to a REMIC Pool containing GNMA Certificates to which payments of principal and interest on such GNMA Certificates will be credited upon receipt, as well as any other amounts received by the Administrator. Amounts Xxxxxxx credited to the Custodial Account will be distributed to Holders on the applicable Payment Date to the extent of interest and principal payments due on the related Multiclass Securities and any related MACR Certificates on that Payment Date. Prior to the related Payment Date, amounts not yet distributable may be debited from the Custodial Account and invested with the Administrator at a rate of return guaranteed to the REMIC Pool by the Administrator, pursuant to the GIFC. On or before the related Payment Date, the Administrator will credit to the Custodial Account pursuant to the GIFC the amounts so invested, together with the guaranteed investment proceeds. The guaranteed investment proceeds, to the extent not applied to interest and principal payments on the related Multiclass Securities and any related MACR Certificates, shall be retained by the Administrator in its corporate capacity as an administration fee pursuant to the GIFC.

GIFC. If so provided in the applicable Terms Supplement and pursuant to a GIFC described therein, the Administrator will deposit into the Custodial Account with respect to a REMIC Pool containing GNMA Certificates to which payments of principal and interest on such GNMA Certificates will be credited upon receipt, as well as any other amounts received by the Administrator. Amounts Xxxxxxx credited to the Custodial Account will be distributed to Holders on the applicable Payment Date to the extent of interest and principal payments due on the related Multiclass GNMA Securities and any related MACR Certificates on that Payment Date. Prior to the related Payment Date, amounts not yet distributable may be debited from the Custodial Account and invested with the Administrator at a rate of return guaranteed to the REMIC Pool by the Administrator, pursuant to the GIFC. On or before the related Payment Date, the Administrator will credit to the Custodial Account pursuant to the GIFC the amounts so invested, together with the guaranteed investment proceeds. The guaranteed investment proceeds, to the extent not applied to interest and principal payments on the related Multiclass GNMA Securities and any related MACR Certificates, shall be retained by the Administrator in its corporate capacity as an administration fee pursuant to the GIFC.

GIFC. If so provided in the applicable Terms Supplement and pursuant to a GIFC described therein, the Administrator will deposit into the Custodial Account with respect to a REMIC Pool containing GNMA Certificates to which payments of principal and interest on such GNMA Certificates will be credited upon receipt, as well as any other amounts received by the Administrator. Amounts credited to the Custodial Account will be distributed to Holders on the applicable Payment Date to the extent of interest and principal payments due on the related Multiclass GNMA Securities and any related MACR Certificates on that Payment Date. Prior to the related Payment Date, amounts not yet distributable may be debited from the Custodial Account and invested with the Administrator at a rate of return guaranteed to the REMIC Pool by the Administrator, pursuant to the GIFC. On or before the related Payment Date, the Administrator will credit to the Custodial Account pursuant to the GIFC the amounts so invested, together with the guaranteed investment proceeds. The guaranteed investment proceeds, to the extent not applied to interest and principal payments on the related Multiclass GNMA Securities and any related MACR Certificates, shall be retained by the Administrator in its corporate capacity as an administration fee pursuant to the GIFC.