Common use of GIFC Clause in Contracts

GIFC. If so provided in the applicable Terms Supplement and pursuant to a GIFC described therein, Xxxxxxx Mac will establish a Collection 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 Xxxxxxx Mac in its capacity as administrator of the REMIC Pool. Amounts credited to the Collection 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 Collection Account and invested with Xxxxxxx Mac at a rate of return guaranteed to the REMIC Pool by Xxxxxxx Mac, pursuant to the GIFC. On or before the related Payment Date, Xxxxxxx Mac will credit to the Collection 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 Xxxxxxx Mac 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, Xxxxxxx Mac will establish a Collection Account with respect to a REMIC Pool containing GNMA Certificates CertiÑcates to which payments of principal and interest on such GNMA Certificates CertiÑcates will be credited upon receipt, as well as any other amounts received by Xxxxxxx Mac in its capacity as administrator of the REMIC Pool. Amounts credited to the Collection 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 CertiÑcates on that Payment Date. Prior to the related Payment Date, amounts not yet distributable may be debited from the Collection Account and invested with Xxxxxxx Mac at a rate of return guaranteed to the REMIC Pool by Xxxxxxx Mac, pursuant to the GIFC. On or before the related Payment Date, Xxxxxxx Mac will credit to the Collection 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 CertificatesCertiÑcates, shall be retained by Xxxxxxx Mac in its corporate capacity as an administration fee pursuant to the GIFC.