GNMA Securities Clause Samples
The GNMA Securities clause defines the treatment and handling of securities issued by the Government National Mortgage Association (GNMA) within the context of the agreement. It typically specifies how GNMA securities are to be valued, transferred, or used as collateral, and may outline any special procedures or requirements for transactions involving these instruments. By clearly addressing the unique characteristics of GNMA securities, this clause ensures that both parties understand their rights and obligations regarding these government-backed assets, thereby reducing ambiguity and mitigating potential disputes.
GNMA Securities. Upon the execution and delivery thereof, the GNMA Securities will constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other laws for the relief of debtors or equitable principles limiting creditors’ rights generally; provided, that, no GNMA Security will constitute a liability of, nor evidence any debt against the Servicer, since it is based on and backed by mortgages, and recovery may be made from GNMA in the event of any failure of timely payment as provided for in the GNMA guaranty agreements or contractual agreements appended to the GNMA Securities.
GNMA Securities. For purposes of determining the value of Cash Equivalents as of any date, the value of GNMA Securities that are included as Cash Equivalents on such date shall be 95% of the marked-to-market value of such GNMA Securities determined in accordance with GAAP as of the last day of the then most recently ended fiscal quarter of the REIT.
GNMA Securities. In the case of GNMA Securities, by transfer of such Securities to one or more PTC accounts designated in writing from time to time to the Administrator by the Pledgor; or