Permitted Instruments. Any institution maintaining the Custodial Account shall at the direction of the Master Servicer invest the funds in such account in Permitted Instruments, each of which shall mature not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then such Permitted Instrument shall mature not later than such Distribution Date) and shall not be sold or disposed of prior to its maturity. All income and gain realized from any such investment as well as any interest earned on deposits in the Custodial Account shall be for the benefit of the Master Servicer. The Master Servicer shall deposit in the Custodial Account (with respect to investments made hereunder of funds held therein) an amount equal to the amount of any loss incurred in respect of any such investment immediately upon realization of such loss without right of reimbursement.
Permitted Instruments. 49 3.13. Maintenance of Primary Hazard Insurance. ........................... 50 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements.......................................................... 51 3.15. Realization Upon Defaulted Mortgage Loans........................... 52 3.16. Trustee to Cooperate; Release of Mortgage Files..................... 53 3.17.
Permitted Instruments. SECTION 3.13. Maintenance of Primary Mortgage Insurance and Primary Hazard Insurance................
Permitted Instruments. The depository institution at which the Custodial Account has been established may at the direction of the Company, invest the funds in the Custodial Account in Permitted Instruments, which shall mature not later than the Remittance Date next following the date of such investment. Subject to Section 3.16, all income and gain realized from any such investment shall be for the benefit of the Company and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Company out of its own funds immediately as such losses are realized. As used herein, Permitted Instruments shall include the following:
(i) obligations of, or obligations fully guaranteed as to principal and interest by, the United States or any agency or instrumentality thereof, provided such obligations are backed by the full faith and credit of the United States;
(ii) repurchase obligations with respect to any security described in clause (i) above maturing not more than one month from the date of acquisition thereof, provided that the unsecured obligations of the party agreeing to repurchase such obligations are at the time rated by any nationally recognized rating agency in its highest short-term rating available;
(iii) federal funds, certificates of deposit, demand deposits, time deposits and bankers’ acceptances (which shall each have an original maturity of not more than 90 days and, in the case of bankers’ acceptances, shall in no event have an original maturity of more than 365 days or a remaining maturity of more than 30 days) denominated in United States dollars of any U.S. depository institution or trust company incorporated under the laws of the United States or any state thereof or of any domestic branch of a foreign depository institution or trust company; provided that the debt obligations of such depository institution or trust company (or, in the case of the principal depository institution in a depository institution holding company system, debt obligations of the depository institution holding company) at the date of acquisition thereof have been rated by any nationally recognized rating agency in its highest short-term rating available; and provided further that, if the depository or trust company is a principal subsidiary of a bank holding company and the debt obligations of such subsidiary are not separately rated, the applicable rating shall be that of t...
Permitted Instruments. 25 SEC......................................................................... 31
Permitted Instruments. 41 SECTION 3.13. Maintenance of Primary Mortgage Insurance and Primary Hazard Insurance..............41 SECTION 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements...........................43 SECTION 3.15. Realization Upon Defaulted Mortgage Loans...........................................44 SECTION 3.16. Trustee to Cooperate; Release of Mortgage Files.....................................44
Permitted Instruments. 71 SECTION 3.13. Maintenance of Primary Hazard Insurance..................................... 71 SECTION 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements.................................................................. 72 SECTION 3.15. Realization Upon Defaulted Mortgage Loans................................... 73 SECTION 3.16. Trustee to Cooperate; Release of Mortgage Files............................. 74 SECTION 3.17. Servicing Compensation...................................................... 76 SECTION 3.18. Maintenance of Certain Servicing Policies................................... 76 SECTION 3.19. Annual Statement as to Compliance........................................... 76 SECTION 3.20. Annual Independent Public Accountants' Servicing Statement................................................................... 77
Permitted Instruments. 37 3.13. Maintenance of the Letter of Credit, Primary Mortgage Insurance and Primary Hazard Insurance.........37 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements...................................39
Permitted Instruments. 49 3.13. Maintenance of Primary Hazard Insurance. . . . . . . . . . . . . 50 3.14. Enforcement of Due-on-Sale Clauses; Assumption Agreements. . . . 51 3.15.
Permitted Instruments. 13 Person .................................................... 14
