Common use of Purchase Funds Clause in Contracts

Purchase Funds. (1) There is hereby created a Xxxxxxx Mac Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The Xxxxxxx Mac Purchase Fund shall be held by the Tender Agent separate and apart from the other funds and accounts established by the Resolution and any other funds held or owned by the Tender Agent and shall not be subject to the lien of the Resolution. By noon on the Business Day immediately preceding a Special Mandatory Tender Date, the Trustee shall (i) transfer to the Xxxxxxx Mac Purchase Fund from the applicable 2022 Series LOC Payments Account an amount equal to the deposit therein representing principal and interest payments on the Xxxxxxx Mac Credit-Enhanced Mortgage Loan and previously obtained under the Xxxxxxx Mac Credit Enhancement Instrument following the immediately preceding May 1 or November 1, as the case may be, and (ii) draw on the applicable Xxxxxxx Mac Credit Enhancement Instrument in the amount equal to the Purchase Price, less the amount transferred from the 2022 Series LOC Payments Account. The Tender Agent shall receive and hold in trust Constructively Tendered Bonds for the benefit of the former Holders thereof until the Purchase Price thereof is made available in the Xxxxxxx Mac Purchase Fund. The Tender Agent shall hold in trust the Purchase Price of Constructively Tendered Bonds in the Xxxxxxx Mac Purchase Fund (i.e., the proceeds of draws on the applicable Xxxxxxx Mac Credit Enhancement Instrument issued with respect to such Constructively Tendered Bonds) for the benefit of Holders who have tendered Constructively Tendered Bonds for purchase in accordance herewith until such Holders present the actual Constructively Tendered Bonds as required by this Series Resolution. No monies held by the Tender Agent in the Xxxxxxx Mac Purchase Fund shall be considered monies of the Agency; no such monies shall be invested; and no Constructively Tendered Bonds purchased by the Tender Agent shall be deemed to have been purchased by, for or on behalf of the Agency.

Purchase Funds. (1A) There is hereby created a [Xxxxxx Mae/Xxxxxxx Mac Mac] Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The [Xxxxxx Mae/Xxxxxxx Mac Mac] Purchase Fund shall be held by the Tender Agent separate and apart from the other funds and accounts established by the Resolution and any other funds held or owned by the Tender Agent and shall not be subject to the lien of the Resolution. By noon on the Business Day immediately preceding a Special Mandatory Tender Date, the Trustee shall (i) transfer to the [Xxxxxx Mae/Xxxxxxx Mac Mac] Purchase Fund from the applicable 2022 Series __ LOC Payments Account an amount equal to the deposit therein representing principal and interest payments on the Xxxxxxx Mac Credit-Enhanced related 2022 Series __ Mortgage Loan and previously obtained under the [Xxxxxx Mae/Xxxxxxx Mac Mac] Credit Enhancement Instrument following the immediately preceding May 1 or November 1, as the case may be, and (ii) draw on the applicable [Xxxxxx Mae/Xxxxxxx Mac Mac] Credit Enhancement Instrument in the amount equal to the Purchase Price, less the amount transferred from the applicable 2022 Series __ LOC Payments Account. The Tender Agent shall receive and hold in trust Constructively Tendered Bonds for the benefit of the former Holders thereof until the Purchase Price thereof is made available in the [Xxxxxx Mae/Xxxxxxx Mac Mac] Purchase Fund. The Tender Agent shall hold in trust the Purchase Price of Constructively Tendered Bonds in the [Xxxxxx Mae/Xxxxxxx Mac Mac] Purchase Fund (i.e., the proceeds of draws on the applicable [Xxxxxx Mae/Xxxxxxx Mac Mac] Credit Enhancement Instrument issued with respect to such Constructively Tendered Bonds) for the benefit of Holders who have tendered Constructively Tendered Bonds for purchase in accordance herewith until such Holders present the actual Constructively Tendered Bonds as required by this Series Resolution. No monies held by the Tender Agent in the [Xxxxxx Mae/Xxxxxxx Mac Mac] Purchase Fund shall be considered monies of the Agency; no such monies shall be invested; and no Constructively Tendered Bonds purchased by the Tender Agent shall be deemed to have been purchased by, for or on behalf of the Agency.

Purchase Funds. (1A) There is hereby created a Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Purchase Fund shall be held by the Tender Agent separate and apart from the other funds and accounts established by the Resolution and any other funds held or owned by the Tender Agent and shall not be subject to the lien of the Resolution. By noon on the Business Day immediately preceding a Special Mandatory Tender Date, the Trustee shall (i) transfer to the Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Purchase Fund from the applicable 2022 Series __ LOC Payments Account an amount equal to the deposit therein representing principal and interest payments on the Xxxxxxx Mac Credit-Enhanced related 2022 Series __ Mortgage Loan and previously obtained under the Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Credit Enhancement Instrument following the immediately preceding May 1 or November 1, as the case may be, and (ii) draw on the applicable Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Credit Enhancement Instrument in the amount equal to the Purchase Price, less the amount transferred from the applicable 2022 Series __ LOC Payments Account. The Tender Agent shall receive and hold in trust Constructively Tendered Bonds for the benefit of the former Holders thereof until the Purchase Price thereof is made available in the Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Purchase Fund. The Tender Agent shall hold in trust the Purchase Price of Constructively Tendered Bonds in the Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Purchase Fund (i.e., the proceeds of draws on the applicable Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Credit Enhancement Instrument issued with respect to such Constructively Tendered Bonds) for the benefit of Holders who have tendered Constructively Tendered Bonds for purchase in accordance herewith until such Holders present the actual Constructively Tendered Bonds as required by this Series Resolution. No monies held by the Tender Agent in the Xxxxxxx Mac [Xxxxxx Xxx/Freddie Mac] Purchase Fund shall be considered monies of the Agency; no such monies shall be invested; and no Constructively Tendered Bonds purchased by the Tender Agent shall be deemed to have been purchased by, for or on behalf of the Agency.

Purchase Funds. (1) There is hereby created a Xxxxxxx Mac Purchase Xxx Xxxxxxxx Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The Xxxxxxx Freddie Mac Purchase Fund shall be held by the Tender Agent separate and apart from the other funds and accounts established by the Resolution and any other funds held or owned by the Tender Agent and shall not be subject to the lien of the Resolution. By noon on the Business Day immediately preceding a Special Mandatory Tender Date, the Trustee shall (i) transfer to the Xxxxxxx Freddie Mac Purchase Fund from the applicable 2022 Series LOC Payments Account an amount equal to the deposit therein representing principal and interest payments on the Xxxxxxx Mac Credit-Enhanced Mortgage Loan and previously obtained under the Xxxxxxx Mac Credit Enhancement Instrument following the immediately preceding May 1 or November 1, as the case may be, and (ii) draw on the applicable Xxxxxxx Freddie Mac Credit Enhancement Instrument in the amount equal to the Purchase Price, less the amount transferred from the 2022 Series LOC Payments Account. The Tender Agent shall receive and hold in trust Constructively Tendered Bonds for the benefit of the former Holders thereof until the Purchase Price thereof is made available in the Xxxxxxx Mac Purchase Fund. The Tender Agent shall hold in trust the Purchase Price of Constructively Tendered Bonds in the Xxxxxxx Mac Purchase Fund (i.e., the proceeds of draws on the applicable Xxxxxxx Freddie Mac Credit Enhancement Instrument issued with respect to such Constructively Tendered Bonds) for the benefit of Holders who have tendered Constructively Tendered Bonds for purchase in accordance herewith until such Holders present the actual Constructively Tendered Bonds as required by this Series Resolution. No monies held by the Tender Agent in the Xxxxxxx Mac Purchase Xxx Xxxxxxxx Fund shall be considered monies of the Agency; no such monies shall be invested; and no Constructively Tendered Bonds purchased by the Tender Agent shall be deemed to have been purchased by, for or on behalf of the Agency.