Common use of Purchase Funds Clause in Contracts

Purchase Funds. There is hereby created a Xxxxxxx Xxx Xxxxxxxx Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The 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 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 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 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 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.

Purchase Funds. (A) There is hereby created a Xxxxxxx Xxx Xxxxxxxx [Xxxxxx Xxx/Freddie Mac] Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The [Xxxxxx Xxx/Freddie 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 Xxx/Freddie 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 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 [Xxxxxx Xxx/Freddie 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 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 [Xxxxxx Xxx/Freddie 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 Xxxxxxx Xxx Xxxxxxxx [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. (B) The Tender Agent shall either (i) cause [Xxxxxx Xxx/Freddie Mac] Pledged Bonds to be delivered to the “Custodian” under the [Xxxxxx Xxx/Freddie Mac] Pledge Agreement or (ii) if, and only if, delivery of the [Xxxxxx Xxx/Freddie Mac] Pledged Bonds is not possible, deliver a written entitlement order, to the applicable securities intermediaries on whose records ownership of the [Xxxxxx Xxx/Freddie Mac] Pledged Bonds is reflected, directing the securities intermediaries to credit the security entitlement to the [Xxxxxx Xxx/Freddie Mac] Pledged Bonds to the account of the “Custodian” for the benefit of [Xxxxxx Xxx/Freddie Mac] and deliver to the “Custodian” a written confirmation of such credit, whether or not the related Mortgagor or the Trustee notifies the Remarketing Agent to do so. (C) Failure to pay interest on [Xxxxxx Xxx/Freddie Mac] Pledged Bonds when due, or failure to pay principal and interest on [Xxxxxx Xxx/Freddie Mac] Pledged Bonds upon any redemption date or purchase date or the maturity date of the 2022 Series __ Bonds, shall not constitute an event of default as described in the General Resolution. Upon the maturity date of any [Xxxxxx Xxx/Freddie Mac] Pledged Bond, such [Xxxxxx Xxx/Freddie Mac] Pledged Bond shall be deemed canceled. Upon any date of acceleration of all of the Bonds, all [Xxxxxx Xxx/Freddie Mac] Pledged Bonds shall be deemed canceled. [Xxxxxx Xxx/Freddie Mac] Pledged Bonds shall also be canceled at the direction of [Xxxxxx Xxx/Freddie Mac].

Purchase Funds. There is hereby created a Xxxxxxx Xxx Xxxxxxxx Mac Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The Freddie 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 Freddie 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 Freddie 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 Freddie 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 Xxx Xxxxxxxx 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. (A) There is hereby created a [Xxxxxx Mae/Xxxxxxx Xxx Xxxxxxxx Mac] Purchase Fund to be held by the Tender Agent in connection with the purchase of Constructively Tendered Bonds. The Freddie Mac [Xxxxxx Mae/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 Freddie Mac [Xxxxxx Mae/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 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 Freddie Mac [Xxxxxx Mae/Xxxxxxx 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 Freddie Mac [Xxxxxx Mae/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 [Xxxxxx Mae/Xxxxxxx Xxx Xxxxxxxx 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. (B) The Tender Agent shall either (i) cause [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds to be delivered to the “Custodian” under the [Xxxxxx Mae/Xxxxxxx Mac] Pledge Agreement or (ii) if, and only if, delivery of the [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds is not possible, deliver a written entitlement order, to the applicable securities intermediaries on whose records ownership of the [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds is reflected, directing the securities intermediaries to credit the security entitlement to the [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds to the account of the “Custodian” for the benefit of [Xxxxxx Mae/Xxxxxxx Mac] and deliver to the “Custodian” a written confirmation of such credit, whether or not the related Mortgagor or the Trustee notifies the Remarketing Agent to do so. (C) Failure to pay interest on [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds when due, or failure to pay principal and interest on [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds upon any redemption date or purchase date or the maturity date of the 2022 Series __ Bonds, shall not constitute an event of default as described in the General Resolution. Upon the maturity date of any [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bond, such [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bond shall be deemed canceled. Upon any date of acceleration of all of the Bonds, all [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds shall be deemed canceled. [Xxxxxx Mae/Xxxxxxx Mac] Pledged Bonds shall also be canceled at the direction of [Xxxxxx Mae/Xxxxxxx Mac].