Common use of Selected Covenants Clause in Contracts

Selected Covenants. The Complete Indenture includes, without limitation, the following covenants: (a) The HFA shall take all steps necessary to assure that all assets and revenues of any description pledged to the payment of the Program Bonds and all other bonds issued under the Complete Indenture shall be applied strictly in accordance with, and solely for the purposes and in the amounts specified and permitted by, the terms of the Complete Indenture. (b) The HFA shall not issue new bonds under the Complete Indenture in a variable rate demand, adjustable rate or auction rate mode, other than Program Bonds bearing a variable rate prior to conversion and Construction Program Bonds. (c) With respect to the purchase, origination, enforcement and servicing of Permitted Mortgage Loans, the HFA shall: (i) originate or cause to be originated, and, if applicable, purchased, mortgage loans and purchase, or cause to be purchased, MBS in a manner consistent with applicable state law, the Complete Indenture and any supplements thereto, and such other related documents by which the HFA is bound; (ii) cause all mortgage loans to be serviced pursuant to the servicing requirements of the HFA, GNMA, FHA, Fxxxxx Mxx and Fxxxxxx Mac, as applicable; (iii) except as otherwise permitted by Treasury or the GSEs, diligently take all steps necessary or desirable to enforce all terms of the mortgage loans, MBS, loan program documents and all such other documents evidencing obligations to the HFA; and (iv) diligently take all actions consistent with sound mortgage loan origination, purchase and servicing practices and principles as may be necessary to receive and collect sufficient revenues to pay debt service when due on the Program Bonds.

Selected Covenants. The Complete Indenture includes, without limitation, the following covenants: (a) The HFA shall take all steps necessary to assure that all assets and revenues of any description pledged to the payment of the Program Bonds and all other bonds issued under the Complete Indenture shall be applied strictly in accordance with, and solely for the purposes and in the amounts specified and permitted by, the terms of the Complete Indenture. (b) The HFA shall not issue new bonds under the Complete Indenture in a variable rate demand, adjustable rate or auction rate mode, other than Program Bonds bearing a variable rate prior to conversion and Construction Program Bonds. (c) With respect to the purchase, origination, enforcement and servicing of Permitted Mortgage Loans, the HFA shall: (i) originate or cause to be originated, and, if applicable, purchased, mortgage loans and purchase, or cause to be purchased, MBS in a manner consistent with applicable state law, the Complete Indenture and any supplements thereto, and such other related documents by which the HFA is bound; (ii) cause all mortgage loans to be serviced pursuant to the servicing requirements of the HFA, GNMA, FHA, Fxxxxx Mxx Xxxxxx Xxx and Fxxxxxx Xxxxxxx Mac, as applicable; (iii) except as otherwise permitted by Treasury or the GSEs, diligently take all steps necessary or desirable to enforce all terms of the mortgage loans, MBS, loan program documents and all such other documents evidencing obligations to the HFA; and (iv) diligently take all actions consistent with sound mortgage loan origination, purchase and servicing practices and principles as may be necessary to receive and collect sufficient revenues to pay debt service when due on the Program Bonds.

Selected Covenants. The Complete Indenture includes, without limitation, the following covenants: (a) The HFA shall take all steps necessary to assure that all assets and revenues of any description pledged to the payment of the Program Bonds and all other bonds issued under the Complete Indenture shall be applied strictly in accordance with, and solely for the purposes and in the amounts specified and permitted by, the terms of the Complete Indenture. (b) The HFA shall not issue new bonds under the Complete Indenture in a variable rate demand, adjustable rate or auction rate mode, other than Program Bonds bearing a variable rate prior to conversion with Escrowed Proceeds at the Variable Rate and Construction Program Bonds. (c) With respect to the purchase, origination, enforcement and servicing of Permitted Mortgage Loansmortgage loans and mortgage backed securities (“MBS”), the HFA shall: (i) originate or cause to be originated, and, if applicable, purchased, mortgage loans and purchase, or cause to be purchased, MBS in a manner consistent with applicable state law, the Complete Indenture and any supplements thereto, and such other related documents by which the HFA is bound; (ii) cause all mortgage loans to be serviced pursuant to the servicing requirements of the HFA, GNMA, FHA, Fxxxxx Mxx Xxxxxx Mae and Fxxxxxx Xxxxxxx Mac, as applicable; (iii) except as otherwise permitted by Treasury or the GSEs, diligently take all steps necessary or desirable to enforce all terms of the mortgage loans, MBS, loan program documents and all such other documents evidencing obligations to the HFA; and (iv) diligently take all actions consistent with sound mortgage loan origination, purchase and servicing practices and principles as may be necessary to receive and collect sufficient revenues to pay debt service when due on the Program Bonds. (d) The HFA shall not issue any bonds senior in priority to the Program Bonds and the HFA hereby represents and warrants that the Program Bonds are at least equal in priority with respect to payment and security to the most senior Outstanding Bonds under the Complete Indenture. Terms capitalized in this Schedule D-3 and not defined in Article 1 of this Agreement will have the meaning assigned to such terms in the Complete Indenture. In order to qualify as Eligible Bonds under the New Issue Bond Program, the Program Bonds, the related Complete Indenture and the HFA must satisfy the following requirements:

Selected Covenants. The Complete Indenture includes, without limitation, the following covenants: (a) The HFA shall take all steps necessary to assure that all assets and revenues of any description pledged to the payment of the Program Bonds and all other bonds issued under the Complete Indenture shall be applied strictly in accordance with, and solely for the purposes and in the amounts specified and permitted by, the terms of the Complete Indenture. (b) The HFA shall not issue new bonds under the Complete Indenture in a variable rate demand, adjustable rate or auction rate mode, other than Program Bonds bearing a variable rate prior to conversion with Escrowed Proceeds at the Variable Rate and Construction Program Bonds. (c) With respect to the purchase, origination, enforcement and servicing of Permitted Mortgage Loansmortgage loans and mortgage backed securities (“MBS”), the HFA shall: (i) originate or cause to be originated, and, if applicable, purchased, mortgage loans and purchase, or cause to be purchased, MBS in a manner consistent with applicable state law, the Complete Indenture and any supplements thereto, and such other related documents by which the HFA is bound; (ii) cause all mortgage loans to be serviced pursuant to the servicing requirements of the HFA, GNMA, FHA, Fxxxxx Mxx Mae and Fxxxxxx Mac, as applicable; (iii) except as otherwise permitted by Treasury or the GSEs, diligently take all steps necessary or desirable to enforce all terms of the mortgage loans, MBS, loan program documents and all such other documents evidencing obligations to the HFA; and (iv) diligently take all actions consistent with sound mortgage loan origination, purchase and servicing practices and principles as may be necessary to receive and collect sufficient revenues to pay debt service when due on the Program Bonds. (d) Terms capitalized in this Schedule D-3 and not defined in Article 1 of this Agreement will have the meaning assigned to such terms in the Complete Indenture. In order to qualify as Eligible Bonds under the New Issue Bond Program, the Program Bonds, the related Complete Indenture and the HFA must satisfy the following requirements:

Selected Covenants. The Complete Indenture includes, without limitation, the following covenants: (a) The HFA shall take all steps necessary to assure that all assets and revenues of any description pledged to the payment of the Program Bonds and all other bonds issued under the Complete Indenture shall be applied strictly in accordance with, and solely for the purposes and in the amounts specified and permitted by, the terms of the Complete Indenture. (b) The HFA shall not issue new bonds under the Complete Indenture in a variable rate demand, adjustable rate or auction rate mode, other than Program Bonds bearing a variable rate prior to conversion and Construction Program Bonds. (c) With respect to the purchase, origination, enforcement and servicing of Permitted Mortgage Loans, the HFA shall: (i) originate or cause to be originated, and, if applicable, purchased, mortgage loans and purchase, or cause to be purchased, MBS in a manner consistent with applicable state law, the Complete Indenture and any supplements thereto, and such other related documents by which the HFA is bound; (ii) cause all mortgage loans to be serviced pursuant to the servicing requirements of the HFA, GNMA, FHA, Fxxxxx Mxx Xxxxxx Mae and Fxxxxxx Xxxxxxx Mac, as applicable; (iii) except as otherwise permitted by Treasury or the GSEs, diligently take all steps necessary or desirable to enforce all terms of the mortgage loans, MBS, loan program documents and all such other documents evidencing obligations to the HFA; and (iv) diligently take all actions consistent with sound mortgage loan origination, purchase and servicing practices and principles as may be necessary to receive and collect sufficient revenues to pay debt service when due on the Program Bonds.

Selected Covenants. The Complete Indenture includes, without limitation, the following covenants: (a) The HFA shall take all steps necessary to assure that all assets and revenues of any description pledged to the payment of the Program Bonds and all other bonds issued under the Complete Indenture shall be applied strictly in accordance with, and solely for the purposes and in the amounts specified and permitted by, the terms of the Complete Indenture. (b) The HFA shall not issue new bonds under the Complete Indenture in a variable rate demand, adjustable rate or auction rate mode, mode other than Program Bonds bearing a variable rate prior to conversion and Construction during the period such Program BondsBonds bear interest at the Short-Term Rate. (c) With respect to the purchase, origination, enforcement and servicing of Permitted Mortgage Loansmortgage loans and mortgage backed securities (“MBS”), the HFA shall: (i) originate or cause to be originated, originated and, if applicable, purchased, mortgage loans loans, and purchase, or cause to be purchased, MBS mortgage backed securities in a manner consistent with applicable state law, the Complete Indenture and any supplements thereto, thereto and such other related documents by which the HFA is bound; (ii) cause all mortgage loans to be serviced pursuant to the servicing requirements of the HFA, GNMA, FHA, Fxxxxx Mxx Xxxxxx Xxx and Fxxxxxx Xxxxxxx Mac, as applicable; (iii) except as otherwise permitted by Treasury or the GSEs, diligently take all steps necessary or desirable to enforce all terms of the mortgage loans, MBS, loan program documents and all such other documents evidencing obligations to the HFA; and (iv) diligently take all actions consistent with sound mortgage loan origination, purchase and servicing practices and principles as may be necessary to receive and collect sufficient revenues to pay debt service when due on the Program Bonds. (d) The HFA shall not issue bonds senior in priority to the Program Bonds and the HFA hereby represents and warrants that the Program Bonds are at least equal in priority with respect to payment and security to the most senior Outstanding Bonds under the Complete Indenture. Terms capitalized in this Schedule D-2 and not defined in Article 1 of this Agreement will have the meaning assigned to such terms in the Complete Indenture. In order to qualify as Eligible Bonds under the New Issue Bond Program, the Program Bonds, the related Complete Indenture and the HFA must satisfy the following requirements:

Selected Covenants. The Complete Indenture includes, without limitation, the following covenants: (a) The HFA shall take all steps necessary to assure that all assets and revenues of any description pledged to the payment of the Program Bonds and all other bonds issued under the Complete Indenture shall be applied strictly in accordance with, and solely for the purposes and in the amounts specified and permitted by, the terms of the Complete Indenture. (b) The HFA shall not issue new bonds under the Complete Indenture in a variable rate demand, adjustable rate or auction rate mode, mode other than Program Bonds bearing a variable rate prior to conversion and Construction during the period such Program BondsBonds bear interest at the Short-Term Rate. (c) With respect to the purchase, origination, enforcement and servicing of Permitted Mortgage Loansmortgage loans and mortgage backed securities (“MBS”), the HFA shall: (i) originate or cause to be originated, originated and, if applicable, purchased, mortgage loans loans, and purchase, or cause to be purchased, MBS mortgage backed securities in a manner consistent with applicable state law, the Complete Indenture and any supplements thereto, thereto and such other related documents by which the HFA is bound; (ii) cause all mortgage loans to be serviced pursuant to the servicing requirements of the HFA, GNMA, FHA, Fxxxxx Mxx Xxxxxx Mae and Fxxxxxx Xxxxxxx Mac, as applicable; (iii) except as otherwise permitted by Treasury or the GSEs, diligently take all steps necessary or desirable to enforce all terms of the mortgage loans, MBS, loan program documents and all such other documents evidencing obligations to the HFA; and (iv) diligently take all actions consistent with sound mortgage loan origination, purchase and servicing practices and principles as may be necessary to receive and collect sufficient revenues to pay debt service when due on the Program Bonds. (d) The HFA shall not issue bonds senior in priority to the Program Bonds and the HFA hereby represents and warrants that the Program Bonds are at least equal in priority with respect to payment and security to the most senior Outstanding Bonds under the Complete Indenture. Terms capitalized in this Schedule D-2 and not defined in Article 1 of this Agreement will have the meaning assigned to such terms in the Complete Indenture. In order to qualify as Eligible Bonds under the New Issue Bond Program, the Program Bonds, the related Complete Indenture and the HFA must satisfy the following requirements: