Common use of Small Issue Program Bonds Clause in Contracts

Small Issue Program Bonds. The Program Bonds are Program Bonds which satisfy each of the following requirements: (i) the Complete Indenture is required to be a “Permitted Single-Family Indenture”, which term is defined to mean an indenture with respect to which 100% of the mortgage assets held under the indenture are single-family mortgage backed securities, (ii) at issuance, the Program Bonds will have a long-term credit rating of ‘Aaa’/‘AAA’ and (iii) the principal amount of the Program Bonds is not in excess of $25,000,000.

Small Issue Program Bonds. The Program Bonds are Program Bonds which satisfy each of the following requirements: (i) the Complete Indenture is required to be a “Permitted Single-Family Indenture”, which term is defined to mean an indenture with respect to which 100% of the mortgage assets held under the indenture are single-family mortgage backed securities, (ii) at issuance, the Program Bonds will have a long-term credit rating of ‘Aaa’/‘AAAAaa’/’AAA’ and (iii) the principal amount of the Program Bonds is not in excess of $25,000,000.