First-Lien State Bond Loans definition
First-Lien State Bond Loans means a State Bond Loan with respect to which the Mortgage represents a first lien on the related Mortgaged Property.
First-Lien State Bond Loans means a State Bond Loan with respect to which the Mortgage represents a first lien on the related Mortgaged Property. “Floor” shall have the meaning assigned thereto in the Pricing Side Letter.19 “▇▇▇▇▇▇▇ Mac” means the Federal Home Loan Mortgage Corporation, and its successors in interest. “▇▇▇▇▇▇▇ Mac as Custodian” means, with respect to ▇▇▇▇▇▇▇ Mac Participation Certificates, the circumstances in which Seller elects to appoint ▇▇▇▇▇▇▇ Mac (as opposed to some other third party as permitted by the ▇▇▇▇▇▇▇ Mac Guide) as Custodian for the ▇▇▇▇▇▇▇ Mac Mortgage Loans subject to the ▇▇▇▇▇▇▇ Mac Participation Certificates to be purchased by Purchaser hereunder. “▇▇▇▇▇▇▇ Mac Guide” means the ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇’ and Servicers’ Guide, as such Guide may hereafter from time to time be amended. “▇▇▇▇▇▇▇ Mac Mortgage Loan” means, with respect to any ▇▇▇▇▇▇▇ Mac Participation Certificate or any ▇▇▇▇▇▇▇ Mac Security, a mortgage loan that is in Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable ▇▇▇▇▇▇▇ Mac Program described in the ▇▇▇▇▇▇▇ Mac Guide. “▇▇▇▇▇▇▇ Mac Participation Certificate” means, with respect to the ▇▇▇▇▇▇▇ Mac Program, a certificate, substantially in the form of Exhibit A, issued by Seller and authenticated by Custodian, evidencing the 100% undivided beneficial ownership interest in the ▇▇▇▇▇▇▇ Mac Mortgage Loans that are either (a) set forth on a copy of the ▇▇▇▇▇▇▇ Mac Form 1034 (Fixed-Rate Custodial Certification Schedule) attached to such Participation Certificate or (b) identified on a computer tape compatible with Selling System as belonging to the mortgage loan pool described in such Participation Certificate. “▇▇▇▇▇▇▇ Mac Program” means the ▇▇▇▇▇▇▇ Mac Home Mortgage Guarantor Program or the ▇▇▇▇▇▇▇ Mac FHA/VA Home Mortgage Guarantor Program, as described in the ▇▇▇▇▇▇▇ Mac Guide. “▇▇▇▇▇▇▇ Mac Security” means a modified pass-through mortgage-backed participation certificate, evidenced by a book-entry account in a depository institution having 19 The definition of “Floor” was added by Amendment No. 2, dated as of April 28, 2022.