Xxxxxx Xxx Certificate means a single pool, guaranteed mortgage pass-through Xxxxxx Xxx Mortgage Backed Security, issued by Xxxxxx Xxx in book-entry form, the full and timely payment of principal of and interest on which is guaranteed by Xxxxxx Xxx, which evidences a proportional undivided interest in a Pool of Conventional Mortgage Loans, all of which loans provide for monthly payments of principal and interest in substantially equal installments for the contractual term of such loan and are amortizing over the original term to maturity.
Xxxxxx Xxx Certificate means a certificate guaranteed by Xxxxxx Xxx.
Xxxxxx Xxx Certificate means, with respect to a Program, a guaranteed mortgage pass-through Xxxxxx Mae Mortgage-Backed Security, issued by Xxxxxx Xxx in book-entry form, transferred to the account of the Trustee or its nominee (or any successor or transferee), guaranteed as to timely payment of principal and interest by Xxxxxx Mae and backed by conventional or government insured or government guaranteed Mortgage Loans in the related Xxxxxx Xxx Pool.
Examples of Xxxxxx Xxx Certificate in a sentence
The 2018BB Second Mortgage Loans and the Mortgage Loans backing each Xxxxxx Xxx Certificate purchased with moneys in the Series 2018BB subaccount of the Acquisition Account shall meet the requirements of Section 6.7 of the Master Indenture and comply with the tax covenant of Section 6.5 hereof, provided, however, that no mortgage insurance or guaranty is required for any Second Mortgage Loan financed with proceeds of the Series 2018BB Bonds.
More Definitions of Xxxxxx Xxx Certificate
Xxxxxx Xxx Certificate means a fully-modified, mortgage-backed, pass-through security issued by a Servicer in accordance with the applicable Xxxxxx Mae Guide representing the beneficial ownership interest in a Xxxxxx Xxx Pool, registered in the name of the Trustee and guaranteed as to timely payment of principal and interest by Xxxxxx Mae pursuant to Section 306(g) of Title III of the National Housing Act of 1934 and regulations promulgated thereunder backed by Mortgage Loans originated by Participating Lending Institutions under a Program and packaged by the Servicer into a Xxxxxx Xxx Pool.
Xxxxxx Xxx Certificate means a single pool, guaranteed mortgage pass-through Xxxxxx Mae Mortgage-backed Security, providing for the final regularly scheduled pass-through payment thereunder to be made not later than the date specified by the Authority pursuant to the applicable Program Notice, bearing interest at the applicable Pass-Through Rate, issued by Xxxxxx Xxx in book entry form, recorded in the name of Trustee or its nominee, guaranteed as to timely payment of principal and interest by Xxxxxx Mae and backed by Conventional Mortgage Loans in the related Mortgage Pool, with a latest loan maturity date not later than the date specified by the Authority pursuant to the applicable Program Notice.
Xxxxxx Xxx Certificate means a certificate purchased by the Trustee, issued by the Commission and guaranteed by Xxxxxx Xxx pursuant to its Xxxxxx Xxx I or Xxxxxx Xxx XX mortgage-backed securities program under Section 306(9) and other related provisions of the National Housing Act of 1934, as amended, and based upon and backed by Mortgage Loans referred to in the Xxxxxx Xxx Certificate, which certificate shall unconditionally obligate the Commission to remit monthly to the holder thereof its pro rata share of (x) principal payments and prepayments made in respect of the Pool of Mortgage Loans represented by the Xxxxxx Xxx Certificate and (y) interest received in an amount equal to the Xxxxxx Xxx Pass-Through Rate. Xxxxxx Xxx shall guarantee to the holder of each Xxxxxx Xxx Certificate such holder’s pro rata share of (i) the timely payment of interest at the applicable Pass-Through Rate on the unpaid principal balance of the Mortgage Loans represented by the Xxxxxx Xxx Certificate and (ii) the timely payment of principal in accordance with the terms of the principal amortization schedule applicable to the Mortgage Loans represented by such Xxxxxx Xxx Certificate. If Xxxxxx Xxx so requires pursuant to its book entry system, in lieu of the aforesaid certificate, the confirmation of Xxxxxx Xxx’s guaranty obligation shall be transmitted to the Trustee or its designee electronically.