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<br />Participation Certificate means a certificate in the fonD provided for
<br />in the Mortgage Loan Participation Purchase and Servicing Agreement evidencing
<br />the ownership interest purchased by the Agency in the Mortgage Loan enumerated
<br />therein.
<br />
<br />Paying Agent means each bank or trust company or nati.onal banking
<br />ass.ociation appointed pursuant to Section 802 to act as agent of the Agency
<br />for the purpose of paying principal' and interest on the Bonds, and each
<br />successor .or successors, and any other bank or trust c.ompany or national
<br />banking association at any time substituted in its place pursuant to this
<br />Resolution.
<br />
<br />Permitted Encumbrances, when used with respect to Mortgage Loans, means
<br />th.ose liens, covenants, conditions, restrictions, easements, encroachments or
<br />rights which are customarily waived or accepted by prudent lending
<br />institutions and the existence of which will not prevent the conveyance of
<br />g.ood title to a mortgaged Residence if a claim for Mortgage Insurance benefits
<br />with respect thereto shall thereafter be made by the Trustee or a Servicer on
<br />behalf .of the Agency, and shall include those liens and encumbrances set forth
<br />in the Sellers' Guide.
<br />
<br />Permitted Investments means any of the foll.owing which at the time are
<br />legal investments for the Agency under the laws of the State, and to the
<br />extent provided by law, for the moneys held hereunder then proposed t.o be
<br />invested therein: (i) time or demand deposits in, or other banking
<br />arrangements with, any bank or trust c.ompany having aggregate capital and
<br />surplus of at least $50,000,000 and authorized to accept deposits of public
<br />funds (including the banking department of the Trustee), which are secured at
<br />all times by b.onds or .other obligations which are authorized by law as
<br />security for public deposits, .of a market value at least equal to the amount
<br />required by law; (ii) any securities or'.obligations of a bank holding company,
<br />the principal banking subsidiary of which has an aggregate capital and surplus
<br />of at least $50,000,000 or obligations, participations or .other instruments of
<br />.or issued by a privately or publicly held corporation which obligations,
<br />participations or other instruments are fully secured or guaranteed by a
<br />line-of-credit, letter of credit, or other security or instrument issued b.y
<br />any bank or trust company having an aggregate surplus of $50,000,000; (iii)
<br />United States Treasury notes, bonds, bills or certificates of indebtedness, or
<br />obligations for which the full faith and credit of the United States are
<br />pledged for the payment of principal and interest; (iv) obligations,
<br />partìcipation certificates, or other instruments of, or issued by, or fully
<br />guaranteed as t.o principal and interest by, FNMA, or issued by a Federal
<br />Agency or a United States Government spons.ored enterprise; or (v) repurchase
<br />agreements secured by any of the above.
<br />
<br />Pledged Revenues or Revenues means all payments made with respect to
<br />the M.ortgage Loan Participation including a portion .of the c.ommitment fees and
<br />program participation fees provided for in the Commitment Contract (and
<br />Reservation of Funds) and a portion of the prepayment penalties paid with
<br />respect t.o Prepayments, all payments made on the Loan to Lender including any
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