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“GNMA Guaranty” means the guaranty made by GNMA pursuant to the provisions of Section
306(g) of Title III of the National Housing Act, as amended, and the regulations promulgated under the
National Housing Act.
“GNMA Mortgage-Backed Securities Guide” means the GNMA Handbook 5500.3, as it may be
amended or modified from time to time, which describes and provides instruction to the participants in the
GNMA Mortgage-Backed Securities program.
“GNMA Regulations” means the GNMA regulations promulgated under the National Housing Act.
“GNMA Security” or “GNMA Securities” means a fully modified pass through security in the form
of a CLC or a PLC issued by an approved FHA lender and guaranteed by GNMA as to timely payment of
principal of and interest on a PLC and as to timely payment of interest only until maturity and timely
payment of principal at maturity on a CLC, pursuant to Section 306(g) of the National Housing Act of 1934,
as amended, and the regulations promulgated thereunder.
“Government” means the government of the United States of America, the government of any other
nation, any political subdivision of the United States of America or any other nation (including, without
limitation, any state, territory, federal district, municipality or possession) and any department, agency or
instrumentality thereof; and “Governmental” shall mean of, by, or pertaining to any Government.
“Government Obligations” means non-callable, non-redeemable direct obligations of the United
States of America, including obligations issued or held in book-entry form on the books of the Department
of the Treasury of the United States of America.
“Highest Rating Category” means, with respect to an Eligible Investment, that the Eligible
Investment is rated by a Rating Agency in the highest rating given by that Rating Agency for that Rating
Category, provided that such rating shall include but not be below Aa1 or Aa1/VMIG-1 if rated by Moody’s
or A-1+ or AA+ if rated by S&P.
“Holder,” “Holders,” or “Holder of a Bond” means the Person in whose name a Bond is registered
on the Register.
“HUD” means the United States Department of Housing and Urban Development.
“HUD Regulatory Agreement” means the Regulatory Agreement for Multifamily Projects, dated
the date of the FHA Note, between the Borrower and HUD, related to the FHA Insured Mortgage Loan.
“Indebtedness” means for any Person (a) all indebtedness or other obligations of such Person for
borrowed money or for the deferred purchase price of property or services; (b) all indebtedness or other
obligations of any other Person for borrowed money or for the deferred purchase price of property or
services, the payment or collection of which such Person has guaranteed (except by reason of endorsement
for deposit or collection in the ordinary course of business) or in respect of which such Person is liable,
contingently or otherwise, including, without limitation, by way of agreement to purchase, to provide funds
for payment, to supply funds to or otherwise to invest in such other Person, or otherwise to assure a creditor
against loss; (c) all indebtedness or other obligations of any other Person for borrowed money or for the
deferred purchase price of property or services secured by (or for which the holder of such indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien, upon or in property (including,
without limitation, accounts and contract rights) owned by such Person, whether or not such Person has
assumed or become liable for the payment of such indebtedness or other obligations; (d) all direct or
contingent obligations of such Person in respect of letters of credit; (e) all lease obligations which have
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