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Am Mortgage Leans, plus .any prepayments of principal of the Mortgage Loans and liquidation proceeds in the event of a foreclosure or other disposition of any Mortgage Loan received by the Servicer during the previous month. Chemical Bank, as paying agent for U'NMA, is required to make monthly payments to the Trustee, an holder of the Series A GNMA Certificates, on the third Business flay following the twentieth day of each month with respect to Series A GNMA Certificates, all as provided in the Indenture. Upon issuance of the Series A GNMA Certificates, GNMA will guarantee to the holder of the Series A GNMA Certificate the timely payment of principal of and interest on the Series A GNMA Certificate. In order to meet its obligations under such guaranty, GNMA, in its corporate capacity under Section 306(d) of Title III of the National Housing Act, may issue its general obligations to the United States Treasury Department in an amount outstanding at any one time sufficient to enable GNMA, with no limitations as to amount, to perform its obligations under its guaranty of the timely payment of the principal of and interest on the Series A G>IMA Certificates. The Treasury Department is authorized to purchase any obligations so issued by GNMA and has indicated in a letter dated February 13, 1970, from the Secretary of the Treasury to the Secretary of HUD that the Treasury will make loans to GNMA, if needed, to implement the aforementioned guaranty. Under the terms of its guaranty, GNMA also warrants to the Trustee as the holder of the Series A GNMA Certificates that, in the event GNMA is called upon at any time to make payment on its guaranty of the principal of and interest on the GNMA Certificate, it will, if necessary, in accordance with Section 306(d) of Title III of the National Housing Act, apply to the Treasury Department of the United States for a loan or loans in amounts sufficient to make such payments of principal and interest. Each Participant has agreed under its; Series A Origination Agreement to originate, in compliance with the Program, Mortgage Loans insured by F11A or guaranteed by VA or RECD and to cif -liver the Series A Mortgage Loan_: to the Servicer for purchase from the Servieer's own funds. Thereafter, the Servicer will package the FILA, VA and RE(.D S-ric-s A Mortgage Loans into GNMA Pols tf)r the pu!pose of issuing Series A GNMA Certificates; and on Ci-rtiticate Purchase Dates, the Trustee will purchase the Serie: A GNMA (-,:ititicates. Bach Series A GNMA Certificate will be backed by a GNMA Pool consistinq entirely of level payment Series A Mortgage with the same Mortgage Loan interest rats. The total l.ri,;ripal amount of any issues :if Series A (AM Certificates will r"I "Y..- f ed the aggregate unpaid principal balance of the Series A Loans In t h- ('.?M 1 1 back i tag such team . "rvicing of th. .'.ri.s A irortgaQe Loans to be soft hetuesn the servicer -d A fe rY l c i n4 AareeYnt . the r ,• , !j.I r is tap the settee A mango" 44