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Fannie Mae will quarantep til t he, Tr Ost-rt,d holder of the <br />Series A Fannie° Mae Spc-urit-les that, it wi 11 distribute asouttta <br />representing scheduled principal aiA interest. at the applicable <br />Paas -Through Rate on the Conventional Mortgage Loans in the pool <br />represented by such Series A Fannie Mae Securities, whether or not <br />received, and the full principal balance of any foreclosed or other <br />finally liquidated Conventional Mortgage Loan, whether or not such <br />principal halanc-e is actually received. The obligations of Fannie <br />Mae under such guarantees are obligations solely of Fannie Map and <br />are not backed by, nor entitled to, the faith and credit of the <br />United States. If Fannin Mae were unable to satisfy such <br />obligations, distributions: to the Trustee, as the registered holder <br />of Series A Fannie Mae Securities, would consist solely of payments <br />and other recoveries on the underlying Conventional Mortgage Loans <br />and, accordingly, monthly distributions to the Trustee, as the <br />holder of Series A Fannia Mae Securities, would be affected by <br />delinquent payments and defaults on such Conventional Mortgage <br />Loans. <br />Payments on Conventional Mortgage Loans; <br />Distributions on Series A Fannie Mae Securities <br />Payments on a Series A Fannie Mae Security will be made on the <br />25th day of each month (beginning with the month following they <br />month such Series A Fannie Mae Security is issued) , or, if such <br />25th day is not a business day, on the first business day next <br />succeeding such 25th day. With respect to each Series A Fannie Mae <br />Security, Fannie Mae will distribute to the Trustee an amount equal <br />to the total of ('i) the principal due on the Conventional Mortgage <br />Loan in the related pool underlying such Series A Fannie Mae <br />Security during the period beginning on the second day of the month <br />prior to thA mnnth of such distribution and ending on the first day <br />of such month of distribution, (ii) the stated principal balance of <br />any Conventional M1_1111;age Loan th,+t was prepaid in t.uil during the <br />second month next preceding the month of such distribution <br />(including as prepaid for this purpose at Fannie fur's election any <br />^.onventional Mortgag- Loan after it is delinquent, in whole or in <br />part, with respect to tour consecutive installments of principal <br />.,rid interest; or because of Fannie fW's election to repurchase <br />u ­h Cc.nvont Tonal Hortgags too" under certain other circumstances <br />.:; ). r m i t t ed by the Indenture), (iii 1 the amount of any partial <br />),aym-rt. of a Ctonve t: tonal fiortq Loma received in the second <br />r=, ,t h next preceding C1M swath of Loma <br />and l►el one <br />*w .,r t h' a interest, at the Pass • Tf-t n:.qh Rat• an the pritrcipal bslatrce <br />t t t ­ SO t i f O A For;?-, ffas i t y as report ed to the Trustee <br />�:.e. ax,icaq the Trust.-.• ;. � h- feted boLder) to connection with <br />t t,r ulnas diet r.1 i .. IPecting the first distttbution. <br />t t,: 4, t i See' ipa 1 taw ! .. a ►rials Mss escuc i t y err i t s <br />idsree date). <br />Istat rMposes est diststi :ass. a aswatiaael ftwx Os Lmaa <br />wi i I d asss 14 be" btwx: sawfe A is hill i t . is I 40 *A*'* <br />osisanile jtr mew , the tel assrrnR tLnalIV eseowsAble are wommt <br />s1 <br />r,. <br />by <br />pri <br />exF <br />Acc) <br />and <br />par <br />I'rc <br />int <br />is <br />