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the tiro of application for ;a M'ir:tgagf- lr.>an, and con fitiried At- the <br />time of Closing. <br />"Eligible Persons and Families" reans a person or persons arvi <br />family or families (i) intcndi-nq principally :and perrranently to <br />reside as a household in a Single Family Residence; (ii) WIIO3P <br />total Current Annual Family Income does not exceed the Maximum <br />Current. Annual Family Income; and (iii) with respect to each <br />Mortgagor who purchases a Single Family Residence not located <br />within a Targeted Area, each Mortgagor is a First Time Homebuyer <br />(provided that Participant may originate Mortgage Loans to <br />borrowers other than First Time Homebuyers in Targeted Areas). <br />"Excess Revenues" means revenues described in subparagraph (v) <br />under "THE INDENTURE -- Flow of Funds," above. <br />"Excess Service Fee" means that portion of the interest on <br />Loans bearing interest at a rate of 7.12% and 7.65% which exceeds <br />the sum of the Pass -Through Rate and the Servicing Fee. <br />"Fannie Mae" or "FNMA" means the Federal National Mortgage <br />Association, a corporation organized and existing under the laws of <br />the United States, or any successor thereto. <br />"Fannie Mae Guaranty Fee" means the annual fee equal to 0.25t <br />of the outstanding balance of the Conventional Mortgage Loans in a <br />FNMA pool payable monthly to Fannie Mae by the Servicer in <br />connecticn with the, issuance of a Fannie Mae Security. <br />"Fannie Mae Security" means a single pool, guaranteed mortgage <br />pass-through Fannie Mae Mortgage-backed security, providing for the <br />regularly scheduled monthly payments and any prepayments thereunder <br />with the final regularly scheduled payment thereunder to be made <br />not later than ,June 30, 2027 Ojnles!i the Certificate Acquisition <br />Period is ­xt" riJF d as provided in ;h-- indenture, in which case the <br />Fannie Mae Security shall mature on or before such date as shall be <br />reflected in the verification report submitted to the Rating <br />Agencies in connection with such a-xtension), bearing interest at <br />the Pias -Through Rate unless diffeaent rates are deterained upon <br />ext.etwion of the Cartificate Acquisition Period as provided In the <br />I ndeMure, issued by Facade Mae in book -entry forei, recorded in the <br />nabs of tbs Tnotee or its no■ i nee for the benefit of the <br />Dand elders as part of the Trust Satate, guaraateed as to tiaoely <br />punt of principal and interest by Fannie Rae and backed by <br />conventional Nwt Loana in the related nortgage pool, with a <br />l x t . r a. ) cabs eaatv!r i t.y date :i: t later than Jens 1, 2037 and to any <br />pvt.! t."t lstfa t):.+=s 60 da;e: i -fore itual Solid saturity. <br />eor"" ro .... . i f"de! _a l a:r Aftla1Kratlo• of the U.S. <br />!h-1-1 ! flu t!t 1 ., .. t l Og at bast �� to <br />