Ginnie Mae 5500.3, Rev. 1
Appendix I-4
Forms of Cross-Default Agreements
Applicability: Ginnie Mae I MBS Program and Ginnie Mae II MBS Program.
Each attached form of Cross-Default Agreement is designed to be used for the combination of parties set forth beside its identifying number in the following list:
Form 1 Subsidiary applicant for issuer status, existing issuer subsidiary, and Ginnie Mae.
Form 2 Two subsidiary applicants for issuer status and Ginnie Mae.
Form 3 Parent applicant for issuer status, existing issuer subsidiary, and Ginnie Mae.
Form 4 Subsidiary applicant for issuer status, two existing issuer subsidiaries, and Ginnie Mae.
Form 5 Two existing issuer subsidiaries and Ginnie Mae.
Form 6 Existing issuer parent, existing issuer subsidiary, and Ginnie Mae.
Form 7 Existing issuer parent, subsidiary applicant for issuer status, and Ginnie Mae
Form 8 Three existing issuer subsidiaries, one subsidiary applicant for issuer status, and Ginnie Mae.
Form 9 One existing issuer subsidiary, three subsidiary applicants for issuer status, and Ginnie Mae.
Form 10 Three existing issuer subsidiaries and Ginnie Mae.
Form 11 Four existing issuer subsidiaries, one subsidiary applicant for issuer status, and Ginnie Mae
FORM 1
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, and [Subsidiary Issuer 2], a corporation organized under the laws of ___________________.
WHEREAS, [Subsidiary Issuer 1] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, [Subsidiary Issuer 2] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Subsidiary Issuer 2] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer 1] and [Subsidiary Issuer 2] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by the other Subsidiary under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of both Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
3.Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 2
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, and [Subsidiary Issuer 2], a corporation organized under the laws of ___________________.
WHEREAS, each of [Subsidiary Issuer 1] and [Subsidiary Issuer 2] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements (each a “Guaranty Agreement”) with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Subsidiary Issuer 1] as a Ginnie Mae issuer and assigns it issuer number _________ and approves [Subsidiary Issuer 2] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer 1] and [Subsidiary Issuer 2] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by the other Subsidiary under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of both Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
3. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each Guaranty Agreement that is entered into between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 3
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer], a corporation organized under the laws of _______________, and [Parent Issuer], a corporation organized under the laws of ___________________.
WHEREAS, [Subsidiary Issuer] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, [Parent Issuer] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Parent Issuer] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer] and [Parent Issuer] (each an ”Issuer”) agree that any event of default by one Issuer pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by the other Issuer under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of both Issuers in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Issuer pursuant to such Guaranty Agreements or Contractual Agreements.
3. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Issuers. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Parent Issuer] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 4
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, [Subsidiary Issuer 2], a corporation organized under the laws of _______________, and [Subsidiary Issuer 3], a corporation organized under the laws of ___________________.
WHEREAS, each of [Subsidiary Issuer 1] and [Subsidiary Issuer 2] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, [Subsidiary Issuer 3] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Subsidiary Issuer 3] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer 1], [Subsidiary Issuer 2] and [Subsidiary Issuer 3] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by each other Subsidiary under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of the Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
3. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 3] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 5
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, and [Subsidiary Issuer 2], a corporation organized under the laws of ___________________.
WHEREAS, each of [Subsidiary Issuer 1] and [Subsidiary Issuer 2] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Cross-default. [Subsidiary Issuer 1] and [Subsidiary Issuer 2] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by the other Subsidiary under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of both Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
2. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 6
OMB No. 2503-0033 (Exp.11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer], a corporation organized under the laws of _______________, and [Parent Issuer], a corporation organized under the laws of ___________________.
WHEREAS, each of [Subsidiary Issuer] and [Parent Issuer] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Cross-default. [Subsidiary Issuer] and [Parent Issuer] (each an “Issuer”) agree that any event of default by one Issuer pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by the other Issuer under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of both Issuers in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Issuer pursuant to such Guaranty Agreements or Contractual Agreements.
2. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Issuers. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Parent Issuer] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 7
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Parent Issuer], a corporation organized under the laws of _______________, and [Subsidiary Issuer], a corporation organized under the laws of ___________________.
WHEREAS, [Parent Issuer] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, [Subsidiary Issuer] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Subsidiary Issuer] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer] and [Parent Issuer] (each an “Issuer”) agree that any event of default by one Issuer pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by the other Issuer under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of both Issuers in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Issuer pursuant to such Guaranty Agreements or Contractual Agreements.
3. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Issuers. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Parent Issuer] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 3] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 8
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, [Subsidiary Issuer 2], a corporation organized under the laws of _______________, [Subsidiary Issuer 3], a corporation organized under the laws of _______________, and [Subsidiary Issuer 4], a corporation organized under the laws of ___________________.
WHEREAS, each of [Subsidiary Issuer 1], [Subsidiary Issuer 2], and [Subsidiary Issuer 3] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, [Subsidiary Issuer 4] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Subsidiary Issuer 4] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer 1], [Subsidiary Issuer 2], [Subsidiary Issuer 3], and [Subsidiary Issuer 4] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by each of the other three Subsidiaries under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of all four Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
3. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 3] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 4] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________, Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 9
OMB No. 2503-0033 (Exp.11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, [Subsidiary Issuer 2], a corporation organized under the laws of _______________, [Subsidiary Issuer 3], a corporation organized under the laws of _______________, and [Subsidiary Issuer 4], a corporation organized under the laws of ___________________.
WHEREAS, [Subsidiary Issuer 1] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, each of [Subsidiary Issuer 2], [Subsidiary Issuer 3], and [Subsidiary Issuer 4] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Subsidiary Issuer 2] as a Ginnie Mae issuer and assigns it issuer number _________, approves [Subsidiary Issuer 3] as a Ginnie Mae issuer and assigns it issuer number _________, and approves [Subsidiary Issuer 4] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer 1], [Subsidiary Issuer 2], [Subsidiary Issuer 3], and [Subsidiary Issuer 4] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by each of the other three Subsidiaries under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of all four Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
3. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 3] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 4] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________, Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 10
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, [Subsidiary Issuer 2], a corporation organized under the laws of _______________, and [Subsidiary Issuer 3], a corporation organized under the laws of ___________________.
WHEREAS, each of [Subsidiary Issuer 1], [Subsidiary Issuer 2], and [Subsidiary Issuer 3] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Cross-default. [Subsidiary Issuer 1], [Subsidiary 2], and [Subsidiary Issuer 3] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by each of the other two Subsidiaries under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of all three Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
2. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 3] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
FORM 11
OMB No. 2503-0033 (Exp. 11/30/2008)
Public reporting for this information collection is estimated to average 3 minutes per response, including the time for reviewing instructions, searching existing data sources and gathering and completing the requested information.
Ginnie Mae may not collect this information, and you are not required to complete this form, unless it displays a valid OMB control number.
The information is required by Section 306(g) of the National Housing Act and/or the Ginnie Mae Handbook, 5500.3, Rev. 1. Ginnie Mae requires this agreement to ensure that when related business entities are concurrently qualified to serve as Ginnie Mae issuers, each using its own issuer identification number, that those entities provide Ginnie Mae with additional financial assurances and protections to mitigate risk. This information will not be disclosed except as permitted by law.
.
_____________________________________________________________________________________________
CROSS-DEFAULT AGREEMENT
This CROSS-DEFAULT AGREEMENT is entered into on this ____ day of ______________, 20___, by and between the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a body corporate organized and existing under the laws of the United States within the Department of Housing and Urban Development (hereinafter “Ginnie Mae”), [Subsidiary Issuer 1], a corporation organized under the laws of _______________, [Subsidiary Issuer 2], a corporation organized under the laws of _______________, [Subsidiary Issuer 3], a corporation organized under the laws of _______________, [Subsidiary Issuer 4], a corporation organized under the laws of _______________, and [Subsidiary Issuer 5], a corporation organized under the laws of ___________________.
WHEREAS, each of [Subsidiary Issuer 1], [Subsidiary Issuer 2], [Subsidiary Issuer 3], and [Subsidiary Issuer 4] is a Ginnie Mae issuer in good standing and has entered into one or more Guaranty Agreements (each, a “Guaranty Agreement”), pursuant to the Ginnie Mae MBS Program, or Contractual Agreements (each, a “Contractual Agreement”), pursuant to the Ginnie Mae II MBS Program, with Ginnie Mae and may enter into additional Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, [Subsidiary Issuer 5] has applied to Ginnie Mae for approval as a Ginnie Mae issuer and may enter into one or more Guaranty Agreements with Ginnie Mae pursuant to the Ginnie Mae MBS Program;
WHEREAS, Ginnie Mae requires that when related entities are qualified to serve as Ginnie Mae issuers at the same time with separate issuer numbers, those entities must provide Ginnie Mae with additional financial assurances and protections;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1. Issuer Approval. Ginnie Mae approves [Subsidiary Issuer 5] as a Ginnie Mae issuer and assigns it issuer number _________.
2. Cross-default. [Subsidiary Issuer 1], [Subsidiary Issuer 2], [Subsidiary Issuer 3], [Subsidiary Issuer 4], and [Subsidiary Issuer 5] (each a “Subsidiary”) agree that any event of default by one Subsidiary pursuant to any Guaranty Agreement or Contractual Agreement to which it is a party shall constitute an event of default by each of the other four Subsidiaries under each Guaranty Agreement or Contractual Agreement to which it is a party. Such a cross-default shall entitle Ginnie Mae to perfect its rights in all of the pooled mortgages and custodial accounts of all five Subsidiaries in accordance with the related Guaranty Agreements and Contractual Agreements and to pursue any and all other remedies that Ginnie Mae may have against each Subsidiary pursuant to such Guaranty Agreements or Contractual Agreements.
3. Amendments to Guaranty Agreements. This Cross-Default Agreement shall constitute an amendment to each existing Guaranty Agreement or Contractual Agreement and to each future Guaranty Agreement between Ginnie Mae and one of the Subsidiaries. This Cross-Default Agreement shall be effective from the date hereof until otherwise terminated by the written agreement of the parties hereto.
Executed this _________________ day of _________________, 20___.
ATTEST: [Subsidiary Issuer 1] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 2] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 3] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 4] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: [Subsidiary Issuer 5] (Company Name)
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
ATTEST: Government National Mortgage Association
By: _____________________________
Name: __________________________
________________________ , Secretary Title: ___________________________
Date: ___________________________
CORPORATE SEAL
Date:
01/01/06
| File Type | application/msword |
| File Title | GINNIE MAE 5500 |
| Author | wayner |
| Last Modified By | h05385 |
| File Modified | 2007-05-01 |
| File Created | 2007-05-01 |