Common Contracts

1 similar Reimbursement and Security Agreement contracts

Notice Letter
Reimbursement and Security Agreement • April 27th, 2017

This letter pertains to the timing of your monthly billing statement for your existing credit enhanced bond loan. As you may be aware, the Reimbursement and Security Agreement (the “Reimbursement Agreement”) that you entered into with the Federal Home Loan Mortgage Corporation (“Freddie Mac”) stipulates that when the last interest rate of the seven-day interest period is not known by the payment due date (which is [two/three] Business Days before the first Business Day of the next month), that interest rate is to be estimated at [200] basis points over the last known weekly rate. (All capitalized terms used but not defined in this letter shall have the meanings set forth in the Reimbursement Agreement.) These estimates would typically result in excess funds being collected from you and held by us to be credited against your next month’s payment.