Specifications include, but are not limited to: The settlement of all purchases and sales through the Federal Reserve System (FED), the Depository Trust Company (DTC), or any other settlement facility; The collection of all interest payments; and The processing of all principal pay downs associated with ABS, CMOs, MBS, and SBA Pools; and The settlement of all debenture payoffs; and The processing of all securities lending activities (if a securities lending program is resumed); and The receipt and disbursement of all repurchase agreement collateral, if repurchase agreements are purchased at a future date. “Right to Offset” – The awarded vendor cannot directly debit any STO account for claims or payments of which the STO is not aware of. The STO has a process for problem resolution, and the process should be followed at all times.
