Common use of Agreement Defaults Clause in Contracts

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Mac and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Freddie Mac and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Freddie Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Freddie Mac or Xxxxxx Xxx and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Underlying Trust Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Freddie Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Mac or Xxxxxx Mae and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Underlying Trust Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Mac Xxx and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Mac Xxx hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Mac or Xxxxxx Mae and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Underlying Trust Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.. DRAFT

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Mac Xxx or Xxxxxx Xxx and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Underlying Trust Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Mac Xxx hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Mac and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.

Agreement Defaults. In the event that there shall be an Agreement Default with respect to any Asset issued or guaranteed by Xxxxxxx Freddie Mac and directly or indirectly backing a REMIC Pool (including a Lower-Tier REMIC Pool), the Holders of the affected REMIC Certificates issued in respect of such REMIC Pool (including, for this purpose, the related Upper-Tier REMIC Pool) and any related MACR Certificates shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Pass-Through Agreement or this Agreement (or any predecessor), as the case may be, affords the Administrator (or its agent) on behalf of the Trustee as the record holder of the affected Asset. For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series. Xxxxxxx Freddie Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of an Agreement Default to the extent set forth in this Section.