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, the Holders of the Pass-Through Certificates issued in respect of an affected Pass-Through Pool shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Multiclass Certificate 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 a Pass-Through Certificate created in respect of the affected Pass-Through Pool shall be deemed to be the holder of the percentage of such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Pass-Through Certificate (which shall be zero in the case of a Class with a notional principal amount) by the then aggregate outstanding principal amount of all Pass-Through Certificates issued in respect of the same Pass-Through Pool. Xxxxxxx Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of any 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, the Holders of the Pass-Through Certificates issued in respect of an affected Pass-Through Pool shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Multiclass Certificate 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 a Pass-Through Certificate created in respect of the affected Pass-Through Pool shall be deemed to be the holder of the percentage of such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Pass-Through Certificate (which shall be zero in the case of a Class with a notional principal amount) by the then aggregate outstanding principal amount of all Pass-Pass- Through Certificates issued in respect of the same Pass-Through Pool. Xxxxxxx Freddie Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of any 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, the Holders of the Pass-Through Certificates issued in respect of an affected Pass-Through Pool shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Multiclass Certificate Agreement, Agreement or this Agreement (or any predecessor)Agreement, 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 a Pass-Through Certificate created in respect of the affected Pass-Through Pool shall be deemed to be the holder of the percentage of such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Pass-Through Certificate (which shall be zero in the case of a Class with a notional principal amount) by the then aggregate outstanding principal amount of all Pass-Through Certificates issued in respect of the same Pass-Through Pool. Xxxxxxx Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of any 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, the Holders of the Pass-Through Certificates issued in respect of an affected Pass-Through Pool shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Multiclass Certificate 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 a Pass-Through Certificate created in respect of the affected Pass-Through Pool shall be deemed to be the holder of the percentage of such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Pass-Through Certificate (which shall be zero in the case of a Class with a notional principal amount) by the then aggregate outstanding principal amount of all Pass-Through Certificates issued in respect of the same Pass-Through Pool. Xxxxxxx Freddie Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of any 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 MacAsset, the Holders of the Pass-Through Certificates CertiÑcates issued in respect of an affected aÅected Pass-Through Pool shall have the right to take such actions with respect to such Agreement Default as the applicable PC Agreement, Agreement or Multiclass Certificate REMIC CertiÑcate Agreement, or this Agreement (or any predecessor)Agreement, as the case may be, affords the Administrator (aÅords Xxxxxxx Mac or its agent) on behalf of the Trustee, agent as the record holder of the affected aÅected Asset. For this purpose, each Holder of a Pass-Pass- Through Certificate CertiÑcate created in respect of the affected aÅected Pass-Through Pool shall be deemed to be the holder of the percentage of such affected aÅected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s 's Pass-Through Certificate CertiÑcate (which shall be zero in the case of a Class with a notional principal amount) by the then aggregate outstanding principal amount of all Pass-Through Certificates CertiÑcates issued in respect of the same Pass-Through Pool. Xxxxxxx Mac hereby irrevocably authorizes the Holders to exercise all such rights in respect of any Agreement Default to the extent set forth in this Section.