Common use of CPC-Backed Series Clause in Contracts

CPC-Backed Series. In a Series in which the Assets include a Callable Class of CPCs, Xxxxxxx Mac shall not exercise its right to redeem the Classes of REMIC Certificates (or, in a Double-Tier Series, the Lower-Tier Classes) if it has received notice that such Callable Class is to be redeemed. In such a Series, Xxxxxxx Mac shall adopt a plan of complete liquidation for the REMIC Pool (or, in a Double-Tier Series, the related Lower-Tier REMIC Pool) on the date on which notice by the holder of the related Call Class of CPCs of exercise of its right to direct the redemption of the Assets becomes irrevocable. The plan shall meet the requirements of a ""qualified liquidation'' under Section 860F(a)(4) of the Code. The plan shall provide for the actions required to be taken to effectuate such liquidation pursuant to this Agreement and the Pass-Through Agreement.

CPC-Backed Series. In a Series in which the Assets include a Callable Class of CPCs, Xxxxxxx Mac shall not exercise its right to redeem the Classes of REMIC Certificates CertiÑcates (or, in a Double-Tier Series, the Lower-Tier Classes) if it has received notice that such Callable Class is to be redeemed. In such a Series, Xxxxxxx Mac shall adopt a plan of complete liquidation for the REMIC Pool (or, in a Double-Tier Series, the related Lower-Tier REMIC Pool) on the date on which notice by the holder of the related Call Class of CPCs of exercise of its right to direct the redemption of the Assets becomes irrevocable. The plan shall meet the requirements of a ""qualified qualiÑed liquidation'' under Section 860F(a)(4) of the Code. The plan shall provide for the actions required to be taken to effectuate eÅectuate such liquidation pursuant to this Agreement and the Pass-Through Agreement.