Common use of Exchanges of Certificates Clause in Contracts

Exchanges of Certificates. (a) Unless the Issue Supplement provides otherwise, Holders of Mega Certificates or SMBS Certificates (excluding SMBS Certificates backed by Excess Yield Amounts) may exchange any such Certificates for (i) related Mega Certificates, (ii) Certificates of one or more of the Classes of SMBS Certificates specified in the Issue Supplement, or (iii) a combination of Certificates specified in clauses (i) and (ii). In the case of any exchange described above, the Certificates surrendered by a Holder must provide for aggregate interest distribution amounts for any Distribution Date that are equal to the aggregate interest distribution amounts for that Distribution Date for the Certificates received in the exchange and have principal denominations that, in the aggregate, are equal to the aggregate principal denominations of the Certificates received in the exchange (exclusive of the notional principal denominations of any Certificates of an Interest Only Class). In addition, if an exchange includes one or more Floating Rate Classes, the aggregate interest distribution amounts on the Certificates surrendered for exchange and the Certificates received in the exchange must be equal at all levels of LIBOR or other related index as specified in the related Issue Supplement. Any Holder desiring to exchange one or more Certificates in the manner described above will give such notice and pay such fees as will be required by the Issuer from time to time. (b) There will be no limitation on the number of exchanges authorized pursuant to this Section 3.05; provided, however, that if as a result of a proposed exchange a Holder would hold a Mega Certificate or an SMBS Certificate in an amount less than the related minimum denomination specified in the related Issue Supplement, the Holder will be unable to effect the proposed exchange. Exchanges will be governed by the then existing policies of the Issuer, which policies may be amended by the Issuer from time to time. Except as otherwise specified in the related Issue Supplement, any such exchange described in this Section 3.05 will be in accordance with procedures adopted by the Federal Reserve Banks as described in Section 3.03, and the Issuer. Upon any such exchange, the portion or portions of the Certificate(s) designated for exchange will be deemed cancelled and replaced by the Certificate(s) issued in exchange.

Exchanges of Certificates. (a) Unless the Issue Supplement provides otherwise, Holders of Mega Certificates or SMBS Certificates (excluding SMBS Certificates backed by Excess Yield Amounts) may exchange any such SMBS Certificates for (i) related Mega CertificatesPooled Securities (provided that if the Pooled Security is a single mega or Supers security, the SMBS Certificates may be exchanged for such mega or Supers security only), (ii) Certificates of one or more of the Classes of SMBS Certificates specified in the Issue Supplement, or (iii) a combination of the Pooled Securities and SMBS Certificates as specified in clauses (i) and (ii). In the case of any exchange described above, the Certificates surrendered by a Holder must (A) provide for aggregate interest distribution amounts for any Distribution Date that are equal to the aggregate interest distribution amounts for that (x) the related distribution date for the Pooled Securities and/or (y) the Distribution Date for the Certificates received in the exchange and (B) have principal denominations that, in the aggregate, are equal to the aggregate principal denominations of the Pooled Securities and/or Certificates received in the exchange (exclusive of the notional principal denominations of any Certificates of an Interest Only Class). In addition, if an exchange includes one or more Floating Rate Classes, the aggregate interest distribution amounts on the Certificates surrendered for exchange and the Pooled Securities and/or Certificates received in the exchange must be equal at all levels of LIBOR or other related index as specified in the related disclosure document (for the Pooled Securities) or the Issue Supplement. Any Holder desiring to exchange one or more Certificates in the manner described above will give such notice and pay such any applicable fees as will that may be required by the Issuer from time to time. Xxxxxx Xxx in its sole discretion will determine whether or not the conditions for an exchange that are specified in this paragraph have been met. (b) There will be no limitation on the number of exchanges authorized pursuant to this Section 3.05; provided, however, that if as a result of a proposed exchange a Holder would hold (i) a Mega Certificate Pooled Security in an amount less than the related minimum denomination applicable to such Pooled Security or an SMBS (ii) a Certificate in an amount less than the related minimum denomination specified in the related Issue Supplement, the Holder will be unable to effect the proposed exchange. Exchanges will be governed by the then existing policies of the Issuer, which policies may be amended by the Issuer from time to time. Except as otherwise specified in the related Issue Supplement, any such exchange described in this Section 3.05 will be in accordance with procedures adopted by the Federal Reserve Banks as described in Section 3.03, and the Issuer. Upon any such exchange, the portion or portions of the Certificate(s) designated for exchange will be deemed cancelled and replaced by the Certificate(s) issued in exchange.

Exchanges of Certificates. (a) Unless the Issue Supplement provides otherwise, Holders of Mega Certificates or SMBS Certificates (excluding SMBS Certificates backed by Excess Yield Amounts) may exchange any such Certificates for (i) related Mega Certificates, (ii) Certificates of one or more of the Classes of SMBS Certificates specified in the Issue Supplement, or (iii) a combination of Certificates specified in clauses (i) and (ii). In the case of any exchange described above, the Certificates surrendered by a Holder must provide for aggregate interest distribution amounts for any Distribution Date that are equal to the aggregate interest distribution amounts for that Distribution Date for the Certificates received in the exchange and have principal denominations that, in the aggregate, are equal to the aggregate principal denominations of the Certificates received in the exchange (exclusive of the notional principal denominations of any Certificates of an Interest Only Class). In addition, if an exchange includes one or more Floating Rate Classes, the aggregate interest distribution amounts on the Certificates surrendered for exchange and the Certificates received in the exchange must be equal at all levels of LIBOR or other related index as specified in the related Issue Supplement. Any Holder desiring to exchange one or more Certificates in the manner described above will give such notice and pay such fees as will be required by the Issuer from time to time. (b) There will be no limitation on the number of exchanges authorized pursuant to this Section 3.05; provided, however, that if as a result of a proposed exchange a Holder would hold a Mega Certificate or an SMBS Certificate in an amount less than the related applicable minimum denomination specified in the related Issue Supplement, the Holder will be unable to effect the proposed exchange. Exchanges will be governed by the then existing policies of the Issuer, which policies may be amended by the Issuer from time to time. Except as otherwise specified in the related Issue Supplement, any such exchange described in this Section 3.05 will be in accordance with procedures adopted by the Federal Reserve Banks as described in Section 3.03, and the Issuer. Upon any such exchange, the portion or portions of the Certificate(s) designated for exchange will be deemed cancelled and replaced by the Certificate(s) issued in exchange.

Exchanges of Certificates. (a) Unless the Issue Supplement provides otherwise, Holders of Mega Certificates or SMBS Certificates (excluding SMBS Certificates backed by Excess Yield Amounts) may exchange any such SMBS Certificates for (i) related Mega CertificatesPooled Securities (provided that if the Pooled Security is a single mega security, the SMBS Certificates may be exchanged for such mega security only), (ii) Certificates of one or more of the Classes of SMBS Certificates specified in the Issue Supplement, or (iii) a combination of the Pooled Securities and SMBS Certificates as specified in clauses (i) and (ii). In the case of any exchange described above, the Certificates surrendered by a Holder must (A) provide for aggregate interest distribution amounts for any Distribution Date that are equal to the aggregate interest distribution amounts for that (x) the related distribution date for the Pooled Securities and/or (y) the Distribution Date for the Certificates received in the exchange and (B) have principal denominations that, in the aggregate, are equal to the aggregate principal denominations of the Pooled Securities and/or Certificates received in the exchange (exclusive of the notional principal denominations of any Certificates of an Interest Only Class). In addition, if an exchange includes one or more Floating Rate Classes, the aggregate interest distribution amounts on the Certificates surrendered for exchange and the Pooled Securities and/or Certificates received in the exchange must be equal at all levels of LIBOR or other related index as specified in the related disclosure document (for the Pooled Securities) or the Issue Supplement. Any Holder desiring to exchange one or more Certificates in the manner described above will give such notice and pay such fees as will be required by the Issuer from time to time. Xxxxxx Xxx in its sole discretion will determine whether or not the conditions for an exchange that are specified in this paragraph have been met. (b) There will be no limitation on the number of exchanges authorized pursuant to this Section 3.05; provided, however, that if as a result of a proposed exchange a Holder would hold (i) a Mega Certificate Pooled Security in an amount less than the related minimum denomination applicable to such Pooled Security or an SMBS (ii) a Certificate in an amount less than the related minimum denomination specified in the related Issue Supplement, the Holder will be unable to effect the proposed exchange. Exchanges will be governed by the then existing policies of the Issuer, which policies may be amended by the Issuer from time to time. Except as otherwise specified in the related Issue Supplement, any such exchange described in this Section 3.05 will be in accordance with procedures adopted by the Federal Reserve Banks as described in Section 3.03, and the Issuer. Upon any such exchange, the portion or portions of the Certificate(s) designated for exchange will be deemed cancelled and replaced by the Certificate(s) issued in exchange.