Common use of Issuance of Class M Definitive Notes Clause in Contracts

Issuance of Class M Definitive Notes. Beneficial interests in Class M Notes and MAC Notes issued in global form shall be subject to exchange for Class M Definitive Notes only if such exchange is permitted by applicable law and (i) in the case of a DTC Note, DTC notifies Freddie Mac (or its agent) that it is no longer willing or able to discharge properly its responsibilities as depositary with respect to such DTC Note, or ceases to be a “clearing agency” registered under the Exchange Act (if so required), or is at any time no longer eligible to act as such, and in each case Freddie Mac (or its agent) is unable to locate a successor within 90 calendar days of receiving such notice on the part of DTC; (ii) in the case of any Common Depositary Note, if all of the systems through which it is cleared or settled are closed for business for a continuous period of 14 calendar days (other than by reason of holidays, statutory or otherwise) or are permanently closed for business or have announced an intention permanently to cease business and in any such situations Freddie Mac is unable to locate a single successor within 90 calendar days of such closure; or (iii) an Event of Default has occurred and continues unremedied and a majority of the Holders of DTC Notes advise Freddie Mac and DTC through the DTC Participants in writing that the continuation of a book-entry system through DTC is no longer in the best interests of such Holders. In such circumstances, Freddie Mac shall cause sufficient Class M Definitive Notes to be executed and delivered as soon as practicable (and in any event within 45 calendar days of Freddie Mac receiving notice of the occurrence of such circumstances) to the Global Agent or its agent for completion, authentication and delivery to the relevant registered holders of such Class M Definitive Notes. A person having an interest in a DTC Note or Common Depositary Note issued in global form shall provide Freddie Mac or the Global Agent with a written order containing instructions and such other information as Freddie Mac or the Global Agent may require to complete, execute and deliver such Class M Definitive Notes in authorized denominations. In the event that Class M Definitive Notes are issued in exchange for Class M Notes and MAC Notes issued in global form, such Class M Definitive Notes shall have terms identical to the Notes for which they were exchanged except as described below.

Issuance of Class M Definitive Notes. Beneficial interests in Class M Notes and MAC Notes issued in global form shall be subject to exchange for Class M Definitive Notes only if such exchange is permitted by applicable law and (i) in the case of a DTC Note, DTC notifies Freddie Xxxxxxx Mac (or its agent) that it is no longer willing or able to discharge properly its responsibilities as depositary with respect to such DTC Note, or ceases to be a “clearing agency” registered under the Exchange Act (if so required), or is at any time no longer eligible to act as such, and in each case Freddie Xxxxxxx Mac (or its agent) is unable to locate a successor within 90 calendar days of receiving such notice on the part of DTC; (ii) in the case of any Common Depositary Note, if all of the systems through which it is cleared or settled are closed for business for a continuous period of 14 calendar days (other than by reason of holidays, statutory or otherwise) or are permanently closed for business or have announced an intention permanently to cease business and in any such situations Freddie Xxxxxxx Mac is unable to locate a single successor within 90 calendar days of such closure; or (iii) an Event of Default has occurred and continues unremedied and a majority of the Holders of DTC Notes advise Freddie Xxxxxxx Mac and DTC through the DTC Participants in writing that the continuation of a book-entry system through DTC is no longer in the best interests of such Holders. In such circumstances, Freddie Xxxxxxx Mac shall cause sufficient Class M Definitive Notes to be executed and delivered as soon as practicable (and in any event within 45 calendar days of Freddie Xxxxxxx Mac receiving notice of the occurrence of such circumstances) to the Global Agent or its agent for completion, authentication and delivery to the relevant registered holders of such Class M Definitive Notes. A person having an interest in a DTC Note or Common Depositary Note issued in global form shall provide Freddie Xxxxxxx Mac or the Global Agent with a written order containing instructions and such other information as Freddie Xxxxxxx Mac or the Global Agent may require to complete, execute and deliver such Class M Definitive Notes in authorized denominations. In the event that Class M Definitive Notes are issued in exchange for Class M Notes and MAC Notes issued in global form, such Class M Definitive Notes shall have terms identical to the Notes for which they were exchanged except as described below.