Common use of Reserve Banks as Agent Clause in Contracts

Reserve Banks as Agent. For each Certificate, the appropriate Reserve Bank shall be considered to be acting as the agent of Fannie Mae in providing to and conferring upon the owners of the Certificates, as such owners shall appear on the records of such Reserve Bank, the substantive rights and benefits which are provided for herein for Holders of such Certificates. Accordingly, the substantive effect of all provisions herein providing rights and benefits to Holders of such Certificates, including, without limitation, provisions relating to distributions, voting and notices, shall apply to such record owners on the books of the Reserve Bank, through the appropriate Reserve Bank acting as agent for Fannie Mae.

Reserve Banks as Agent. For each Fed Book-Entry Certificate, the appropriate Reserve Bank shall be considered to be acting as the agent of Fannie Mae in providing to and conferring upon the owners owner of the Certificatessuch Certificate, as such owners owner shall appear on the records of such Reserve Bank, the substantive rights and benefits which are provided for herein for Holders of such CertificatesCertificate. Accordingly, the substantive effect of all provisions herein providing rights and benefits to Holders of such Certificates, including, without limitation, provisions relating to distributions, voting and notices, shall apply to such record owners on the books of the Reserve Bank, through the appropriate Reserve Bank acting as agent for Fannie Mae.