Common use of Rights Upon Event of Default Clause in Contracts

Rights Upon Event of Default. (a) As long as an Event of Default under this Agreement remains unremedied, Holders of not less than 50% of the outstanding Class Principal Balance of the Original Notes (in each case the outstanding Class Principal Balance of the Original Notes will be determined without regard to any exchanges of Exchangeable Notes for MAC Notes) to which such Event of Default relates may, by written notice to Xxxxxxx Mac, declare such Notes due and payable and accelerate the maturity of such Notes. In the event that Exchangeable Notes have been exchanged for MAC Notes (or such MAC Notes have been further exchanged for other MAC Notes pursuant to Combination 2, 3, 4 or 5), Holders of such MAC Notes will be entitled to exercise all the voting or direction rights that are allocated to such exchanged Exchangeable Notes as described herein. Upon such acceleration, the Class Principal Balance of such Notes and the interest accrued thereon shall be due and payable.

Rights Upon Event of Default. (a) As long as an Event of Default under this Agreement remains unremedied, Holders of not less than 50% of the outstanding Class Principal Balance of the Original Notes (in each case the outstanding Class Principal Balance of the Original Notes will be determined without regard to any exchanges of Exchangeable Notes for MAC Notes) to which such Event of Default relates may, by written notice to Xxxxxxx Freddie Mac, declare such Notes due and payable and accelerate the maturity of such Notes. In the event that Exchangeable Notes have been exchanged for MAC Notes (or such MAC Notes have been further exchanged for other MAC Notes pursuant to Combination 2, 3, 4 or 5), Holders of such MAC Notes will be entitled to exercise all the voting or direction rights that are allocated to such exchanged Exchangeable Notes as described herein. Upon such acceleration, the Class Principal Balance of such Notes and the interest accrued thereon shall be due and payable.