Common use of Sale of Pass Through Certificates Clause in Contracts

Sale of Pass Through Certificates. Sale of a Pass-Through Certificate by Xxxxxxx Mac pursuant to this Pass-Through Agreement shall be deemed to occur upon the date of settlement and payment for such Pass-Through Certificate and shall constitute a sale, assignment, transfer and conveyance by Xxxxxxx Mac to the Holder of a beneficial ownership interest in the related Pass-Through Pool to the extent of the interest represented by such Pass-Through Certificate. Xxxxxxx Mac shall be bound by all of the terms and conditions of this Pass-Through Agreement at such time as a Pass-Through Certificate is sold by Xxxxxxx Mac to a Holder. Upon settlement of and payment for a Pass-Through Certificate, a Holder shall, by virtue thereof, acknowledge, accept and agree to be bound by all of the terms and conditions of this Pass-Through Agreement. Payment for a Pass-Through Certificate sold in exchange for Assets shall be deemed to occur on the Settlement Date as of which such Pass-Through Certificate is issued to the initial Holder thereof.

Sale of Pass Through Certificates. Sale of a Pass-Through Certificate by Xxxxxxx Freddie Mac pursuant to this Pass-Through Agreement shall be deemed to occur upon the date of settlement and payment for such Pass-Through Certificate and shall constitute a sale, assignment, transfer and conveyance by Xxxxxxx Freddie Mac to the Holder of a beneficial ownership interest in the related Pass-Through Pool to the extent of the interest represented by such Pass-Through Certificate. Xxxxxxx Freddie Mac shall be bound by all of the terms and conditions of this Pass-Through Agreement at such time as a Pass-Through Certificate is sold by Xxxxxxx Freddie Mac to a Holder. Upon settlement of and payment for a Pass-Through Certificate, a Holder shall, by virtue thereof, acknowledge, accept and agree to be bound by all of the terms and conditions of this Pass-Through Agreement. Payment for a Pass-Through Certificate sold in exchange for Assets shall be deemed to occur on the Settlement Date as of which such Pass-Through Certificate is issued to the initial Holder thereof.