Common use of Exchanges Clause in Contracts

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–-Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–-Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum mininum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank the Depository for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplementforth. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such the same Certificate Group in respective denominations determined pursuant proportions as nearly as practicable equivalent to those necessary to make the aggregate amount of principal and interest, measured separately, distributable in respect of the RCR Certificates received in any such exchange on any Distribution Date equal to the applicable Exchange Ratiosaggregate amounts of principal and interest that would have been distributable on such Distribution Date in respect of the Combinable Certificates so exchanged. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group. Any such exchange shall involve the issuance on the books of the Depository to the Holder designating such exchange of Certificates of each Combinable Class included in the such Certificate Group in respective denominations determined pursuant proportions as nearly as practicable to those necessary to effect a distributional equivalency to the applicable Exchange RatiosRCR Certificates surrendered for exchange as that described in the initial paragraph of this Section 2.03 in the case of exchanges of Combinable Certificates for RCR Certificates. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be being payable to Xxxxxx Xxx or a Reserve Bank the Depository in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000)therewith.

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any the Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–—Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Certificates — Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–—Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Fannie Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Fannie Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank the Depository for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank the Depository for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–-Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank the Depository in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–-Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Fannie Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Fannie Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Exchange Certificates shall be exchangeable on the books of a Reserve Bank DTC for RCR Exchangeable Certificates, and RCR Exchangeable Certificates shall be exchangeable on the books of a Reserve Bank DTC for Combinable Exchange Certificates, on and after the Settlement Date Closing Date, under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus SupplementUnderlying Trust Agreement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Exchange Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Exchangeable Certificates in such Certificate Group in respective denominations determined pursuant based on the proportion that the initial Certificate Balances of such Exchangeable Certificates bear to the applicable original Certificate Balances of the related Exchange Ratios. Certificates, as set forth in Appendix A. Upon any such exchange the portion or portions of the Combinable Exchange Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Exchangeable Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Exchangeable Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Exchange Classes included in the same Certificate Group in respective denominations determined pursuant based on the proportion that the initial Certificate Balances of such Exchangeable Certificates bear to the applicable original Certificate Balances of the related Exchange Ratios. Certificates, as set forth in Appendix A. There shall be no limitation on any the number of exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx the Trustee, the Securities Administrator or a Reserve Bank DTC in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae the Securities Administrator in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,0002,000 nor more than $25,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank the Depository for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank the Depository for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–-Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank the Depository in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of the Depository or a Reserve Bank Bank, as applicable, for RCR Certificates, and RCR Certificates shall be exchangeable on the books of the Depository or a Reserve Bank Bank, as applicable, for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–—Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae, the Depository or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such the Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a the Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank the Depository for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplementforth. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such the same Certificate Group in respective denominations determined pursuant proportions as nearly as practicable equivalent to those necessary to make the aggregate amount of principal and interest, measured separately, distributable in respect of the RCR Certificates received in any such exchange on any Distribution Date equal to the applicable Exchange Ratiosaggregate amounts of principal and interest that would have been distributable on such Distribution Date in respect of the Combinable Certificates so exchanged (i.e., the proportions of the Initial Authorized Denominations thereof set forth in Schedule I to the Prospectus Supplement for the REMIC Trust). Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group. Any such exchange shall involve the issuance on the books of the Depository to the Holder designating such exchange of Certificates of each Combinable Class included in the such Certificate Group in respective denominations determined pursuant proportions as nearly as practicable to those necessary to effect a distributional equivalency to the applicable Exchange RatiosRCR Certificates surrendered for exchange as that described in the initial paragraph of this Section 2.03 in the case of exchanges of Combinable Certificates for RCR Certificates. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be being payable to Xxxxxx Xxx or a Reserve Bank the Depository in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000)therewith.

Exchanges. Except as specified in the related RCR Supplement, Combinable Certificates of each Series shall be exchangeable on the books of a Reserve Bank (or on the book-entry records of the Depository, in the case of DTC Certificates) for RCR CertificatesCertificates of such Series, and RCR Certificates of such Series shall be exchangeable on the books of a Reserve Bank (or on the book-entry records of the Depository, in the case of DTC Certificates) for Combinable CertificatesCertificates of such Series, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the related Prospectus Supplement. In the case of each Certificate GroupGroup of a Series, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group of a Series may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.033.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the related Prospectus Supplement for that Class, the Certificateholder will shall be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or Xxx, a Reserve Bank or DTC in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of the Depository or a Reserve Bank Bank, as applicable, for RCR Certificates, and RCR Certificates shall be exchangeable on the books of the Depository or a Reserve Bank Bank, as applicable, for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–-Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae, the Depository or a any Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange, provided that the fee payable in connection with each exchange (but not shall in no event be less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–-Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes Class included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Class or Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–—Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum mininum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchange. .. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, however, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum mininum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchange. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the CertificatesGeneral–Combination and Recombination” in the Prospectus SupplementProspectus. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–—Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).

Exchanges. Combinable Certificates shall be exchangeable on the books of a Reserve Bank for RCR Certificates, and RCR Certificates shall be exchangeable on the books of a Reserve Bank for Combinable Certificates, on and after the Settlement Date under the terms and conditions hereinafter set forth and otherwise in accordance with the procedures specified under “Description of the Certificates–Combination and Recombination” in the Prospectus Supplement. In the case of each Certificate Group, Certificates of the Class or Classes of Combinable Certificates in such Certificate Group shall be exchangeable for Certificates of the Class or Classes of RCR Certificates in such Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. Upon any such exchange the portion or portions of the Combinable Certificates designated for exchange shall be deemed cancelled and replaced by the RCR Certificate or Certificates issued in exchange therefor. Correspondingly, RCR Certificates included in a Certificate Group may be further designated for exchange for Certificates of the Combinable Classes included in the same Certificate Group in respective denominations determined pursuant to the applicable Exchange Ratios. There shall be no limitation on any exchanges authorized pursuant to this Section 2.03; provided, howeverand, that if, as a result of a proposed exchange, a Certificateholder would hold a Combinable Certificate or RCR Certificate of a Class in an amount less than the applicable minimum denomination specified in the Prospectus Supplement for that Class, the Certificateholder will be unable to effect the proposed exchange. Except except as provided in the following paragraph, no fee or other charge shall be payable to Xxxxxx Xxx Mae or a Reserve Bank in connection with any exchangetherewith. Notwithstanding any other provision herein set forth, a fee shall be payable to Xxxxxx Mae Xxx in connection with each exchange equal to 1/32 of 1% of the Certificate Balance of the Certificates (other than any Interest Only Certificates) to be submitted for exchange (but not less than $2,000).