Modifiable And Combinable Securities Sample Clauses

Modifiable And Combinable Securities. A Holder of one or more outstanding Classes of the same Series of MACS (the “Old MACS”) may exchange the Holder’s Old MACS for one or more different Classes of MACS of the same Series (the “New MACS”). Any such exchange of different Classes shall be permitted so long as: (i) the aggregate outstanding principal amount of the New MACS (rounded to whole dollars) immediately after the exchange equals that of the Old MACS immediately before the exchange (for this purpose, the outstanding principal amount of an IO Class always equals $0); (ii) the aggregate “Annual Interest Amount” of the New MACS (rounded to whole dollars) equals that of the Old MACS (the “Annual Interest Amount” for any Class of MACS equals its outstanding principal amount or notional principal amount times its Class Coupon, and if an exchange includes one or more Floating Rate or Inverse Floating Rate Classes, the Annual Interest Amount for the Classes received and the Classes surrendered must be equal at all levels of the applicable index); and (iii) if Floating Rate and/or Inverse Floating Rate Classes are being exchanged for other Floating Rate and/or Inverse Floating Rate Classes, the Classes being surrendered are first exchanged for corresponding amounts of the IO and/or PO Classes. Any Class or Classes of MACS of the same Series with outstanding principal or notional principal amounts may be exchanged, in proper proportions and amounts, in any month for one or more other Classes of the same Series of MACS; and one or more Classes of MACS of the same Series may be exchanged, in proper proportions and amounts, for a portion of the underlying Giant Certificate, and vice versa. Such exchanges may occur repeatedly.
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Modifiable And Combinable Securities. A Holder of one or more outstanding Classes of the same Series of MACS (the “Old MACS”) may exchange the Holder’s Old MACS for one or more different Classes of MACS of the same Series (the “New MACS”). Any such exchange of different Classes shall be permitted so long as: (i) the aggregate outstanding principal amount of the New MACS (rounded to whole dollars) immediately after the exchange equals that of the Old MACS immediately before the exchange (for this purpose, the outstanding principal amount of an IO Class always equals $0);
Sample 1

Related to Modifiable And Combinable Securities

  • Splits and Combinations (a) Subject to Section 5.8(d), the Partnership may make a Pro Rata distribution of Partnership Securities to all Record Holders or may effect a subdivision or combination of Partnership Securities so long as, after any such event, each Partner shall have the same Percentage Interest in the Partnership as before such event, and any amounts calculated on a per Unit basis or stated as a number of Units are proportionately adjusted retroactive to the beginning of the Partnership.

  • Conditions to Payment, Transfer or Exchange Freddie Mac, its agent or any other person potentially required to withhold with respect to payments on a Note shall have the right to require a Holder of a Note, as a condition to payment of principal of or interest on such Note, or as a condition to transfer or exchange such Note, to present at such place as Freddie Mac, its agent or such other person shall designate a certificate in such form as Freddie Mac, its agent or such other person may from time to time prescribe, to enable Freddie Mac, its agent or such other person to determine its duties and liabilities with respect to (i) any taxes, assessments or governmental charges which Freddie Mac, the Global Agent, the Exchange Administrator or such other person, as the case may be, may be required to deduct or withhold from payments in respect of such Note under any present or future law of the United States or jurisdiction therein or any regulation or interpretation of any taxing authority thereof; and (ii) any reporting or other requirements under such laws, regulations or interpretations. Freddie Mac, its agent or such other person shall be entitled to determine its duties and liabilities with respect to such deduction, withholding, reporting or other requirements on the basis of information contained in such certificate or, if no certificate shall be presented, on the basis of any presumption created by any such law, regulation or interpretation, and shall be entitled to act in accordance with such determination.

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