Notes Acquired by Freddie Mac. Freddie Mac may, from time to time, repurchase or otherwise acquire (either for cash or in exchange for newly-issued Notes) some or all of the Notes at any price or prices, in the open market or otherwise. Freddie Mac may hold, sell or cancel any such repurchased Notes. Any Notes Freddie Mac owns shall have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority or distinction as among those Notes. However, in determining whether the required percentage of Holders of the Notes have given any required demand, authorization, notice, consent or waiver, Notes Freddie Mac owns, directly or indirectly, shall be deemed not to be outstanding. For the avoidance of doubt, any Notes repurchased or otherwise acquired by Freddie Mac shall no longer be considered issued and outstanding for any U.S. federal tax purpose. Notwithstanding the foregoing, in the event Freddie Mac cancels any Notes pursuant to this Section 3.03(h), solely for purposes of making calculations with respect to the hypothetical structure and Reference Tranches, such Notes and related Reference Tranches shall be deemed to continue to be outstanding in accordance with the terms set forth in this Agreement. For the avoidance of doubt, no payments shall be made with respect to any such cancelled Notes.
