Exchangeable Certificates Clause Samples
The Exchangeable Certificates clause allows for certificates issued under a contract to be exchanged for others of equivalent value or function. In practice, this means that if a party holds a certificate—such as a document of entitlement, proof of ownership, or a voucher—they may request to swap it for a new certificate, often in cases of loss, damage, or administrative updates. This clause ensures flexibility and continuity in the use of certificates, addressing issues that may arise from changes in documentation or the need for updated records.
Exchangeable Certificates. (a) On the Closing Date, the Grantor Trust shall issue the several Classes of Exchangeable Certificates. Each Class of Exchangeable Certificates shall represent an undivided beneficial ownership interest in the Corresponding Exchangeable Upper-Tier Regular Interests in an amount equal to the Class Percentage Interest of such Class in each such Corresponding Exchangeable Upper-Tier Regular Interest. All amounts allocated to an Exchangeable Upper-Tier Regular Interest hereunder, including principal and interest payable thereon and reimbursement of previously allocated Realized Losses (with interest), shall be allocated to the Classes of Exchangeable Certificates representing an interest therein, in proportion to their Class Percentage Interests therein; provided, that the Exchangeable Certificates will be entitled to Prepayment Premiums and Yield Maintenance Charges as described in Section 4.01(e).
(b) Certificates of each Class of Exchangeable Certificates (each such Class, in connection with any exchange, an applicable “Surrendered Class”) may be exchanged on the books of DTC for Certificates of the corresponding Classes of Exchangeable Certificates set forth next to such Class in the table below (each, an applicable “Received Class”), and vice versa. The Denomination of each of the Received Classes of Certificates must be equal to the Denomination of each of the Surrendered Classes of Certificates. No fee shall be required with respect to any exchange of Exchangeable Certificates. Following any exchange of Certificates of one or more Surrendered Classes for Certificates of one or more Received Classes, the Class Percentage Interests in the Corresponding Exchangeable Upper-Tier Regular Interests that are represented by the Surrendered Classes (and consequently their related Certificate Balances or Notional Amounts) shall be decreased, and those of the Received Classes (and consequently their related Certificate Balances or Notional Amounts) shall be increased. The Certificate Administrator or Certificate Registrar, as applicable, shall (i) make the appropriate notation of such exchange on the Certificate Register and on the Book-Entry Certificate for each Class of Exchangeable Certificates involved in such exchange to reflect such reductions and increases and (ii) give appropriate instructions to the Depository to reflect such reductions and increases. For example, a Certificateholder holding Class A-S Certificates with a Denomination of $62,578,000 may su...
Exchangeable Certificates. The Class 1-A-4, Class 2-A-4 and Class 3-A-4 Certificates. Exchangeable Certificates Grantor Trust: That portion of the Trust exclusive of the REMICs consisting of any interests in the Exchangeable REMIC Certificates beneficially owned in the form of the Exchangeable Certificates and rights with respect thereto.
Exchangeable Certificates. The Class 1-A-3, Class 2-A-6, Class 3-A-11, Class 3-A-12, Class 5-A-3, Class 6-A-3, Class 7-A-7, Class 8-A-11, Class 8-A-12, Class 10-A-6 and Class 11-A-4 Certificates issued or issuable pursuant to the Trust Agreement in exchange for and in accordance with the Trust Agreement for the applicable Exchangeable REMIC Certificates.
Exchangeable Certificates. The Class 1-A-1, Class 1-A-13, Class 1-A-14, Class 1-A-15, Class 1-A-16, Class 1-A-17, Class 1-A-18, Class 1-A-19, Class 1-A-20, Class 1-A-21, Class 1-A-22, Class 1-A-23, Class 1-A-24, Class 1-A-25, Class 1-A-26, Class 1-A-27, Class 1-A-28, Class 1-A-29, Class 1-A-30, Class 1-A-32, Class 1-A-33, Class 1-A-34, Class 1-A-35 and Class 2-A-1 Certificates. Floating Rate Certificates The Class 1-A-5, Class 1-A-6, Class 1-A-10, Class 1-A-11 and Class 2-A-2 Certificates.
Exchangeable Certificates. As provided in Section 5.07 of the Series Supplement.
Exchangeable Certificates. (a) Exchangeable Certificates may, in accordance with the procedures described in Section 5.06(b), be exchanged for other Exchangeable Certificates as follows:
(1) Class 1-A-1, Class 1-A-7, Class 1-A-8, Class 1-A-9, Class 1-A-10, Class 1-A-11 and Class 1-A-12 Certificates may be exchanged as described under the heading “Available Exchanges of the Subgroup 1-1 Exchangeable Certificates” in Exhibit C-1 hereto;
(2) Class 1-A-3, Class 1-A-4 and Class 1-A-13 Certificates may be exchanged as described under the heading “Available Exchanges of the Subgroup 1-2 Exchangeable Certificates” in Exhibit C-1 hereto; and
(3) Class 2-A-1, Class 2-A-2 and Class 2-A-4 Certificates may be exchanged as described under the heading “Available Exchanges of the Group 2 Exchangeable Certificates” in Exhibit C-1 hereto; provided, however, that Exchangeable Certificates may not be so exchanged for other Exchangeable Certificates if any of the Exchangeable Certificates received in the exchange would have an Original Face Amount of less than the minimum Authorized Denomination for the related Class. The Exchangeable Certificates at any time outstanding shall represent ownership of REMIC II Regular Interests in the following proportions:
(A) the Class 1-A-1 Certificates shall represent ownership of (w) a portion of the Class 1-A-EXS7-M Regular Interest equal to the Class 1-A-1 Exchange Fraction of the Class 1-A-EXS7-M Principal Balance, (x) a portion of the Class 1-A-EXS8A-M Regular Interest equal to the Class 1-A-1 Exchange Fraction of the Class 1-A-EXS8A-M Principal Balance, (y) a portion of the Class 1-A-EXS8B-M Regular Interest equal to the Class 1-A-1 Exchange Fraction of the Class 1-A-EXS8B-M Principal Balance and (z) a portion of the Class 1-A-EXS8C-M Regular Interest equal to the Class 1-A-1 Exchange Fraction of the Class 1-A-EXS8C-M Principal Balance;
(B) the Class 1-A-7 Certificates shall represent ownership of a portion of the Class 1-A-EXS7-M Regular Interest equal to the Class 1-A-7 Exchange Fraction of the Class 1-A-EXS7-M Principal Balance;
(C) the Class 1-A-8 Certificates shall represent ownership of (x) a portion of the Class 1-A-EXS8A-M Regular Interest equal to the Class 1-A-8 Exchange Fraction of the Class 1-A-EXS8A-M Principal Balance, (y) a portion of the Class 1-A-EXS8B-M Regular Interest equal to the Class 1-A-8 Exchange Fraction of the Class 1-A-EXS8B-M Principal Balance and (z) a portion of the Class 1-A-EXS8C-M Regular Interest equal to the Class 1-A-8 Exchan...
Exchangeable Certificates. The Class 1-A-3, Class 1-A-8, Class 1-A-10, Class 1-A-17, Class 1-A-35, Class 1-A-36, Class 1-A-37, Class 1-A-38, Class 1-A-42, Class 1-A-43, Class 1-A-44, Class 1-A-45, Class 1-A-46, Class 1-A-47, Class 1-A-48, Class 1-A-51, Class 1-A-52, Class 1-A-53, Class 1-A-64, Class 1-A-65, Class 1-A-66, Class 1-A-67, Class 1-A-68, Class 1-A-69, Class 1-A-70, Class 1-A-71, Class 1-A-72, Class 1-A-73, Class 1-A-74, Class 1-A-75, Class 1-A-76, Class 1-A-77, Class 1-A-78, Class 1-A-79, Class 1-A-80, Class 1-A-81, Class 1-A-82, Class 1-A-83, Class 1-A-84, Class 1-A-85, Class 1-A-86, Class 1-A-87, Class 1-A-88, Class 1-A-89, Class 1-A-90, Class 1-A-91, Class 1-A-92, Class 1-A-96, Class 1-A-97, Class 1-A-98, Class 1-A-99, Class A-100, Class A-101, Class A-102, Class A-103, Class A-104, Class A-105, Class A-106, Class A-107, Class A-108, Class A-109, Class A-110, Class A-111, Class A-112, Class A-113 and Class A-114 Certificates issued or issuable pursuant to the Trust Agreement in exchange for and in accordance with the Trust Agreement for the applicable Exchangeable REMIC Certificates.
Exchangeable Certificates. The Certificates designated as Exchangeable Certificates in the Preliminary Statement issued or issuable pursuant to the Trust Agreement in exchange for and in accordance with the Trust Agreement for the applicable Exchangeable REMIC Certificates.
Exchangeable Certificates. (a) Upon the presentation and surrender by any Certificateholder of its Exchangeable Certificates or Exchanged Certificates, as applicable, in the appropriate combination as set forth in Exhibit Five, such Certificateholder shall hereunder transfer, assign, set over and otherwise convey to the Trustee, all of such Certificateholder's right, title and interest in and to such Exchangeable Certificates or Exchanged Certificates, as applicable. The Exchangeable Certificates and Exchanged Certificates shall be transferred in uncertificated form to the Underwriter pursuant to Section 3 of the Underwriting Agreement. The Exchangeable Certificates or Exchanged Certificates in which the Underwriter does not take an initial position in on the books of DTC shall be transferred by the Underwriter to the Trustee to be held in trust. U.S. Bank National Association, acting in its capacity as Trustee, acknowledges (i) the transfer and assignment to it of the uncertificated Exchangeable Certificates or Exchanged Certificates, as applicable, pursuant to this Section 5.07 and Section 3 of the Underwriting Agreement and (ii) any transfer and assignment of uncertificated Exchangeable Certificates or Exchanged Certificates, as applicable, pursuant to the foregoing paragraph, and hereby declares that it will hold the same in trust for the Certificateholders on the terms contained in this Agreement.
(b) The Exchangeable Certificates and Exchanged Certificates authorized by this Agreement shall have the characteristics specified or determined as set forth in Exhibit Five, and otherwise shall be subject to the terms and provisions set forth herein.
(c) The Exchangeable Certificates and the Exchanged Certificates, as applicable, shall be exchangeable on the books of DTC for the Exchanged Certificates or Exchangeable Certificates, as applicable, on and after the Closing Date, in accordance with the terms and conditions set forth and otherwise in accordance with the procedures specified hereunder. In the case of the Combination Group, the Exchangeable Certificates shall be exchangeable for the Exchanged Certificates related to the Combination Group in respective denominations determined based on the proportion that the initial Certificate Principal Balances of the Exchangeable Certificates bear to the original Certificate Principal Balance of the related Exchanged Certificates, as set forth in Exhibit Five. Upon any such exchange, the portions of the Exchangeable Certificates designat...
Exchangeable Certificates. The Class 4-A1A, Class 4-A1B, Class 4-A1C, Class 4-A1D, Class 4-A1E, Class 4-A1F, Class 4-A1G, Class 4-A1H, Class 4-A1IA, Class 4-A1IB, Class 4-A1IC, Class 4-A1ID, Class 4-A1IE, Class 4-A1IF, Class 4-A1IG and Class 4-A1H Certificates.