Sale of REMIC Certificates and MACR Certificates. Sale of a Certificate by ▇▇▇▇▇▇▇ Mac pursuant to this Agreement shall be deemed to occur upon the date of settlement and payment for such Certificate. Sale of a REMIC Certificate shall constitute a sale, assignment, transfer and conveyance by ▇▇▇▇▇▇▇ Mac to the Holder of a beneficial ownership interest in the related REMIC Pool, to the extent of the Regular Interest or Residual Interest represented by such REMIC Certificate. Sale of a MACR Certificate shall constitute a sale, assignment, transfer and conveyance by ▇▇▇▇▇▇▇ Mac to the Holder of a beneficial ownership interest in the related MACR Pool, to the extent of the interest therein represented by such MACR Certificate. ▇▇▇▇▇▇▇ Mac shall be bound by all of the terms and conditions of this Agreement at such time as a REMIC Certificate or MACR Certificate is sold by ▇▇▇▇▇▇▇ Mac to a Holder. Upon settlement of and payment for a REMIC Certificate or MACR Certificate, a Holder shall, by virtue thereof, acknowledge, accept and agree to be bound by all of the terms and conditions of this Agreement.
Appears in 2 contracts
Sources: Multiclass Certificates Agreement, Multiclass Certificates Agreement