Base Offering Circular – Multifamily
13
may be exchanged, in whole or in part, for MX Classes at any time on or after their date of
issuance, unless otherwise provided in the applicable Offering Circular Supplement.
The Classes of REMIC Securities and MX Securities that are outstanding at any given
time, and the outstanding Class Principal Balances or Class Notional Balances of such Classes,
will depend upon principal distributions of such Classes as well as any exchanges that occur.
Exchanges
Any exchange of related Classes within a Series will be permitted, so long as the
following criteria are met:
·
The aggregate principal balance (exclusive of any notional balance) of the
Securities received must equal that of the Securities surrendered (except for de
minimis differences due to rounding).
·
The aggregate monthly principal and interest entitlements on the
Securities received must equal that of the Securities surrendered (except for de
minimis differences due to rounding).
In some cases, interests in a Class or Classes of REMIC Securities may be exchanged for
proportionate interests in various subcombinations of MX Classes. Similarly, all or a portion of
such MX Classes may be exchanged for proportionate interests in such REMIC Securities or in
other subcombinations of such MX Classes. Each subcombination may be effected only in such
proportions that result in the principal and interest entitlements of the Securities received being
equal to such entitlements of the Securities surrendered. The following illustrates a Combination
within which various subcombinations are permitted:
REMIC
Securities
Class
Original
Principal
Balance
Interest
Rate
MX Securities
Class
Maximum Original Class
Principal Balance or original
Class Notional Balance
Interest
Rate
AB
$10,000,000
7.00%
WI
$10,000,000 (notional)
7.00%
WA
10,000,000
6.00
WB
10,000,000
6.25
WC
10,000,000
6.50
WD
10,000,000
6.75
WE
9,655,172
7.25
WF
9,333,333
7.50
WG
9,032,258
7.75
WH
8,750,000
8.00
WP
10,000,000
0.00
Within the above Combination, a Beneficial Owner could, for example, exchange any
one of the first four subcombinations of Classes shown in the following table for any other such