In a condenser for an air conditioning system, in particular for motor vehicles, comprising a condensing section (1b) and a supercooling section (1c) which is arranged above the condensing section, comprising an approximately tubular modulator (2) which is divided by a separating wall (2b) into a lower section (2c), which is connected to the condensing section (1b), and an upper section (2d), which is connected to the supercooling section (1c), comprising an ascending pipe (4) between the lower and upper sections of the modulator, and comprising a container (7) for desiccant in the lower section (2c) of the modulator, the modulator (2) is provided at the upper side with a plug (6), it being possible for the separating wall (2b) with the desiccant container to be removed upwards out of the modulator once the plug has been detached from the interchangeable unit.