{"component": "clause", "props": {"groups": [{"size": 42, "samples": [{"hash": "c0PfI7ayvWX", "uri": "/contracts/c0PfI7ayvWX#exchange-notes", "label": "Second Lien Bridge Credit Agreement (Berry Global Group Inc)", "score": 30.1964416504, "published": true}, {"hash": "9OaMPeUGX3Z", "uri": "/contracts/9OaMPeUGX3Z#exchange-notes", "label": "Second Lien Bridge Credit Agreement", "score": 30.1783943176, "published": true}, {"hash": "clc7AtzTJEV", "uri": "/contracts/clc7AtzTJEV#exchange-notes", "label": "Second Lien Bridge Credit Agreement (Berry Global Group Inc)", "score": 28.3305950165, "published": true}], "snippet": "(a) Subject to satisfaction of the provisions of this Section 2.21 and in reliance upon the representations and warranties of the Borrower herein set forth, on and after the 15th Business Day prior to the Bridge Term Loan Maturity Date and, if the Rollover Conversion occurs, at any time on and after the Bridge Term Loan Maturity Date, each Lender will have the option to notify (an \u201cExchange Notice\u201d) the Administrative Agent in writing of its request for exchange notes (individually, an \u201cExchange Note\u201d and collectively, the \u201cExchange Notes\u201d) in a dollar for dollar exchange at par value for an equal principal amount of all or a portion of its outstanding Loans hereunder; provided that in no event shall any Exchange Notes be issued prior to the Bridge Term Loan Maturity Date. Each Lender\u2019s Exchange Notice shall specify the aggregate principal amount of outstanding Loans that such Lender desires to exchange for Exchange Notes pursuant to this Section 2.21, which shall be in a minimum amount of $1,000,000 (and integral multiples of $1,000 in excess thereof) and, subject to the limitations set forth in the Exchange Note Indenture, shall be Exchange Notes bearing interest at the Second Lien Bridge Total Cap.\n(b) Notwithstanding the foregoing, such Lender\u2019s Loans shall only be exchanged for Exchange Notes hereunder upon the occurrence of an Exchange Trigger Event, notice of which shall be provided to the Borrower and all such Lenders by the Administrative Agent. Upon receipt of notice of an Exchange Trigger Event, the Borrower shall set a date (each, an \u201cExchange Date\u201d) for the exchange of Loans for Exchange Notes, which date shall be no less than 10 Business Days and no more than 15 Business Days after its receipt of notice of an Exchange Trigger Event.\n(c) On each Exchange Date, the Borrower shall execute and deliver, and use commercially reasonable efforts to cause the Exchange Note Trustee to authenticate and deliver, to each Lender or as directed by such Lender that exchanges Loans, an Exchange Note in the principal amount equal to 100% of the aggregate outstanding principal amount of such Loans (or portion thereof) for which each such Exchange Note is being exchanged. The Exchange Notes shall be governed by the Exchange Note Indenture. Upon issuance of the Exchange Notes to a Lender in accordance with this Section 2.21, a corresponding amount of the Loans of such Lender shall be deemed to have been cancelled.\n(d) The Borrower shall, as promptly as practicable after being requested to do so by the Lenders pursuant to the terms of this Agreement at any time following the first Exchange Trigger Event and no later than the applicable Exchange Date, (i) select a bank or trust company to act as Exchange Note Trustee, (ii) enter into the Exchange Note Indenture and an exchange agreement customary for transactions of this type, (iii) cause counsel to the Borrower and Guarantors to deliver to the Administrative Agent customary legal opinions and 10b-5 letters covering such customary matters as reasonably requested by the Arrangers, (iv) in connection with a resale of Exchange Notes, use commercially reasonable efforts to cause the accountants for the Borrower (and, if applicable, the Target) to deliver \u201ccomfort letters\u201d customarily delivered in offerings under Rule 144A of the rules and regulations under the Securities Act and (v) deliver a customary offering memorandum relating to the sale of Exchange Notes in accordance with Rule 144A of the rules and regulations under the Securities Act containing such disclosures as are customary and appropriate for such a document (including Cooperation Information). The Exchange Note Trustee shall at all times be a corporation organized and doing business under the laws of the United States or any State thereof, in good standing, that is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has a combined capital and surplus of not less than $500,000,000; provided that the Borrower shall only be required to assist with respect to matters set forth in clauses (iii), (iv) and (v) on no more than three occasions (which number shall be reduced by the number of completed Take-out Financings), all of which shall occur prior to the first anniversary of the Rollover Loan Maturity Date.\n(e) It is understood and agreed that the Loans exchanged for Exchange Notes constitute the same Indebtedness as such Exchange Notes and that no novation shall be effected by any such exchange.", "snippet_links": [{"key": "satisfaction-of", "type": "clause", "offset": [15, 30]}, {"key": "provisions-of-this-section", "type": "clause", "offset": [35, 61]}, {"key": "representations-and-warranties-of-the-borrower", "type": "clause", "offset": [92, 138]}, {"key": "prior-to-the", "type": "clause", "offset": [192, 204]}, {"key": "term-loan-maturity-date", "type": "definition", "offset": [212, 235]}, {"key": "rollover-conversion", "type": "definition", "offset": [248, 267]}, {"key": "at-any-time", "type": "clause", "offset": [276, 287]}, {"key": "each-lender", "type": "clause", "offset": [337, 348]}, {"key": "option-to", "type": "clause", "offset": [363, 372]}, {"key": "exchange-notice", "type": "definition", "offset": [385, 400]}, {"key": "the-administrative-agent", "type": "clause", "offset": [403, 427]}, {"key": "in-writing", "type": "clause", "offset": [428, 438]}, {"key": "request-for-exchange", "type": "definition", "offset": [446, 466]}, {"key": "par-value", "type": "definition", "offset": [582, 591]}, {"key": "a-portion", "type": "definition", "offset": [632, 641]}, {"key": "loans-hereunder", "type": "clause", "offset": [661, 676]}, {"key": "provided-that", "type": "definition", "offset": [678, 691]}, {"key": "in-no-event-shall", "type": "clause", "offset": [692, 709]}, {"key": "aggregate-principal-amount", "type": "clause", "offset": [832, 858]}, {"key": "to-exchange", "type": "clause", "offset": [905, 916]}, {"key": "minimum-amount", "type": "clause", "offset": [987, 1001]}, {"key": "integral-multiples", "type": "definition", "offset": [1021, 1039]}, {"key": "subject-to-the", "type": "definition", "offset": [1074, 1088]}, {"key": "exchange-note-indenture", "type": "definition", "offset": [1118, 1141]}, {"key": "second-lien-bridge-total-cap", "type": "definition", "offset": [1191, 1219]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1225, 1254]}, {"key": "loans-shall", "type": "definition", "offset": [1270, 1281]}, {"key": "exchange-trigger-event", "type": "definition", "offset": [1355, 1377]}, {"key": "to-the-borrower", "type": "definition", "offset": [1413, 1428]}, {"key": "notice-of-an", "type": "clause", "offset": [1495, 1507]}, {"key": "the-borrower-shall", "type": "clause", "offset": [1532, 1550]}, {"key": "business-days", "type": "definition", "offset": [1671, 1684]}, {"key": "days-after", "type": "definition", "offset": [1714, 1724]}, {"key": "execute-and-deliver", "type": "clause", "offset": [1823, 1842]}, {"key": "use-commercially-reasonable-efforts", "type": "clause", "offset": [1848, 1883]}, {"key": "exchange-note-trustee", "type": "definition", "offset": [1897, 1918]}, {"key": "as-directed", "type": "definition", "offset": [1966, 1977]}, {"key": "the-principal-amount", "type": "definition", "offset": [2035, 2055]}, {"key": "equal-to", "type": "definition", "offset": [2056, 2064]}, {"key": "aggregate-outstanding-principal-amount", "type": "definition", "offset": [2077, 2115]}, {"key": "the-exchange-notes", "type": "clause", "offset": [2205, 2223]}, {"key": "by-the-exchange", "type": "clause", "offset": [2242, 2257]}, {"key": "issuance-of-the", "type": "clause", "offset": [2279, 2294]}, {"key": "a-lender", "type": "definition", "offset": [2313, 2321]}, {"key": "in-accordance-with", "type": "definition", "offset": [2322, 2340]}, {"key": "corresponding-amount", "type": "definition", "offset": [2362, 2382]}, {"key": "the-loans", "type": "clause", "offset": [2386, 2395]}, {"key": "by-the-lenders", "type": "clause", "offset": [2533, 2547]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [2564, 2587]}, {"key": "following-the", "type": "definition", "offset": [2600, 2613]}, {"key": "first-exchange", "type": "clause", "offset": [2614, 2628]}, {"key": "applicable-exchange-date", "type": "definition", "offset": [2665, 2689]}, {"key": "bank-or-trust-company", "type": "definition", "offset": [2704, 2725]}, {"key": "to-act", "type": "definition", "offset": [2726, 2732]}, {"key": "exchange-agreement", "type": "definition", "offset": [2810, 2828]}, {"key": "for-transactions", "type": "clause", "offset": [2839, 2855]}, {"key": "counsel-to", "type": "clause", "offset": [2882, 2892]}, {"key": "borrower-and-guarantors", "type": "clause", "offset": [2897, 2920]}, {"key": "deliver-to", "type": "definition", "offset": [2924, 2934]}, {"key": "legal-opinions", "type": "clause", "offset": [2970, 2984]}, {"key": "requested-by", "type": "clause", "offset": [3049, 3061]}, {"key": "the-arrangers", "type": "clause", "offset": [3062, 3075]}, {"key": "in-connection-with", "type": "clause", "offset": [3082, 3100]}, {"key": "the-accountants", "type": "clause", "offset": [3174, 3189]}, {"key": "for-the-borrower", "type": "clause", "offset": [3190, 3206]}, {"key": "if-applicable", "type": "clause", "offset": [3213, 3226]}, {"key": "the-target", "type": "clause", "offset": [3228, 3238]}, {"key": "comfort-letters", "type": "definition", "offset": [3252, 3267]}, {"key": "rule-144a", "type": "definition", "offset": [3310, 3319]}, {"key": "rules-and-regulations", "type": "clause", "offset": [3327, 3348]}, {"key": "the-securities-act", "type": "clause", "offset": [3355, 3373]}, {"key": "offering-memorandum", "type": "definition", "offset": [3402, 3421]}, {"key": "relating-to", "type": "definition", "offset": [3422, 3433]}, {"key": "sale-of", "type": "clause", "offset": [3438, 3445]}, {"key": "cooperation-information", "type": "definition", "offset": [3636, 3659]}, {"key": "trustee-shall", "type": "definition", "offset": [3680, 3693]}, {"key": "at-all-times", "type": "definition", "offset": [3694, 3706]}, {"key": "a-corporation", "type": "clause", "offset": [3710, 3723]}, {"key": "doing-business", "type": "definition", "offset": [3738, 3752]}, {"key": "laws-of-the-united-states", "type": "definition", "offset": [3763, 3788]}, {"key": "any-state", "type": "definition", "offset": [3792, 3801]}, {"key": "in-good-standing", "type": "definition", "offset": [3811, 3827]}, {"key": "to-exercise", "type": "clause", "offset": [3864, 3875]}, {"key": "trust-powers", "type": "definition", "offset": [3886, 3898]}, {"key": "authority-and", "type": "clause", "offset": [3964, 3977]}, {"key": "capital-and-surplus", "type": "definition", "offset": [3999, 4018]}, {"key": "to-assist", "type": "clause", "offset": [4100, 4109]}, {"key": "with-respect-to", "type": "clause", "offset": [4110, 4125]}, {"key": "in-clauses", "type": "clause", "offset": [4144, 4154]}, {"key": "number-of", "type": "definition", "offset": [4245, 4254]}, {"key": "first-anniversary", "type": "definition", "offset": [4325, 4342]}, {"key": "rollover-loan-maturity-date", "type": "definition", "offset": [4350, 4377]}, {"key": "it-is-understood-and-agreed-that", "type": "definition", "offset": [4383, 4415]}, {"key": "no-novation", "type": "clause", "offset": [4520, 4531]}], "hash": "7476b0c2450f1f22338e4e5642600ec1", "id": 2}, {"size": 106, "samples": [{"hash": "93r5cQ4TY2G", "uri": "/contracts/93r5cQ4TY2G#exchange-notes", "label": "Registration Rights Agreement (Oaktree Strategic Credit Fund)", "score": 35.5571517944, "published": true}, {"hash": "i4wDK6e1Hgs", "uri": "/contracts/i4wDK6e1Hgs#exchange-notes", "label": "Registration Rights Agreement (Sixth Street Lending Partners)", "score": 35.4695396423, "published": true}, {"hash": "adPPL2FY2LV", "uri": "/contracts/adPPL2FY2LV#exchange-notes", "label": "Purchase Agreement (Sixth Street Lending Partners)", "score": 35.4503746033, "published": true}], "snippet": "The 6.500% Notes due 2029 of the same series under the Indenture as the Notes, to be issued to Holders in exchange for Registrable Notes pursuant to this Agreement.", "snippet_links": [{"key": "the-indenture", "type": "clause", "offset": [51, 64]}, {"key": "the-notes", "type": "clause", "offset": [68, 77]}, {"key": "to-holders", "type": "clause", "offset": [92, 102]}, {"key": "in-exchange", "type": "clause", "offset": [103, 114]}, {"key": "registrable-notes", "type": "definition", "offset": [119, 136]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [137, 163]}], "hash": "fceb103a436138e966a81fa9700137db", "id": 1}, {"size": 18, "samples": [{"hash": "hIXK0GBDMLq", "uri": "/contracts/hIXK0GBDMLq#exchange-notes", "label": "Registration Rights Agreement (Griffon Corp)", "score": 28.7508563995, "published": true}, {"hash": "lmCYsgPlo8R", "uri": "/contracts/lmCYsgPlo8R#exchange-notes", "label": "Registration Rights Agreement (Griffon Corp)", "score": 27.376455307, "published": true}], "snippet": "The 5.25% Senior Notes due 2022 of the same series under the Indenture as the New Notes, to be issued to Holders in exchange for Registrable Securities pursuant to this Agreement.", "snippet_links": [{"key": "senior-notes", "type": "definition", "offset": [10, 22]}, {"key": "the-indenture", "type": "clause", "offset": [57, 70]}, {"key": "the-new-notes", "type": "clause", "offset": [74, 87]}, {"key": "to-holders", "type": "clause", "offset": [102, 112]}, {"key": "in-exchange", "type": "clause", "offset": [113, 124]}, {"key": "registrable-securities", "type": "definition", "offset": [129, 151]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [152, 178]}], "hash": "fbccb3f489b1d5d29a881b626b93a766", "id": 3}, {"size": 16, "samples": [{"hash": "d1NDLHVOAiu", "uri": "/contracts/d1NDLHVOAiu#exchange-notes", "label": "Purchase Agreement (Hillman Companies Inc)", "score": 22.2429847717, "published": true}, {"hash": "9OcR3wOudtn", "uri": "/contracts/9OcR3wOudtn#exchange-notes", "label": "Registration Rights Agreement (Hillman Companies Inc)", "score": 22.2429847717, "published": true}, {"hash": "iBpOs9mb2Ln", "uri": "/contracts/iBpOs9mb2Ln#exchange-notes", "label": "Registration Rights Agreement (Hillman Companies Inc)", "score": 21.6214923859, "published": true}], "snippet": "The Company\u2019s 10.875% Senior Notes due 2018 to be issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section 4 hereof.", "snippet_links": [{"key": "the-company", "type": "clause", "offset": [0, 11]}, {"key": "senior-notes-due-2018", "type": "definition", "offset": [22, 43]}, {"key": "pursuant-to-the-indenture", "type": "clause", "offset": [57, 82]}, {"key": "the-exchange-offer", "type": "clause", "offset": [91, 109]}, {"key": "section-4", "type": "definition", "offset": [137, 146]}], "hash": "789000173b12ef61cd98c630e29b2a6e", "id": 4}, {"size": 11, "samples": [{"hash": "3NiUNfZsExu", "uri": "/contracts/3NiUNfZsExu#exchange-notes", "label": "Credit Agreement (Polymer Group Inc)", "score": 24.8138256073, "published": true}, {"hash": "d6zA9omjccK", "uri": "/contracts/d6zA9omjccK#exchange-notes", "label": "Senior Secured Bridge Credit Agreement (Polymer Group Inc)", "score": 24.7097873688, "published": true}], "snippet": "(a) The Borrower shall, as promptly as practicable after being requested to do so by one or more Lenders at any time on or after the Initial Maturity Date (unless the Borrower has given the Administrative Agent notice of prepayment of the Loans pursuant to Section 2.05) and no later than the applicable Exchange Date, (i) select a bank or trust company reasonably acceptable to the Required Lenders to act as Exchange Note Trustee, (ii) enter into the Exchange Documents and the Exchange Registration Rights Agreement, (iii) deliver an offering memorandum relating to the sale of the Exchange Notes which shall include information regarding the Borrower and its Subsidiaries of the type customarily including in private placements under Rule 144A of the Securities Act including financial statements, pro forma financial statements, business and other financial data of the type required in a registered offering by Regulation S-X and Regulation S-K under the Securities Act (other than Rule 3-10 and Rule 3-16 of Regulation S-X and subject to exceptions customary for private placements pursuant to Rule 144A promulgated under the Securities Act) or that would be necessary for the holders of Exchange Notes to receive customary (for high yield debt securities) \u201ccomfort\u201d (including \u201cnegative assurance\u201d comfort) from independent accountants in connection with the offering of the Exchange Notes, and in the case of the annual financial statements, the auditors\u2019 reports thereon, (iv) in connection with a resale of Exchange Notes, use commercially reasonable efforts to cause the accountants for the Borrower (and, if applicable, the Target) to deliver \u201ccomfort letters\u201d customarily delivered in offerings under Rule 144A promulgated under the Securities Act, (v) deliver copies of resolutions of the Board of Directors of the Borrower and each Guarantor approving the execution and delivery of the Exchange Documents and the Exchange Registration Rights Agreement, together with a customary certificate of the Borrower or such Guarantor certifying such resolutions and (vi) cause counsel to the Borrower to deliver to the Administrative Agent an executed legal opinion in form and substance customary for a transaction of that type to be mutually agreed upon by the Borrower and the Administrative Agent (including, without limitation, with respect to due authorization, execution and delivery; validity; and enforceability of the Exchange Documents and the Exchange Registration Rights Agreement, subject to the qualifications contained therein).\n(b) The Borrower will, on or prior to the twentieth (20th) day (the \u201cExchange Date\u201d) following the written request (the \u201cExchange Request\u201d) of the holder of any Loan (or beneficial owner of a portion thereof) on or after the Initial Maturity Date:\n(i) execute and deliver, cause each other Loan Party to execute and deliver, and cause the Exchange Note Trustee to execute and deliver, the Exchange Note Indenture if such Exchange Note Indenture has not previously been executed and delivered; and\n(ii) execute and deliver to such holder or beneficial owner in accordance with the Exchange Note Indenture an Exchange Note (which shall (a) bear interest at the Total Cap, (b) mature on the Final Maturity Date, (c) be non-callable prior to February 15, 2015 (other than for a customary T+50 make-whole redemption right and an equity clawback redemption right at par plus the coupon through February 1, 2014) and thereafter shall be redeemable at a declining premium beginning with one-half the coupon, in each case, on terms consistent with those set forth in the Exchange Note Indenture), (d) be guaranteed by the Subsidiary Guarantors, (e) be secured by Liens on the Collateral having an equal priority to the Liens securing the Senior Secured Notes and otherwise on substantially the same terms as the Senior Secured Notes and (f) and shall have such other terms including without limitation covenants and events of default as are set forth in the Exchange Note Indenture) in exchange for such Loan dated the date of the issuance of such Exchange Note, payable to the order of such holder or owner, as the case may be, in the same principal amount as such Loan (or portion thereof) being exchanged. The Exchange Request shall specify the principal amount of the Loans to be exchanged pursuant to this Section 6.14, provided that no Exchange Notes shall be issued until the Borrower shall have received requests to issue at least $50 million in aggregate principal amount of Exchange Notes. Loans exchanged for Exchange Notes under this Section 6.14 shall be deemed repaid and the Exchange Notes shall be governed by and construed in accordance with the terms of the Exchange Note Indenture. The Exchange Note Trustee shall at all times be a corporation organized and doing business under the laws of the United States or the State of New York, in good standing and having its principal offices in the Borough of Manhattan, in The City of New York, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has a combined capital and surplus of not less than $500.0 million.", "snippet_links": [{"key": "the-borrower-shall", "type": "clause", "offset": [4, 22]}, {"key": "at-any-time", "type": "clause", "offset": [105, 116]}, {"key": "initial-maturity-date", "type": "clause", "offset": [133, 154]}, {"key": "prepayment-of-the-loans", "type": "clause", "offset": [221, 244]}, {"key": "pursuant-to-section", "type": "clause", "offset": [245, 264]}, {"key": "applicable-exchange-date", "type": "definition", "offset": [293, 317]}, {"key": "bank-or-trust-company", "type": "definition", "offset": [332, 353]}, {"key": "the-required-lenders", "type": "clause", "offset": [379, 399]}, {"key": "to-act", "type": "definition", "offset": [400, 406]}, {"key": "exchange-note-trustee", "type": "definition", "offset": [410, 431]}, {"key": "exchange-documents", "type": "definition", "offset": [453, 471]}, {"key": "exchange-registration-rights-agreement", "type": "definition", "offset": [480, 518]}, {"key": "offering-memorandum", "type": "definition", "offset": [537, 556]}, {"key": "relating-to", "type": "definition", "offset": [557, 568]}, {"key": "the-exchange-notes", "type": "clause", "offset": [581, 599]}, {"key": "information-regarding-the-borrower-and-its-subsidiaries", "type": "clause", "offset": [620, 675]}, {"key": "private-placements", "type": "definition", "offset": [713, 731]}, {"key": "under-rule", "type": "clause", "offset": [732, 742]}, {"key": "the-securities-act", "type": "clause", "offset": [751, 769]}, {"key": "pro-forma-financial-statements", "type": "clause", "offset": [802, 832]}, {"key": "financial-data", "type": "definition", "offset": [853, 867]}, {"key": "registered-offering", "type": "definition", "offset": [894, 913]}, {"key": "regulation-s", "type": "definition", "offset": [917, 929]}, {"key": "rule-3", "type": "clause", "offset": [988, 994]}, {"key": "pursuant-to-rule-144a", "type": "clause", "offset": [1089, 1110]}, {"key": "holders-of", "type": "clause", "offset": [1184, 1194]}, {"key": "to-receive", "type": "definition", "offset": [1210, 1220]}, {"key": "debt-securities", "type": "clause", "offset": [1247, 1262]}, {"key": "negative-assurance", "type": "clause", "offset": [1286, 1304]}, {"key": "independent-accountants", "type": "clause", "offset": [1320, 1343]}, {"key": "in-connection-with", "type": "clause", "offset": [1344, 1362]}, {"key": "the-offering", "type": "definition", "offset": [1363, 1375]}, {"key": "in-the-case", "type": "clause", "offset": [1403, 1414]}, {"key": "annual-financial-statements", "type": "definition", "offset": 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"id": 6}, {"size": 6, "samples": [{"hash": "7evnGMQTaRo", "uri": "/contracts/7evnGMQTaRo#exchange-notes", "label": "Senior Subordinated Loan Agreement (Premdor Finace LLC)", "score": 21.0, "published": true}], "snippet": "So long as the Borrowers have received requests to issue at least $20,000,000 in the aggregate principal amount of Exchange Notes:\n(a) each Borrower shall, as promptly as practicable after being requested to do so by the US Administrative Agent at any time after the date that is 16 months after the Closing Date and in any event prior to the Initial Loan Repayment Date, (i) select a bank or trust company to act as Exchange Note Trustee, (ii) enter into the Exchange Note Indenture and the Registration Rights Agreement and (iii) cause counsel to such Borrower to deliver to the relevant Administrative Agent an executed legal opinion in form and substance customary for a transaction of that type to be mutually agreed upon by such Borrower and the relevant Administrative Agent.\n(b) Each Borrower will, on the fifth Business Day following the written request (the \u201cExchange Request\u201d) of the holder of any Loan (or beneficial owner of a portion thereof) given at any time on or after the fifth Business Day prior to the Initial Loan Repayment Date:\n(i) execute and deliver, and cause the Exchange Note Trustee to execute and deliver, the Exchange Note Indenture if such Exchange Note Indenture has not previously been executed and delivered; and\n(ii) execute and deliver to such holder or beneficial owner in accordance with the Exchange Note Indenture one or more Exchange Notes as evidence of all or a part of the principal amount of such Term Loan bearing interest as set forth therein dated the date of the issuance of such Exchange Note, payable to the order of such holder or owner, as the case may be, in the same principal amount as such Loan being evidenced (for certainty, including any capitalized interest). The Exchange Request shall specify the principal amount of the Loan to be evidenced by Exchange Notes pursuant to this Section, which shall be at least $100,000 and integral multiples of $50,000 in excess thereof or the entire remaining aggregate principal amount of the Loan of such Lender (for certainty, including any capitalized interest). Loans delivered to any Borrower under this Section to be evidenced by Exchange Notes shall be governed by and construed in accordance with the terms of the Exchange Note Indenture.\n(c) The Exchange Note Trustee shall at all times be a corporation organized and doing business under the laws of the United States of America or the State of New York, in good standing and having its principal offices in the Borough of Manhattan, in The City of New York, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has a combined capital and surplus of not less than $500,000,000.\n(d) If Exchange Notes are issued pursuant to the terms hereof, then the Exchange Note Holders shall have the registration rights with respect to such Exchange Notes as set forth in the Registration Rights Agreement.\n(e) The Exchange Note Indenture shall provide that the unpaid principal amount of each Exchange Note shall 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FINRA: Financial Industry Regulatory Authority, Inc.", "snippet_links": [{"key": "the-indenture", "type": "clause", "offset": [50, 63]}, {"key": "the-notes", "type": "clause", "offset": [67, 76]}, {"key": "to-holders", "type": "clause", "offset": [91, 101]}, {"key": "in-exchange", "type": "clause", "offset": [102, 113]}, {"key": "registrable-notes", "type": "definition", "offset": [118, 135]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [136, 162]}, {"key": "financial-industry-regulatory-authority", "type": "clause", "offset": [171, 210]}], "hash": "1c5307454e31635474bb412cb845e5a4", "id": 9}, {"size": 4, "samples": [{"hash": "hteFuYoHroq", "uri": "/contracts/hteFuYoHroq#exchange-notes", "label": "Second Lien Subordinated Note Purchase Agreement (NextWave Wireless Inc.)", "score": 21.0, "published": true}, {"hash": "eXV73jv19ML", "uri": "/contracts/eXV73jv19ML#exchange-notes", "label": "Third Lien Subordinated Exchange Note Exchange Agreement (Manchester Financial Group, LP)", "score": 21.0, "published": true}, {"hash": "5UGG3mOLatA", "uri": "/contracts/5UGG3mOLatA#exchange-notes", "label": "Third Lien Subordinated Exchange Note Exchange Agreement (NextWave Wireless Inc.)", "score": 21.0, "published": true}], "snippet": "Parent shall have issued and delivered the Exchange Notes in accordance with the terms of the Exchange Note Documents.", "snippet_links": [{"key": "the-exchange-notes", "type": "clause", "offset": [39, 57]}, {"key": "in-accordance-with", "type": "definition", "offset": [58, 76]}, {"key": "exchange-note-documents", "type": "definition", "offset": [94, 117]}], "hash": "6274e11a378ce5d51ce376f54ac24f42", "id": 10}], "next_curs": "ClcSUWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjMLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhdleGNoYW5nZS1ub3RlcyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 378, "children": [["exchange-notes", "Exchange Notes"], ["issuance-of-exchange-notes", "Issuance of Exchange Notes"], ["request-for-issuance", "Request for Issuance"], ["registration-of-transfer", "Registration of Transfer"], ["revolving-facility-balance", "Revolving Facility Balance"]], "title": "Exchange Notes", "parents": [["affirmative-covenants", "AFFIRMATIVE COVENANTS"], ["exchange-notes", "Exchange Notes"], ["the-credits", "The Credits"], ["the-notes", "The Notes"], ["exchange-of-notes", "Exchange of Notes"]], "id": "exchange-notes", "related": [["exchange-securities", "Exchange Securities", "Exchange Securities"], ["initial-notes", "Initial Notes", "Initial Notes"], ["new-notes", "New Notes", "New Notes"], ["special-notes", "Special Notes", "Special Notes"], ["registered-notes", "Registered Notes", "Registered Notes"]], "related_snippets": [], "updated": "2026-07-08T06:29:00+00:00", "also_ask": ["What are the essential terms that must be included in an Exchange Notes clause to ensure enforceability?", "How can the Exchange Notes clause be strategically negotiated to protect against unfavorable conversion or exchange rates?", "What are the most common legal pitfalls or fatal flaws in Exchange Notes provisions that could render them unenforceable?", "How do Exchange Notes clauses differ across jurisdictions or under different governing laws?", "What are the key factors courts consider when determining the validity and enforceability of Exchange Notes clauses?"], "drafting_tip": "Specify the types and terms of notes to be exchanged to prevent misunderstandings; require written confirmation of each exchange to ensure clear evidence; define timing and procedures to facilitate smooth transactions.", "explanation": "The \"Exchange Notes\" clause outlines the terms and procedures for exchanging promissory notes or similar debt instruments between parties. Typically, this clause specifies the conditions under which notes may be exchanged, such as upon maturity, default, or at the request of one party, and may detail the form, timing, and documentation required for the exchange. Its core practical function is to provide a clear and standardized process for replacing or substituting notes, thereby reducing confusion and ensuring both parties understand their rights and obligations regarding the transfer or replacement of these financial instruments."}, "json": true, "cursor": ""}}