Common use of Exchange Upon Default Clause in Contracts

Exchange Upon Default. If default is made in the payments referred to in Section 1001, then the Company hereby undertakes that, upon presentation and surrender of a permanent Global Security to the Trustee (or to any other Person or at any other address as the Company may designate in writing), on any Business Day on or after the maturity date thereof, the Company will issue and the Trustee will authenticate and make available for delivery to the bearer of such permanent Global Security duly executed and authenticated definitive Securities with the same issue date and maturity date as set out in such permanent Global Security.