Exchange Note Default definition
Examples of Exchange Note Default in a sentence
Within 5 Business Days after an Authorized Officer of the Borrower first has actual knowledge of the occurrence of an Exchange Note Default with respect to any Closed-End Exchange Note, the Borrower will notify the Closed-End Servicer, the Closed-End Administrative Agent, the Deal Agent and the related Exchange Noteholder of its status and what action, if any, the Borrower is taking or proposing to take with respect to such Exchange Note Default.
If an Exchange Note Default, a Warehouse Facility Termination Event or an Event of Bankruptcy with respect to the Borrower has occurred and is continuing, the Closed-End Administrative Agent will exercise the rights and powers vested in it by this Collateral Agency Agreement and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.
Notwithstanding the foregoing, the entire unpaid Exchange Note Balance of any Closed-End Exchange Note will be due and payable on the date on which an Exchange Note Default with respect to such Closed-End Exchange Note has occurred and is continuing, if the applicable Exchange Noteholder has declared such Closed-End Exchange Note to be immediately due and payable in the manner provided in Section 8.7(c).
All cash proceeds received by the Closed-End Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral following and during the continuation of a Warehouse Facility Termination Event or an Exchange Note Default shall be applied by the Administrative Agent in the manner set forth in Article X, and in the other applicable provisions, of the Collateral Agency Agreement.