Outstanding Exchange Certificate definition
Outstanding Exchange Certificate. Any Exchange Certificate issued on the Issue Date; provided, however, that upon the exchange of any Exchange Certificate pursuant to Section 2.03 hereof, the Exchange Certificate so exchanged shall be deemed no longer to be an Outstanding Exchange Certificate, and the Exchangeable Certificate issued in exchange therefor shall be deemed to be an Outstanding Exchangeable Certificate.
Examples of Outstanding Exchange Certificate in a sentence
As among any Outstanding Exchange Certificates, distributions shall be made to such Certificates, pro rata, in proportion to the Class Principal Balance of each such Outstanding Exchange Certificate.