Senior Note definition
Examples of Senior Note in a sentence
The Note B Holder acknowledges that the Senior Note Holders do not owe the Note B Holder any fiduciary duty with respect to any action taken under the Mortgage Loan Documents and, except as provided herein, need not consult with the Note B Holder with respect to any action taken by a Senior Note Holder in connection with the Mortgage Loan.
For avoidance of doubt, if the Note B Holder elects to exercise its right to purchase a Note pursuant to this Section 12, it must purchase each Senior Note.
The Note B Holder shall not have any obligation whatsoever to purchase from such Senior Note Holder a Note interest in any future loans originated by such Senior Note Holder or their Affiliates.
Upon the delivery of the Noteholder Purchase Notice to each Senior Note, each Senior Note Holder shall sell (and the Note B Holder shall purchase) the Senior Notes (including, without limitation, any Notes therein) at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”) not less than ten (10) and not more than thirty (30) days after the date of the Noteholder Purchase Notice, as shall be established by the Note A-1 Holder.
The Note B Holder shall have the right, by written notice to each Senior Note Holder (a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the Mortgage Loan has occurred and is continuing, to purchase, in immediately available funds, Senior Notes in whole but not in part at the applicable Defaulted Mortgage Loan Purchase Price.