Common use of Cancellation of Closed-End Exchange Notes Clause in Contracts

Cancellation of Closed-End Exchange Notes. In connection with an optional redemption or payment in full of a Closed-End Exchange Note pursuant to the applicable Servicing Supplement or Exchange Note Supplement, the Exchange Noteholder, by notice to the Borrower, the Closed-End Servicer, the Closed-End Collateral Agent and the Closed-End Administrative Agent, may request that the Borrower cancel the Closed-End Exchange Note. Upon such request, the Borrower will, pursuant to this Section 6.8, cancel the Closed-End Exchange Note and, upon cancellation, if no other Closed-End Exchange Notes related to such Reference Pool are Outstanding, the applicable Reference Pool will be deemed to no longer exist and the Closed-End Units included in such Reference Pool will be deemed to be (without further action of any Person) reallocated to the Warehouse Facility Pool.