Common use of Removal of Underlying Notes Upon a Removal Event Clause in Contracts

Removal of Underlying Notes Upon a Removal Event. (a) If a Removal Event with respect to any Underlying Note or the related Underlying Issuer has occurred, then the Trustee, within two Business Days following its receipt of written notice from the applicable Underlying Note indenture trustee or fiscal agent or the actual knowledge by a Responsible Officer of the Trustee of a payment default, in the case of a Default Event, or its receipt of written notice from the Administrative Agent, in the case of a Non-Filing Event, will deliver to the Certificateholders notice of the applicable Removal Event in the form specified in Annex A hereto in accordance with Section 4.02(b) and, will make commercially reasonable efforts within twelve Business Days following its receipt of any such written notice or its actual knowledge of a payment default, to remove the related Underlying Notes from the Trust Property and to distribute such Underlying Notes to the Certificateholders on a pro rata basis (based on their respective Fractional Undivided Interests), and the Certificate Principal Balance of each Certificate will be reduced by an amount equal to the pro rata share of the principal amount of such Underlying Notes, provided, however, that if at the time of the Removal Event the Trust has Trust Expenses that have not been fully paid or amortized by the Trust, the Trust may retain Underlying Notes, and not distribute them to Certificateholders, in an amount equal to each Certificateholder’s pro rata share of these Trust Expenses. In such cases, the Trustee will decrease the Certificate Principal Balance of each Certificate to reflect such reduction.

Removal of Underlying Notes Upon a Removal Event. (a) If a Removal Event with respect to any Underlying Note or the related Underlying Issuer has occurred, then the Trustee, within two Business Days following its receipt of written notice from the applicable Underlying Note indenture trustee or fiscal agent or the its actual knowledge by a Responsible Officer of the Trustee of a payment default, in the case of a Default Event, or its receipt of written notice from the Administrative Agent, in the case of a Downgrade Event or a Non-Filing Event, will deliver to the Certificateholders notice of the applicable Removal Event in the form specified in Annex A hereto in accordance with Section 4.02(b) and, will make commercially reasonable efforts within twelve Business Days following its receipt of any such written notice or its actual knowledge of a payment default, to will remove the related Underlying Notes from the Trust Property and and, subject to Section 3.08(b), will distribute such Underlying Notes to the Certificateholders on a pro rata basis (based on their respective Fractional Undivided Interests), ) and the Certificate Principal Balance of each Certificate will be reduced by an amount equal to the pro rata share of the principal amount of such Underlying Notes, provided, however, that if at the time of the Removal Event the Trust has Trust Expenses that have not been fully paid or amortized by the Trust, the Trust may retain Underlying Notes, and not distribute them to Certificateholders, in an amount equal to each Certificateholder’s pro rata share of these Trust Expenses. In such cases, (i) the Trustee will decrease the Certificate Principal Balance of each a Global Certificate to reflect such reductionreduction or (ii) Certificateholders holding Certificated Certificates will be required to deliver the same to the Corporate Trust Office of the Trustee, whereupon the Trustee will execute, authenticate and deliver to such Certificateholders (without any service charge) new Certificated Certificates of authorized denominations for the remaining Certificate Principal Balance and will deliver a pro rata share of such Underlying Notes or the sale proceeds specified in Sections 3.08(b) and (c) and 3.09, as required, to such Certificateholders.

Removal of Underlying Notes Upon a Removal Event. (a) If a Removal Event with respect to any Underlying Note or the related Underlying Issuer has occurred, then the Trustee, within two Business Days following its receipt of written notice from the applicable Underlying Note indenture trustee or fiscal agent or the its actual knowledge by a Responsible Officer of the Trustee of a payment default, in the case of a Default Event, or its receipt of written notice from the Administrative Agent, in the case of a Non-Filing Event, will deliver to the Certificateholders notice of the applicable Removal Event in the form specified in Annex A hereto in accordance with Section 4.02(b) and, will make commercially reasonable efforts within twelve Business Days following its receipt of any such written notice or its actual knowledge of a payment default, to will remove the related Underlying Notes from the Trust Property and to will distribute such Underlying Notes to the Certificateholders on a pro rata basis (based on their respective Fractional Undivided Interests), ) and the Certificate Principal Balance of each Certificate will be reduced by an amount equal to the pro rata share of the principal amount of such Underlying Notes, provided, however, that if at the time of the Removal Event the Trust has Trust Expenses that have not been fully paid or amortized by the Trust, the Trust may retain Underlying Notes, and not distribute them to Certificateholders, in an amount equal to each Certificateholder’s pro rata share of these Trust Expenses. In such cases, (i) the Trustee will decrease the Certificate Principal Balance of each a Global Certificate to reflect such reductionreduction or (ii) Certificateholders holding Certificated Certificates will be required to deliver the same to the Corporate Trust Office of the Trustee, whereupon the Trustee will execute, authenticate and deliver to such Certificateholders (without any service charge) new Certificated Certificates of authorized denominations for the remaining Certificate Principal Balance and will deliver a pro rata share of such Underlying Notes or the sale proceeds specified in Sections 3.08(b) and 3.10, as required, to such Certificateholders.

Removal of Underlying Notes Upon a Removal Event. (a) If a Removal Event with respect to any Underlying Note or the related Underlying Issuer has occurred, then the Trustee, within two Business Days following its receipt of written notice from the applicable Underlying Note indenture trustee or fiscal agent or the its actual knowledge by a Responsible Officer of the Trustee of a payment default, in the case of a Default Event, or its receipt of written notice from the Administrative Agent, in the case of a Downgrade Event or a Non-Filing Event, will deliver to the Certificateholders notice of the applicable Removal Event in the form specified in Annex A hereto in accordance with Section 4.02(b) and, will make commercially reasonable efforts within twelve Business Days following its receipt of any such written notice or its actual knowledge of a payment default, to will remove the related Underlying Notes from the Trust Property and and, subject to Section 3.08(b), will distribute such Underlying Notes to the Certificateholders on a pro rata basis (based on their respective Fractional Undivided Interests), ) and the Certificate Principal Balance of each Certificate will be reduced by an amount equal to the pro rata share of the principal amount of such Underlying Notes, provided, however, that if at the time of the Removal Event the Trust has Trust Expenses that have not been fully paid or amortized by the Trust, the Trust may retain Underlying Notes, and not distribute them to Certificateholders, in an amount equal to each Certificateholder’s pro rata share of these Trust Expenses. In such cases, (i) the Trustee will decrease the Certificate Principal Balance of each a Global Certificate to reflect such reductionreduction or (ii) Certificateholders holding Certificated Certificates will be required to deliver the same to the Corporate Trust Office of the Trustee, whereupon the Trustee will execute, authenticate and deliver to such Certificateholders (without any service charge) new Certificated Certificates of authorized denominations for the remaining Certificate Principal Balance and will deliver a pro rata share of such Underlying Notes or the sale proceeds specified in Sections 3.08(b) and (c) and 3.09, as required, to such Certificateholders.

Removal of Underlying Notes Upon a Removal Event. (a) If a Removal Event with respect to any Underlying Note or the related Underlying Issuer has occurred, then the Trustee, within two Business Days following its receipt of written notice from the applicable Underlying Note indenture trustee or fiscal agent or the its actual knowledge by a Responsible Officer of the Trustee of a payment default, in the case of a Default Event, or its receipt of written notice from the Administrative Agent, in the case of a Non-Filing Event, will deliver to the Certificateholders notice of the applicable Removal Event in the form specified in Annex A hereto in accordance with Section 4.02(b) and, will make commercially reasonable efforts within twelve Business Days following its receipt of any such written notice or its actual knowledge of a payment default, to will remove the related Underlying Notes from the Trust Property and to will distribute such Underlying Notes to the Certificateholders on a pro rata basis (based on their respective Fractional Undivided Interests), ) and the Certificate Principal Balance of each Certificate will be reduced by an amount equal to the pro rata share of the principal amount of such Underlying Notes, provided, however, that if at the time of the Removal Event the Trust has Trust Expenses that have not been fully paid or amortized by the Trust, the Trust may retain Underlying Notes, and not distribute them to Certificateholders, in an amount equal to each Certificateholder’s pro rata share of these Trust Expenses. In such cases, (i) the Trustee will decrease the Certificate Principal Balance of each a Global Certificate to reflect such reductionreduction or (ii) Certificateholders holding Certificated Certificates will be required to deliver the same to the Corporate Trust Office of the Trustee, whereupon the Trustee will execute, authenticate and deliver to such Certificateholders (without any service charge) new Certificated Certificates of authorized denominations for the remaining Certificate Principal Balance and will deliver a pro rata share of such Underlying Notes or the sale proceeds specified in Sections 3.08(b) and 3.10, as required, to such Certificateholders.