Examples of FSA Notice in a sentence
The Controlling Party may at any time give notice (an "FSA Notice") to the Master Collateral Agent stating that (i) a Default has occurred and is continuing or (ii) the Controlling Party has, pursuant to any Existing Agreement, terminated the status of a Reinvestment Contract as an eligible investment under a Trust Agreement or other Existing Agreement.
After receipt of such an FSA Notice, the Servicer shall transfer to the Master Collateral Agent any moneys received by it on or in respect of the Collateral for deposit in the Collateral Account.
Upon its receipt of an FSA Notice stating that a Default has occurred and is continuing, the Master Collateral Agent shall not release such document to the Servicer until it has received the written authorization from the Controlling Party.
Notwithstanding the foregoing, prior to the receipt by the Bank and WFAL 2 of an FSA Notice, such appointment shall be subject to the consent of the Bank and WFAL 2, which consent shall not be unreasonably withheld.
The Master Collateral Agent shall have no duty to verify whether or not a Default has occurred or is continuing or the facts stated in any FSA Notice.
Each Borrower shall: (i) at all times comply with all FSA Notices received by such Borrower and take all other actions as may be reasonably required to ensure that all Farm Products subject to such FSA Notices are purchased free and clear of any Lien or other claims, and (ii) within five (5) Business Days after receipt of any FSA Notice, provide the Administrative Agent written notice of (including a copy of) such FSA Notice or other notice.
If any Borrower receives an FSA Notice after the Closing Date, it will immediately (i.e., on the same day it receives such FSA Notice) notify Lender of the same by delivering a written copy thereof to Lender by facsimile and/or overnight courier.