Funding Note Collateral definition

Funding Note Collateral means, with respect to the Funding Note, the right, title and interest of Global Funding in and to (i) each Funding Agreement held by Global Funding, (ii) all Proceeds in respect of each such Funding Agreement and (iii) all books and records (including without limitation, computer programs, printouts and other computer materials and files) of Global Funding pertaining to the Funding Agreement(s).

Examples of Funding Note Collateral in a sentence

• Neither the Holders nor the Funding Note Indenture Trustee on behalf of the Holders will have the right to proceed against the Non-recourse Parties to enforce the Funding Note (except that to the extent they exercise their rights, if any, to seize the relevant Funding Agreement, they may enforce the relevant Funding Agreement against the Funding Agreement Provider) or for any deficiency judgment remaining after foreclosure of any property included in the Funding Note Collateral.

• If any Event of Default shall occur with respect to the Funding Note, the right of the Holders of the Funding Note and the Funding Note Indenture Trustee on behalf of such Holders in connection with a claim on the Funding Note shall be limited solely to a proceeding against the Funding Note Collateral.

• At any such sale the Funding Note Collateral may be sold in one lot as an entirety or in separate parcels, as the Funding Note Indenture Trustee may determine.

• Beyond the exercise of reasonable care in the custody thereof, the Funding Note Indenture Trustee shall have no duty as to any portion of the Funding Note Collateral in its possession or control or in the possession or control of any agent or bailee or as to the preservation of rights against prior parties or any other rights pertaining thereto.

• The Security Interest shall terminate and all rights to the Funding Note Collateral shall revert to Global Funding (i) upon the repayment in full of all Obligations or (ii) in connection with the assignment of the Funding Note by Global Funding to the Issuing Trust in accordance with the terms of the Funding Note and the Coordination Agreement.

• The Funding Note Indenture Trustee (and each of its agents and Affiliates) shall deposit all cash amounts received by it (or any such agents or Affiliates) that are derived from the Funding Note Collateral for the benefit of the Holders of the Funding Note in a segregated account maintained or controlled by the Funding Note Indenture Trustee, consistent with the rating of the Funding Note.

• Any Holder may be the purchaser of any or all of the Funding Note Collateral so sold at any public sale (or, if the Funding Note Collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations, at any private sale).

• Upon any such sale the Funding Note Indenture Trustee shall have the right to deliver, assign and transfer to the purchaser thereof the Funding Note Collateral so sold.

• The Funding Note Indenture Trustee, instead of exercising the power of sale conferred upon it in the Funding Note Indenture, may proceed by a suit or suits at law or in equity to foreclose a Security Interest and sell any Funding Note Collateral, or any portion thereof, under a judgment or decree of a court or courts of competent jurisdiction.

• Each purchaser at any such sale shall hold the Funding Note Collateral so sold to it absolutely and free from any claim or right of whatsoever kind, including any equity or right of redemption of Global Funding which may be waived, and Global Funding, to the extent permitted by law, specifically waives all rights of redemption, stay or appraisal which it has or may have under any law.