Pledged Note Applicable Value

Pledged Note Applicable Value. As of any date of determination, (a) at any time during which an Issuer Insolvency Event is not occurring, the outstanding principal balance under the Pledged Note as of such date of determination, (b) at any time on or before the ninetieth (90th) day following the commencement of an Issuer Insolvency Event, seventy percent (70%) of the outstanding principal balance under the Pledged Note as of such date of determination, (c) at any time after the ninetieth (90th) day but on or before the... one-hundred and twentieth (120th) day following the commencement of an Issuer Insolvency Event, fifty percent (50%) of the outstanding principal balance under the Pledged Note as of such date of determination, (d) at any time after the one-hundred and twentieth (120th) day following the commencement of an Issuer Insolvency Event, 25 percent (25%) of the outstanding principal balance under the Pledged Note as of such date of determination View More