Events of Default; Agency. (a) Subject to Section 4(b) below, upon the occurrence and during the continuation of any Event of Default (and provided that (x) Aegis shall have determined that an Event of Defaults exists and provided written notice of such Event of Default to the Bigger-District Creditors and/or (y) the Bigger-District Creditors shall have determined that an Event of Default exists and provided written notice of such Event of Default to Aegis), Aegis, in its capacity as Agent hereunder, shall have the right, without the consent of any Bigger-District Creditor, to take (or to determine not to take) any of the following actions on behalf of Aegis with respect to their share of the Pari Passu Debt and on behalf of the Bigger-District Creditors with respect to their share of the Pari Passu Debt (provided, that any and all of the following actions taken or determined not to be taken by Agent with respect to any portion of Pari Passu Debt shall be taken by Agent with respect to all of the Pari Passu Debt, without regard to Aegis’ share thereof or the Bigger-District Creditors’ share thereof): (i) declare one or more Events of Default; (ii) give notice to any Obligor of any Event of Default; (iii) take Enforcement Actions against any of the Obligors and/or the Collateral (provided that the Bigger-District Creditors may join in any such Enforcement Actions upon the request of Agent); and (iv) hire counsel of its choosing; provided, that, in the event that Agent takes any Enforcement Action against any Obligor and/or the Collateral pursuant to the foregoing clause (iii) of this Section 4(a) (or selects any agent or attorney-in -fact to take any such Enforcement Action on behalf of Aegis and the Bigger-District Creditors), Agent shall (or in the case Agent selects any agent or attorney-in-fact to take any such Enforcement Action on its behalf, Agent shall direct such agent or attorney-in-fact, as applicable, to) take Enforcement Actions under and in accordance with the terms of both the Aegis Note Documents and the Bigger-District Note Documents simultaneously and collect and apply any and all proceeds realized in any and all such Enforcement Actions in accordance with Section 2(a)(ii) of this Agreement.
