Common use of Exchange Note Remedies Clause in Contracts

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 2021-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 2021-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 2021-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 2021-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 2021-B Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212018-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212018-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212018-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212018-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212018-B Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212012-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212012-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212012-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212012-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212012-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212016-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212016-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212016-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212016-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212016-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212017-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212017-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212017-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212017-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212017-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212020-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212020-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212020-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212020-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212020-B Exchange Note Collection Account.. ARTICLE FIVE

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 2021-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 2021-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 2021-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 2021-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 2021-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212024-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212024-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212024-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of written instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212024-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212024-B Exchange Note Collection Account.. ARTICLE FIVE

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212024-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212024-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212024-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of written instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212024-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212024-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212016-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212016-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212016-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212016-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212016-B Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212019-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212019-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212019-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212019-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212019-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212019-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212019-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212019-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212019-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212019-B Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212018-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212018-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212018-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212018-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212018-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212020-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212020-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212020-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212020-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212020-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212013-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212013-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212013-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212013-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212013-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212023-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212023-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212023-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of written instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212023-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212023-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212014-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212014-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212014-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212014-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212014-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212013-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212013-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212013-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212013-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212013-B Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212015-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212015-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212015-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212015-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212015-B A Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212015-B Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212015-B Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding AmountHolders of the Notes of the Controlling Class then Outstanding. (b) The proceeds of any liquidation or sale of the 20212015-B Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212015-B Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212015-B Exchange Note Collection Account.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred, the 20212023-B A Exchange Noteholder may take the actions set forth in Sections 6.04(c) or 6.05(a) of the Basic Collateral Agency Agreement; provided, that the Indenture Trustee, as the 20212023-B A Exchange Noteholder, will act at the direction of the Holders of Notes representing at least 66 2/3% of the Outstanding Amount. (b) The proceeds of any liquidation or sale of the 20212023-B A Collateral pursuant to Section 6.05(a)(ii)(C) of the Basic Collateral Agency Agreement, to the extent received by the Indenture Trustee and upon receipt of written instructions from the Administrator indicating the amounts to be applied by the Indenture Trustee, will be applied in accordance with Section 5.04(b) of the Indenture. (c) All amounts payable to the 20212023-B A Exchange Noteholder pursuant to this Section will be deposited by the Indenture Trustee into the 20212023-B A Exchange Note Collection Account.. ARTICLE FIVE