Common use of Exchange Note Remedies Clause in Contracts

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred (and in the case of an Exchange Note Default, the related Exchange Noteholder has taken the action described in Section 6.04(c)), subject to Article Ten, the related Exchange Noteholder may (i) commence appropriate Proceedings and pursue any of its other rights, remedies, powers or privileges under this Agreement or otherwise and (ii) direct the Collateral Agent to and the Collateral Agent, if and as directed by the related Exchange Noteholder, will (A) institute Proceedings for the complete or partial foreclosure on the Collateral included in the related Reference Pool; (B) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of such Exchange Noteholder; and/or (C) sell or otherwise liquidate all or a portion of the Collateral included in the related Reference Pool with respect to such Exchange Note, or any right or interest included in such Collateral, at one or more public or private sales called and conducted in any manner permitted by law. (b) The proceeds of any liquidation or sale of the Collateral included in any Reference Pool pursuant to Section 6.05(a)(ii)(C) will be applied in accordance with the applicable Exchange Note Supplement or in another related transaction document.

Exchange Note Remedies. (a) If a Facility Default or an Exchange Note Default has occurred (and in the case of an Exchange Note Default, the related Exchange Noteholder has taken the action described in Section 6.04(c)), and subject to Article TenX, the related Exchange Noteholder may (i) commence appropriate Proceedings and pursue any of its other rights, remedies, powers or privileges under this Agreement or otherwise otherwise; and (ii) direct the Collateral Agent to and the Collateral Agent, if and as directed by the related Exchange Noteholder, Agent will (Ax) institute Proceedings for the complete or partial foreclosure on the Collateral Leases and Collateral Leased Vehicles included in the related Reference Pool; (By) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of such Exchange Noteholder; and/or (Cz) sell or otherwise liquidate all or a portion of the Collateral included in the related Reference Pool with respect to such Exchange Note, or any right rights or interest included in such Collateral, Collateral at one or more public or private sales called and conducted in any manner permitted by law. (b) The proceeds of any liquidation or sale of the Collateral included in any Reference Pool pursuant to Section 6.05(a)(ii)(C6.04(a)(ii)(z) will be applied in accordance with the applicable Exchange Note Supplement or in another related transaction documentSupplement.