Common use of Exercise of Remedies Under the Pledge Agreement Clause in Contracts

Exercise of Remedies Under the Pledge Agreement. If an Event of Default shall have occurred and be continuing, the Senior Note Trustee shall, subject to obtaining all applicable Approvals, commence the taking of such actions (or refrain from taking actions) toward collection or enforcement of this Pledge Agreement and the Pledged Collateral (or any portion thereof), including, without limitation, action toward foreclosure upon any Pledged Collateral, as it deems appropriate in its sole discretion.