Common use of Realization Upon Default Clause in Contracts

Realization Upon Default. (a) The Trustee, on behalf of the Certificateholders, shall assert claims under the Securities, the Credit Support, the Swap Agreement, any Swap Guarantee and the Permitted Investments, and shall take such reasonable steps as may be necessary to receive payment or to permit recovery thereunder in the case of any Security Default, Credit Support Default, Swap Default or any default related to the Permitted Investments, as the case may be, subject in all cases to Article X. (b) If the Trustee is unable to obtain full recovery in respect of a Security, Credit Support, Swap Agreement, Swap Guarantee or Permitted Investment affected by a Security Default, Credit Support Default, Swap Default or default related to such Permitted Investment, as the case may be, the Trustee shall follow or cause to be followed such normal practices and procedures as it may deem necessary or advisable to realize upon such Security, Credit Support, Swap Agreement, Swap Guarantee or Permitted Investment, as the case may be, subject in all cases to Article X. (c) If the Trustee becomes aware of any Security Default, Credit Support Default, Swap Default or default related to any Permitted Investment, it shall give notice thereof to the Certificateholders as promptly as practicable in accordance with Section 12.05, and in the manner and to the extent provided in TIA Section 313(c) within 90 days after such default occurs.

Realization Upon Default. (a) The Trustee, on behalf of the Certificateholders, shall assert claims under the Securities, the Credit Support, the Swap Agreement, any Swap Guarantee and the Permitted Investments, and shall take such reasonable steps as may be necessary to receive payment or to permit recovery thereunder in the case of any Security Default, Credit Support Default, Swap Default or any default related to the Permitted Investments, as the case may be, subject in all cases to Article X. (b) If the Trustee is unable to obtain full recovery in respect of a Security, Credit Support, Swap Agreement, Swap Guarantee or Permitted Investment affected by a Security Default, Credit Support Default, Swap Default or default related to such Permitted Investment, as the case may be, the Trustee shall follow or cause to be followed such normal practices and procedures as it may deem necessary or advisable to realize upon such Security, Credit Support, Swap Agreement, Swap Guarantee or Permitted Investment, as the case may be, subject in all cases to Article X. (c) If the Trustee becomes aware of any Security Default, Credit Support Default, Swap Default or default related to any Permitted Investment, it shall give notice thereof to the Certificateholders as promptly as practicable in accordance with Section 12.05, and in the manner and to the extent provided in TIA Section 313(c) within 90 days after such default occurs.. 44 51 ARTICLE IX