Common use of Remedies upon a Default Clause in Contracts

Remedies upon a Default. If a Default with respect to a Series has occurred and is continuing, the Collateral Agent shall, at the direction of the Controlling Party, take whatever action at law or in equity as may appear necessary or desirable in the judgment of the Controlling Party to collect and satisfy all Insurer Secured Obligations (including, but not limited to, foreclosure upon the Collateral and all other rights available to secured parties under applicable law) or to enforce performance and observance of any obligation, agreement or covenant under any of the Transaction Documents related to such Series. Notwithstanding the foregoing, the Collateral Agent shall not be entitled to take any action and the Controlling Party shall not be entitled to give any direction with respect to the Trust Property, except to the extent provided in the Transaction Documents and Sections 6.02(a), (c), (d) and (e) hereof.

Remedies upon a Default. If a Default with respect to a Series has occurred and is continuing, the Collateral Agent shall, at the direction of the Controlling Party, take whatever action at law or in equity as may appear necessary or desirable in the judgment of the Controlling Party to collect and satisfy all Insurer Secured Obligations (including, but not limited to, foreclosure upon the Collateral and all other rights available to secured parties under applicable law) or to enforce performance and observance of any obligation, agreement or covenant under any of the Transaction Documents related to such Series. Notwithstanding the foregoing, the Collateral Agent shall not be entitled to take any action and the Controlling Party shall not be entitled to give any direction with respect to the Trust Property, except to the extent provided in the Pooling and Servicing Agreement or other Transaction Documents and Sections 6.02(a), (c), (d) and (e) hereof.