Common use of Actions Upon an Event of Default Clause in Contracts

Actions Upon an Event of Default. Upon the occurrence and during the continuance of an Event of Default and at the written direction of the Required Bondholders, the Trustee shall be permitted and is hereby authorized, subject to Sections 8.1 and 8.2, to take any and all actions and to exercise any and all rights, remedies and options relating to the Account Collateral which it may have hereunder and under the other Collateral Documents (including all remedies available at law or in equity). Without limiting the foregoing and except as otherwise expressly set forth herein, during the continuation of an Event of Default, the Trustee (acting at the written direction of the Required Bondholders) shall, by Disbursement Directions to the Accounts Bank, be permitted to apply all funds in the Pledged Accounts to the payment of the Secured Obligations.