Authorization of Holders to Trustee to Effect Subordination. Each Holder of Subordinated Securities by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article Sixteen and appoints the Trustee his attorney-in-fact for any and all such purposes.
Authorization of Holders to Trustee to Effect Subordination. Each Holder of Securities or coupons by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes. If the Trustee or any Holder of Securities or coupons does not file a proper claim or proof of debt in the form required in any proceeding referred to in Section 1502 prior to 30 days before the expiration of the time to file such claim in such proceeding, then the holder of any Superior Indebtedness or its Representative is hereby authorized, and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Securities or coupons.
Authorization of Holders to Trustee to Effect Subordination. Each Holder of a Note, by his acceptance thereof, authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effect the subordination provided for in this Article 5 and appoints the Trustee his attorney-in-fact for any and all such purposes. Upon request of the Company, and upon being furnished with a Certificate of the Company stating that one or more named persons are holders of Senior Indebtedness, or the representative or representatives of such holders, or the trustee or trustees under which any instruments evidencing such Senior Indebtedness may have been issued, and specifying the nature of such Senior Indebtedness, the Trustee shall enter into a written agreement or agreements with the Company and the person or persons named in such Certificate of the Company, substantially in the form attached as Schedule B hereto or in such other form as may be acceptable to the Trustee, in its sole discretion, providing that such person or persons are entitled to all the rights and benefits of this Article 5 as the holder or holders, representative or representatives, or trustee or trustees of the Senior Indebtedness specified in such Certificate of the Company and in such agreement. Such agreement shall be conclusive evidence that the indebtedness specified therein is Senior Indebtedness. Nothing herein shall impair the rights of any holder of Senior Indebtedness who has not entered into such an agreement.
Authorization of Holders to Trustee to Effect Subordination. Each Holder of a Note, by his acceptance thereof, authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effect the subordination provided for in this Article 5 and appoints the Trustee his attorney-in-fact for any and all such purposes.
