Effectuation of Subordination Sample Clauses

Effectuation of Subordination. If the Holder does not file a proper claim or proof of debt in the form required in any Insolvency or Liquidation Proceeding prior to 30 days before the expiration of the time to file such claims or proofs, then the holders of the Senior Indebtedness, or their Representatives, are hereby authorized, and shall have the right (without any duty), to file an appropriate claim for and on behalf of such holder.

Effectuation of Subordination. In the event of any Insolvency or Liquidation Proceeding, the Senior Agent is irrevocably authorized and empowered, in its discretion, to make and present for and on behalf of the Lender such proofs of claims against the Company or the Guarantors on account of the Obligations or other motions or pleadings as the Senior Agent may deem expedient or proper; provided, however, -------- ------- the Senior Agent may make and present such proofs of claims only if the Lender has not filed such proofs of claims by the thirtieth day prior to the date on which such claims are required to be filed. After such thirty-day period, if the Lender has not filed such proofs of claims, the Lender irrevocably authorizes and empowers the Senior Agent to file claims and take such other actions (other than vote such proof of claims in such proceedings), in the name of the Senior Agent or the Lender or otherwise, as the Senior Agent may deem necessary or advisable for the enforcement of this Agreement. In such event, the Lender will execute and deliver to the Senior Agent such powers of attorney, assignments and other instruments or documents as may be requested by the Senior Agent in order to enable such Senior Agent to enforce any and all claims upon or with respect to the Obligations.

Effectuation of Subordination. If any holders of the Notes do not file a proper claim or proof of debt in the form required 30 days before the expiration of the time to file a claim for the unpaid balance of the Notes in the form required in any Insolvency or Liquidation Proceeding, then, so long as any Senior Indebtedness under or with respect to the Credit Agreement is outstanding, the Agent under the Credit Agreement is hereby authorized, and shall have the right (without any duty), to file an appropriate claim for and on behalf of such holders of the Notes.

Effectuation of Subordination. In the event of any Insolvency or Liquidation Proceeding, Senior Lender or Agent thereof is irrevocably authorized and empowered, only in the event the City is not responsive to participating in the actions at least five (5) days prior to the expiration of any deadlines imposed in such Insolvency or Liquidation Proceedings, to make and present for and on behalf of the holders of the Subordinated Debt such proofs of claims against the Corporation on account of the Subordinated Debt or other motions or finalized as Senior Lender or Agent thereof may deem expedient or proper and to take such other actions (other than to vote such claims in such proceedings), in the name of Senior Lender or Agent thereof or the holders of the Subordinated Debt or otherwise, as Senior Lender or Agent thereof may deem necessary or advisable for the enforcement of this Section 11. In furtherance of the foregoing, the holders of the Subordinated Debt will execute and deliver to Senior Lender or Agent thereof such powers of attorney, assignments and other instruments or documents as may be requested by Senior Lender or Agent thereof in order to enable Senior Lender or Agent thereof to file and enforce any and all claims upon or with respect to the Subordinated Debt.