Common use of Lender Authorization Clause in Contracts

Lender Authorization. After the occurrence and during the continuance of any Default (including the commencement and continuation of any Insolvency Proceeding relating to any other Credit Party), the Lender is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and if such Guarantor fails to do so, to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the Lender for application to the Guaranteed Obligations (including any and all Post Petition Interest).

Lender Authorization. After the occurrence and during the continuance of any an Event of Default (including the commencement and continuation of any Insolvency Proceeding proceeding under any bankruptcy law relating to any other Credit Partythe Borrower), the Lender is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantorthe Guarantor and its Subsidiaries, to collect and enforce, and if such Guarantor fails to do so, to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post Petition Interest), and (ii) to require each the Guarantor and its Subsidiaries (A) to collect and enforce, and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the Lender for application to the Guaranteed Obligations (including any and all Post Petition Interest).

Lender Authorization. After the occurrence and during the continuance of any Default (including the commencement and continuation of any Insolvency Proceeding proceeding under any Bankruptcy Law relating to any other Credit Partythe Borrower), the Lender is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and if such Guarantor fails to do so, to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations Debt (including any and all Post Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Lender for application to the Guaranteed Obligations Debt (including any and all Post Petition Interest).

Lender Authorization. After the occurrence and during the continuance of any Matured Default (including the commencement and continuation of any Insolvency Proceeding proceeding under any Debtor Relief Law relating to any other Credit Partythe Company), the Lender is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and if such Guarantor fails to do so, to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the Lender for application to the Guaranteed Obligations (including any and all Post Petition Interest).

Lender Authorization. After the occurrence and during the continuance of any Event of Default (including the commencement and continuation under Section 7.1(a) or Section 7.1(f) of any Insolvency Proceeding relating to any other Credit Party)this Agreement, the Lender is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of Borrower and each Guarantor, to collect and enforce, and if such Guarantor fails to do so, to submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the 41 Guaranteed Obligations (including any and all Post Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Lender for application to the Guaranteed Obligations (including any and all Post Post-Petition Interest).