Common use of Trustee Authorization Clause in Contracts

Trustee Authorization. After the occurrence and during the continuance of any Default (including, without limitation, the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), the Trustee is authorized and empowered (but without any obligation to so do), (i) in the name of the Guarantor, to collect and enforce, and 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 the 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 Trustee for application to the Guaranteed Obligations (including any and all Post Petition Interest).

Trustee Authorization. After the occurrence and during the continuance of any Event of Default (including, without limitation, including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Note Party), the Trustee is authorized and empowered (but without any obligation to so do), ) (i) in the name of the each Guarantor, to collect and enforce, and to submit claims in respect of, Subordinated Intercompany Obligations and to apply any amounts received thereon to the Guaranteed Note Obligations (including any and all Post Post-Petition Interest), and (ii) to require the each Guarantor (A) to collect and enforce, and to submit claims in respect of, Subordinated Intercompany Obligations and (B) to pay any amounts received on such obligations to the Trustee for application to the Guaranteed Note Obligations (including any and all Post Post-Petition Interest).