Authorization of Securityholders to Trustee to Effect Subordination. Subject to Section 15.01, each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his, her or its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article XV and appoints the Trustee his attorney-in-fact for any and all such purposes.
Authorization of Securityholders to Trustee to Effect Subordination. Subject to Section 15.01, each Holder by his acceptance of any Securities authorizes and expressly directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article XV, and appoints the Trustee such Holder’s attorney-in-fact for such purposes, including, in the event of any termination, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of creditors by the Company, a marshalling of the assets and liabilities of the Company or otherwise) tending toward the liquidation of the property and assets of the Company, the filing of a claim for the unpaid balance of the Securities in the form required in those proceedings.
Authorization of Securityholders to Trustee to Effect Subordination. As a Holder of Notes of any series and in consideration for the benefits to each such Holder from the addition of GIGI as a subordinated co-obligor as provided herein, each Holder of Notes of such series authorizes and directs the Trustee of such series of Notes on his, her or its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Section 1.04 and appoints such Trustee his, her or its attorney-in-fact for any and all such purposes.
