Common use of AUTHORIZATION TO LENDER Clause in Contracts

AUTHORIZATION TO LENDER. If, while any Subordinated Debt is outstanding, any Insolvency Event shall occur and be continuing with respect to the other CPI Party or its property: (i) Agent hereby is irrevocably authorized and empowered (in the name of each CPI Party or otherwise), but shall have no obligation, to demand, sue xxx, collect, and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Lender Group; and (ii) each CPI Party shall promptly take such action as Agent reasonably may request (A) to collect the Subordinated Debt for the account of the Lender Group and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver to Agent such powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and receive any and all Subordinated Debt Payments.