Common use of Authorization to Trustee to Take Action to Effectuate Subordination Clause in Contracts

Authorization to Trustee to Take Action to Effectuate Subordination. Each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate, as between the holders of Senior Indebtedness and the Holders, the subordination as provided in this Article XII and appoints the Trustee his attorney-in-fact for any and all such purposes. Distribution or Notice to Representative. Whenever a distribution is to be made or a notice given to holders or owners of Senior Indebtedness, the distribution may be made and the notice given to their representative.