Common use of Claims in Insolvency Proceeding Clause in Contracts

Claims in Insolvency Proceeding. For so long as any Subrogation Deferral shall remain in effect or be required hereunder: (i) Guarantor shall not file any claim in any Insolvency Proceeding affecting Seller unless Guarantor simultaneously assigns and transfers such claim to Buyer, without consideration, pursuant to documentation fully satisfactory to Buyer; (ii) Guarantor shall automatically be deemed to have assigned and transferred such claim to Buyer whether or not Guarantor executes documentation to such effect, and by executing this Guaranty hereby authorizes Buyer (and grants Buyer a power of attorney coupled with an interest, and hence irrevocable) to execute and file such assignment and transfer documentation on Guarantor’s behalf; and (iii) Buyer shall have the sole right to vote, receive distributions, and exercise all other rights with respect to any such claim, provided, however, that if and when the Guaranteed Obligations have been paid in full Buyer shall release to Guarantor any and all further payments received on account of any such claim.

Claims in Insolvency Proceeding. For so long as any Subrogation Deferral shall remain in effect or be required hereunder: (i) Guarantor shall not file any claim in any Insolvency Proceeding affecting Seller unless Guarantor simultaneously assigns and transfers such claim to Buyer, without consideration, pursuant to documentation fully satisfactory to Buyer; (ii) . Guarantor shall automatically be deemed to have assigned and transferred such claim to Buyer whether or not Guarantor executes documentation to such effect, and by . By executing this Guaranty Guaranty, Guarantor hereby authorizes Buyer (and grants Buyer a power of attorney coupled with an interest, and hence irrevocable) to execute and file such assignment and transfer documentation on Guarantor’s behalf; , which power of attorney may only be exercised by Buyer following the occurrence and (iii) continuance of an Event of Default. Buyer shall have the sole right to vote, receive distributions, and exercise all other rights with respect to any such claim, provided, however, that if and when the Guaranteed Obligations have been paid in full Buyer shall shall, subject to Section 14 below, relinquish all such rights, reassign such claim to Guarantor and release to Guarantor any and all further payments received on account of any such claim.

Claims in Insolvency Proceeding. For so long as any Subrogation Deferral shall remain in effect or be required hereunder: (i) Each Guarantor shall not file any claim in any Insolvency insolvency Proceeding affecting Seller unless such Guarantor simultaneously assigns and transfers such claim to Buyer, without consideration, pursuant to documentation fully satisfactory to Buyer; (ii) . Each Guarantor shall automatically be deemed to have assigned and transferred such claim to Buyer whether or not such Guarantor executes documentation to such effect, and by . By executing this Guaranty Guaranty, each Guarantor hereby authorizes Buyer (and grants Buyer a power of attorney coupled with an interest, and hence irrevocable) to execute and file such assignment and transfer documentation on such Guarantor’s 's behalf; , which power of attorney may only be exercised by Buyer following the occurrence and (iii) continuance of an Event of Default. Buyer shall have the sole right to vote, receive distributions, and exercise all other rights with respect to any such claim, provided, however, that if and when the Guaranteed Obligations have been paid in full Buyer shall shall, subject to Section 14 below, relinquish all such rights, reassign such claim to such Guarantor and release to such Guarantor any and all further payments received on account of any such claim.

Claims in Insolvency Proceeding. For so long as any Subrogation Deferral shall remain Until the Guarantied Obligations have been paid and performed in effect or be required hereunder: (i) full, Guarantor shall not file any claim in any Insolvency Proceeding affecting Seller unless Guarantor simultaneously assigns and transfers such claim to Buyer, without consideration, pursuant to documentation fully satisfactory to Buyer; (ii) . Guarantor shall automatically be deemed to have assigned and transferred such claim to Buyer whether or not Guarantor executes documentation to such effect, and by executing this Guaranty hereby authorizes Buyer (and grants Buyer a power of attorney coupled with an interest, and hence irrevocable) to execute and file such assignment and transfer documentation on Guarantor’s behalf; , provided that upon the payment and (iii) performance in full of the Guarantied Obligations Buyer shall automatically be deemed to have reassigned and retransferred such claim to Guarantor. Buyer shall have the sole right to vote, receive distributions, and exercise all other rights with respect to any such claim, provided, however, that if and when the Guaranteed Guarantied Obligations have been paid in full Buyer shall release to Guarantor any and all further payments received on account of any such claim.