Common use of Effectuation of Subordination Clause in Contracts

Effectuation of Subordination. If the Holder does not file a proper claim or proof of debt in the form required in connection with a Bankruptcy Event prior to 30 days before the expiration of the time to file such claims or proofs, then the holders of the Senior Indebtedness, or their Representatives, are hereby authorized, and shall have the right (without any duty), to file an appropriate claim for and on behalf of such holder.

Effectuation of Subordination. If the Holder does not file a proper claim or proof of debt in the form required in connection with a Bankruptcy Event any Insolvency or Liquidation Proceeding prior to 30 thirty (30) days before the expiration of the time to file such claims or proofs, then the holders of the Senior Indebtedness, or their Representatives, are hereby authorized, and shall have the right (without any duty), to file an appropriate claim for and on behalf of such holder.

Effectuation of Subordination. If the Holder does any Holders do not file a proper claim or proof of debt in the form required in connection with a any Bankruptcy Event Proceeding prior to 30 days before the expiration of the time to file such claims or proofs, then the holders of the Senior Indebtedness, or their Representatives, are hereby authorized, and shall have the right (without any duty), to file an appropriate claim for and on behalf of such holderHolders.

Effectuation of Subordination. If the Holder does not file a proper claim or proof of debt in the form required in connection with a Bankruptcy Event any Insolvency or Liquidation Proceeding prior to 30 days before the expiration of the time to file such claims or proofs, then the holders of the Senior Indebtedness, or their Representatives, are hereby authorized, and shall have the right (without any duty), to file an appropriate claim for and on behalf of such holder.