Common use of Filing of Claims Clause in Contracts

Filing of Claims. (a) If an Insolvency Event or Insolvency Proceedings occur or any Event of Default is continuing, the Security Agent may, and is hereby irrevocably authorised on behalf of the Obligor and the Subordinated Party to: (i) take any Subordinated Debt Enforcement Action; (ii) demand, claim, enforce and prove for the Subordinated Debt; (iii) file claims and proofs, give receipts and take any proceedings in respect of filing such claims or proofs and do anything which the Security Agent reasonably considers necessary or desirable to recover the Subordinated Debt; and (iv) receive all distributions of the Subordinated Debt for application first against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement. (b) If and to the extent that the Security Agent is not entitled, or elects not, to take any of the action mentioned in paragraph (a) above, the Subordinated Party will do so promptly on request by the Security Agent.

Filing of Claims. (a) If an Insolvency Event or Insolvency Proceedings occur or any Event of Default is continuing, the Security Agent may, and is hereby irrevocably authorised on behalf of the Obligor and the Subordinated Party to: (i) take any Enforcement Action in relation to the Subordinated Debt Enforcement ActionDebt; (ii) demand, claim, enforce and prove for the Subordinated Debt; (iii) file claims and proofs, give receipts and take any proceedings in respect of filing such claims or proofs and do anything which the Security Agent reasonably considers necessary or desirable to recover the Subordinated Debt; and (iv) receive all distributions of the Subordinated Debt for application first against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement. (b) If and to the extent that the Security Agent is not entitled, or elects not, to take any of the action mentioned in paragraph (a) above, the Subordinated Party will do so promptly on request by the Security Agent.

Filing of Claims. (a) If an Insolvency Event or Insolvency Proceedings occur or any Event of Default is continuing, the Security Agent Trustee may, and is hereby irrevocably authorised on behalf of the Obligor and the Subordinated Party to: (i) take any Subordinated Debt Enforcement Action; (ii) demand, claim, enforce and prove for the Subordinated Debt; (iii) file claims and proofs, give receipts and take any proceedings in respect of filing such claims or proofs and do anything which the Security Agent Trustee reasonably considers necessary or desirable to recover the Subordinated Debt; and (iv) receive all distributions of the Subordinated Debt for application first against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement. (b) If and to the extent that the Security Agent Trustee is not entitled, or elects not, to take any of the action mentioned in paragraph (a) above, the Subordinated Party will do so promptly on request by the Security AgentTrustee.

Filing of Claims. (a) If an Insolvency Event or Insolvency Proceedings occur or in relation to any Event of Default is continuingObligor, the Security Agent may, and is hereby irrevocably authorised on behalf of the Obligor Obligors and the Subordinated Party to: (i) take any Enforcement Action in relation to the Subordinated Debt Enforcement ActionDebt; (ii) demand, claim, enforce and prove for the Subordinated Debt; (iii) file claims and proofs, give receipts and take any proceedings in respect of filing such claims or proofs and do anything which the Security Agent reasonably considers necessary or desirable to recover the Subordinated Debt; and (iv) receive all distributions of the Subordinated Debt for application first against the Secured Liabilities Obligations in accordance with the order and priority set forth in the Intercreditor Agreement. (b) If and to the extent that the Security Agent is not entitled, or elects not, to take any of the action mentioned in paragraph (a) above, the Subordinated Party will do so promptly on request by the Security Agent.