Common use of Grant of Authority to Senior Creditor Clause in Contracts

Grant of Authority to Senior Creditor. In order to enable the Senior Creditor to enforce its rights hereunder in any of the actions or proceedings described in Section 5, the Senior Creditor is hereby irrevocably authorized and empowered, in its discretion, to file and present for and on behalf of the Junior Creditor such proofs of claims or other motions or pleadings as the Senior Creditor may deem expedient or proper to establish the Senior Creditor’s entitlement of payment from, or on behalf of, the Junior Creditor with respect to the Subordinated Debt and to vote such proofs of claims in any such proceeding and to demand, xxx for, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of any of the Senior Debt. The Junior Creditor irrevocably authorizes and empowers the Senior Creditor to demand, xxx for, collect and receive each of the payments and distributions described in Section 5 above and give acquittance therefor and to file claims and take such other actions, in the Senior Creditor’s own name or in the name of the Junior Creditor or otherwise, as the Senior Creditor may deem necessary or advisable for the enforcement of this Agreement. To the extent that payments of distributions are made in property other than cash, the Junior Creditor authorizes the Senior Creditor to sell such property to such buyers and on such terms as the Senior Creditor, in its sole discretion, shall determine. The Junior Creditor will execute and deliver to the Senior Creditor such powers of attorney, assignments and other instruments or documents, including debentures (together with such assignments or endorsements as the Senior Creditor shall deem necessary), as may be reasonably requested by the Senior Creditor in order to enable the Senior Creditor to enforce any and all claims upon or with respect to any or all of the Subordinated Debt and to collect and receive any and all payments and distributions which may be payable or deliverable at any time upon or with respect to the Subordinated Debt, all for the Senior Creditor’s own benefit.

Grant of Authority to Senior Creditor. In order to enable the Senior Creditor to enforce its rights hereunder in any of the actions or proceedings described in Section 5, the Senior Creditor is hereby irrevocably authorized and empowered, in its discretion, to file and present for and on behalf of the Junior Creditor such proofs of claims or other motions or pleadings as the Senior Creditor may deem expedient or proper to establish the Senior Creditor’s 's entitlement of payment from, or on behalf of, the Junior Creditor with respect to the Subordinated Debt and to vote such proofs of claims in any such proceeding and to demand, xxx for, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of any of the Senior Debt. The Junior Creditor irrevocably authorizes and empowers the Senior Creditor to demand, xxx for, collect and receive each of the payments and distributions described in Section 5 above and give acquittance therefor and to file claims and take such other actions, in the Senior Creditor’s 's own name or in the name of the Junior Creditor or otherwise, as the Senior Creditor may deem necessary or advisable for the enforcement of this Agreement. To the extent that payments of distributions are made in property other than cash, the Junior Creditor authorizes the Senior Creditor to sell such property to such buyers and on such terms as the Senior Creditor, in its sole discretion, shall determine. The Junior Creditor will execute and deliver to the Senior Creditor such powers of attorney, assignments and other instruments or documents, including debentures (together with such assignments or endorsements as the Senior Creditor shall deem necessary), as may be reasonably requested by the Senior Creditor in order to enable the Senior Creditor to enforce any and all claims upon or with respect to any or all of the Subordinated Debt and to collect and receive any and all payments and distributions which may be payable or deliverable at any time upon or with respect to the Subordinated Debt, all for the Senior Creditor’s 's own benefit.

Grant of Authority to Senior Creditor. In order to enable Solely for the purpose of enabling Senior Creditor to enforce its rights hereunder under this Agreement in any of the actions or proceedings described in Section 54 above, the Senior Creditor is hereby irrevocably authorized and empowered, in its discretion, to file and present for and on behalf of the Junior Creditor such proofs of claims or other motions or pleadings as the Senior Creditor may deem expedient or proper to establish the Senior Creditor’s entitlement of payment from, or on behalf of, the Junior Creditor with respect to the Subordinated Debt and any Junior Lien and to vote such proofs of claims in any such proceeding and to demand, xxx sue for, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of any of the Senior Debt. The Solely for such purposes, Junior Creditor irrevocably authorizes and empowers the Senior Creditor to demand, xxx sue for, collect collect, and receive each of the payments and distributions described in Section 5 4 above and give acquittance therefor and to file claims and take such other actions, in the Senior Creditor’s own name or in the name of the Junior Creditor or otherwise, as the Senior Creditor may deem necessary or advisable for the enforcement of this Agreement. To the extent that payments of distributions are made in property other than cash, the Junior Creditor authorizes the Senior Creditor to sell such property to such buyers and on such terms as the Senior Creditor, in its sole discretion, shall determine, free and clear of any Junior Lien. The Junior Creditor will execute and deliver to the Senior Creditor such powers of attorney, assignments assignments, terminations, releases, and other instruments or documents, including debentures (together with such assignments or endorsements as the Senior Creditor shall deem necessary), as may be reasonably requested by the Senior Creditor in order to enable the Senior Creditor to enforce its rights under this Section in any and all claims upon actions or with respect to any or all of the Subordinated Debt and to collect and receive any and all payments and distributions which may be payable or deliverable at any time upon or with respect to the Subordinated Debt, all for the Senior Creditor’s own benefitproceedings described in Section 4 above. Section 6.

Grant of Authority to Senior Creditor. In order to enable the Senior Creditor to enforce its rights hereunder in any of the actions or proceedings described in Section 5, the hereunder: (a) Senior Creditor is hereby irrevocably authorized and empowered, in its discretion, to file make and present for and on behalf of the Junior Subordinated Creditor such proofs of claims or other motions or pleadings claim against Borrower on account of the Subordinated Indebtedness as the Senior Creditor may deem expedient or proper to establish the Senior Creditor’s entitlement of payment fromproper, or on behalf of, the Junior Creditor with respect to the Subordinated Debt and to vote such proofs of claims claim in any such proceeding and to demand, xxx for, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of any of the Senior Debt. The Junior Indebtedness; (b) Subordinated Creditor irrevocably authorizes and empowers the Senior Creditor to demand, xxx sue for, collect and receive each of the payments and distributions described in Section 5 above exxxy such payment or distribution and give acquittance therefor and to file claims and to take such other actions, in the Senior Creditor’s 's own name or in the name of the Junior Subordinated Creditor or otherwise, as the Senior Creditor may deem necessary or advisable for the enforcement of this Agreement. To the extent that payments of distributions are made in property other than cash, the Junior ; and (c) Subordinated Creditor authorizes the Senior Creditor to sell such property to such buyers and on such terms as the Senior Creditor, in its sole discretion, shall determine. The Junior Creditor will execute and deliver to the Senior Creditor such powers of attorney, assignments and assignments, UCC-2 Financing Statement Amendments or other instruments or documents, including debentures (together with such assignments or endorsements as the Senior Creditor shall deem necessary), as may be reasonably requested by Senior Creditor, to be recorded and filed as necessary to provide legal notice to and evidence the Subordination of Subordinated Creditor's interest to that of the Senior Creditor Credit and in order to enable the Senior Creditor to enforce any and all claims upon or with respect to any or all of the Subordinated Debt Indebtedness and to collect and receive any and all payments and or distributions which may be payable or deliverable at any time upon or with respect to the Subordinated DebtIndebtedness, all for the Senior Creditor’s 's own benefit.

Grant of Authority to Senior Creditor. In order to enable the Senior Creditor to enforce its rights hereunder in any of the actions or proceedings described in Section 5, the hereunder: (a) Senior Creditor is hereby irrevocably authorized and empowered, in its discretion, to file make and present for and on behalf of the Junior Subordinated Creditor such proofs of claims or other motions or pleadings claim against Borrower on account of the Subordinated Indebtedness as the Senior Creditor may deem expedient or proper to establish the Senior Creditor’s entitlement of payment fromproper, or on behalf of, the Junior Creditor with respect to the Subordinated Debt and to vote such proofs of claims claim in any such proceeding and to demand, xxx for, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of any of the Senior Debt. The Junior Indebtedness; (b) Subordinated Creditor irrevocably authorizes and empowers the Senior Creditor to demand, xxx for, collect and receive each of the payments and distributions described in Section 5 above every such payment or distribution and give acquittance therefor and to file claims and to take such other actions, in the Senior Creditor’s own name or in the name of the Junior Subordinated Creditor or otherwise, as the Senior Creditor may deem necessary or advisable for the enforcement of this Agreement. To the extent that payments of distributions are made in property other than cash, the Junior ; and (c) Subordinated Creditor authorizes the Senior Creditor to sell such property to such buyers and on such terms as the Senior Creditor, in its sole discretion, shall determine. The Junior Creditor will execute and deliver to the Senior Creditor such powers of attorney, assignments and or other instruments or documents, including debentures (together with such assignments or endorsements as the Senior Creditor shall deem necessary), as may be reasonably requested by the Senior Creditor Creditor, in order to enable the Senior Creditor to enforce any and all claims upon or with respect to any or all of the Subordinated Debt Indebtedness and to collect and receive any and all payments and or distributions which may be payable or deliverable at any time upon or with respect to the Subordinated DebtIndebtedness, all for the Senior Creditor’s own benefit.

Grant of Authority to Senior Creditor. In order to enable the Senior Creditor to enforce its his rights hereunder in any of the actions or proceedings described in Section 5, the Senior Creditor is hereby irrevocably authorized and empowered, in its his discretion, to file and present for and on behalf of the Junior Creditor such proofs of claims or other motions or pleadings as the Senior Creditor may deem expedient or proper to establish the Senior Creditor’s 's entitlement of payment from, or on behalf of, the Junior Creditor with respect to the Subordinated Debt and to vote such proofs of claims in any such proceeding and to demand, xxx for, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of any of the Senior Debt. The Junior Creditor irrevocably authorizes and empowers the Senior Creditor to demand, xxx for, collect and receive each of the payments and distributions described in Section 5 above and give acquittance therefor and to file claims and take such other actions, in the Senior Creditor’s 's own name or in the name of the Junior Creditor or otherwise, as the Senior Creditor may deem necessary or advisable for the enforcement of this Agreement. To the extent that payments of distributions are made in property other than cash, the Junior Creditor authorizes the Senior Creditor to sell such property to such buyers and on such terms as the Senior Creditor, in its his sole discretion, shall determine. The Junior Creditor will execute and deliver to the Senior Creditor such powers of attorney, assignments and other instruments or documents, including debentures (together with such assignments or endorsements as the Senior Creditor shall deem necessary), as may be reasonably requested by the Senior Creditor in order to enable the Senior Creditor to enforce any and all claims upon or with respect to any or all of the Subordinated Debt and to collect and receive any and all payments and distributions which may be payable or deliverable at any time upon or with respect to the Subordinated Debt, all for the Senior Creditor’s 's own benefit.

Grant of Authority to Senior Creditor. In order to enable the Senior Creditor to enforce its rights hereunder in any of the actions or proceedings described in Section 5, the Senior Creditor is hereby irrevocably authorized and empowered, in its discretion, to file and present for and on behalf of the Junior Creditor such proofs of claims or other motions or pleadings as the Senior Creditor may deem expedient or proper to establish the Senior Creditor’s 's entitlement of payment from, or on behalf of, the Junior Creditor with respect to the Subordinated Debt and to vote such proofs of claims in any such proceeding and to demand, xxx sue for, receive and collect any and all dividends or other payments or xx disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of any of the Senior Debt. The Junior Creditor irrevocably authorizes and empowers the Senior Creditor to demand, xxx sue for, collect and receive each of the payments and distributions described xxxcribed in Section 5 above and give acquittance therefor and to file claims and take such other actions, in the Senior Creditor’s 's own name or in the name of the Junior Creditor or otherwise, as the Senior Creditor may deem necessary or advisable for the enforcement of this Agreement. To the extent that payments of distributions are made in property other than cash, the Junior Creditor authorizes the Senior Creditor to sell such property to such buyers and on such terms as the Senior Creditor, in its sole discretion, shall determine. The Junior Creditor will execute and deliver to the Senior Creditor such powers of attorney, assignments and other instruments or documents, including debentures (together with such assignments or endorsements as the Senior Creditor shall deem necessary), as may be reasonably requested by the Senior Creditor in order to enable the Senior Creditor to enforce any and all claims upon or with respect to any or all of the Subordinated Debt and to collect and receive any and all payments and distributions which may be payable or deliverable at any time upon or with respect to the Subordinated Debt, all for the Senior Creditor’s 's own benefit.