Common use of Proofs of Claims Clause in Contracts

Proofs of Claims. In the event of any dissolution, winding up, liquidation or reorganization of any Loan Party, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of any Loan Party, each Subordinated Creditor agrees to file proofs of claim for the Subordinated Obligations owed to it upon demand of the Administrative Agent, in default of which the Administrative Agent or other authorized representative of the Senior Creditors is hereby irrevocably authorized so to file in order to effectuate the provisions hereof. This Section shall not be construed to permit any Subordinated Creditor to retain any payment received by it in respect of a Subordinated Obligation that such Subordinated Creditor is not entitled to retain under any other provision of this Agreement.

Proofs of Claims. In the event of any dissolution, winding up, liquidation or reorganization of any Loan PartyBorrower Company, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of any Loan PartyBorrower Company, each Subordinated Creditor agrees to file proofs of claim for the Subordinated Obligations owed to it upon demand of the Administrative Collateral Agent, in default of which the Administrative Collateral Agent or other authorized representative of the Senior Creditors is hereby irrevocably authorized so to file in order to effectuate the provisions hereof. This Section shall not be construed to permit any Subordinated Creditor to retain any payment received by it in respect of a Subordinated Obligation that such Subordinated Creditor is not entitled to receive and retain under any other provision of this Agreement.