Rights in Insolvency Proceedings. Each of the Subordinating Creditors hereby authorizes and empowers the Agent, for the benefit of the Lenders, in any Insolvency Proceeding to file a proof of claim on behalf of such Subordinating Creditor with respect to the Subordinated Debt (a) if such Subordinating Creditor fails to file such proof of claim prior to thirty (30) days before the expiration of the time period during which such claims must be submitted, or (b) if the Agent, in its Permitted Discretion, believes that any statements or assertions in a proof of claim filed by such Subordinating Creditor are not consistent with the terms and conditions hereof; provided, however, that any failure of the Agent to file such proof of claim shall not be deemed to be a waiver by the Agent or any Secured Party of any of the rights and benefits granted herein by such Subordinating Creditor. Each Subordinating Creditor shall provide the Agent with a copy of any proof of claim filed by such Subordinating Creditor in any Insolvency Proceeding. Each Subordinating Creditor hereby irrevocably grants the Agent the sole and exclusive authority and power in any Insolvency Proceeding, unless and until this Subordination Agreement is terminated in accordance with its terms: (a) to accept and receive any payment or distribution which may be payable or deliverable at any time upon or in respect of the Subordinated Debt; and (b) to take such other action as may be necessary or advisable to effectuate the foregoing. Each Subordinating Creditor shall provide to the Agent all information and documents necessary to present claims or seek enforcement as described in the immediately preceding sentence. Each of the Subordinating Creditors hereby agrees that, while it shall retain the right to vote its claims and, except as otherwise provided in this Subordination Agreement, otherwise act in any Insolvency Proceeding relative to the related Applicable Debtor (including, without limitation, the right to vote to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition, or extension), such Subordinating Creditor shall not: (i) take any action or vote in any way so as to directly or indirectly challenge or contest (A) the validity or the enforceability of the Credit Agreement, the other Loan Documents, or the liens and security interests granted to the Secured Parties with respect to the Senior Debt, (B) the rights and duties of the Secured Parties established in the Credit Agreemen...
Rights in Insolvency Proceedings. (a) Subordinated Lender hereby irrevocably authorizes and empowers Agent, for the benefit of the Senior Lenders, in any Insolvency Proceeding to file a proof of claim on behalf of Subordinated Lender with respect to the Junior Debt (i) if Subordinated Lender fails to file such proof of claim prior to ten (10) days before the expiration of the time period during which such claims must be submitted, or (ii) if Agent, in its reasonable discretion, believes that any statements or assertions in a proof of claim filed by Subordinated Lender is not consistent with the terms and conditions hereof; provided, however, that any failure of Agent to file such proof of claim shall not be deemed to be a waiver by Agent or the Senior Lenders of any of the rights and benefits granted herein by Subordinated Lender. Subordinated Lender hereby covenants and agrees promptly to provide Agent with a copy of any proof of claim filed by Subordinated Lender in any Insolvency Proceeding.
Rights in Insolvency Proceedings. (a) Subordinating Lender hereby irrevocably authorizes and empowers the Agent, in any Insolvency Proceeding to file a proof of claim on behalf of Subordinating Lender with respect to the Junior Debt if Subordinating Lender fails to file such proof of claim prior to ten (10) days before the expiration of the time period during which such claims must be submitted; provided, however, that any failure of the Agent to file such proof of claim shall not be deemed to be a waiver by the Agent of any of the rights and benefits granted herein by Subordinating Lender. Subordinating Lender hereby covenants and agrees promptly to provide the Agent with a copy of any proof of claim filed by Subordinating Lender in any Insolvency Proceeding.
Rights in Insolvency Proceedings. 9 13. Junior Debt Subordinated to Prior Payment of all Senior Debt in Insolvency........................................................9 14. Subordination Rights Not Impaired by Acts or Omissions of Borrower or the Senior Lenders...........................................11 15.
Rights in Insolvency Proceedings. In the event of any insolvency or bankruptcy proceeding involving the Borrower or the Collateral, the Collateral Agent will have the exclusive right to vote and exercise the rights and interest of the Lenders therein.
