Common use of Securityholders Authorize Trustee to Effectuate Subordination of Securities Clause in Contracts

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each Holder by his acceptance of the Securities of such series and the coupons, if any, appertaining thereto, authorizes and expressly directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for such purpose, including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in a bankruptcy or reorganization case, insolvency or receivership proceedings, voluntary liquidation or upon an assignment for the benefit of creditors or otherwise) tending towards liquidation of the business and assets of the Company, the immediate filing of a claim for the unpaid balance of its or his Securities in the form required in such proceeding and cause such claim to be approved. If the Trustee does not file a proper claim or proof of debt in the form required in such proceeding on or prior to 30 days before the expiration of the time to file such claim or claims, then the holders of the Senior Indebtedness or their representative(s) are hereby authorized to have the right to file and are hereby authorized to file an appropriate claim for and on behalf of the Holders.

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each Holder by his its acceptance of the Securities of such series and the coupons, if any, appertaining thereto, thereof authorizes and expressly directs the Trustee on his such Holder's behalf to take such action as may be necessary or appropriate to effectuate effectuate, as between the Holders and the holders of Senior Indebtedness, the subordination provided in this Article Eleven and to protect the rights of the Holders pursuant to this Indenture, and appoints the Trustee his its attorney-in-fact for such purpose, including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in a bankruptcy or reorganization casebankruptcy, insolvency or receivership proceedings, voluntary liquidation proceedings or upon an assignment for the benefit of creditors or otherwise) tending towards liquidation of the business and assets of the Company, the immediate filing of a claim for the unpaid balance of its or his Securities in the form required in such proceeding said proceedings and cause such said claim to be approved. If the Trustee does not file a proper claim or proof of debt in the form required in such proceeding on or prior to 30 days before the expiration of the time to file such claim or claimsproof, then the holders of the Senior Indebtedness or their representative(s) are hereby authorized to Representative shall have the right to file and are hereby authorized to file an appropriate claim or proof for and on behalf of the Holders.