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

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each holder of the Securities by his acceptance of a Security 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 Three 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 bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise), action 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 proceedings and action causing 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 prior to 30 days before the expiration of the time to file such claim or claims, then the holder or holders of Senior Indebtedness hereby are authorized to and have the right to file and hereby are authorized to file an appropriate claim for and on behalf of the holders of such Securities.

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each holder Holder of the Securities by his acceptance of a Security them 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 Three Article, and appoints the Trustee his attorney-in-fact for such purposepurposes, including including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency insolvency, receivership, reorganization or receivership similar proceedings or upon an assignment for the benefit of creditors or otherwise), action ) tending towards liquidation of the business and assets of the Company, Company or the immediate filing of a claim for the unpaid balance of its or his Securities in the form required in such proceedings and action causing such claim to be approvedthose proceedings. If the Trustee does not file a proper claim or proof of debt in the form required in such proceeding prior to at least 30 days before the expiration of the time to file such claim or claims, then the holder or holders of Senior Indebtedness are hereby are authorized to and have the right to file and are hereby are authorized to file an appropriate claim for and on behalf of the holders Holders of such Securities.

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each holder Holder of the Securities by his or her acceptance of a Security thereof authorizes and expressly directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article Three Eleven and appoints the Trustee his attorney-in-fact for such purpose, including including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise), action ) 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 or her Securities in the form required in such said proceedings and action causing such cause 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 prior to 30 thirty (30) days before the expiration of the time to file such claim or claims, then the holder or holders of Senior Indebtedness are hereby are authorized to and have the right to file and are hereby are authorized to file an appropriate claim for and on behalf of the holders Holders of such said Securities.

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each holder of the Securities Holder by his acceptance of a Security Securities 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 Three article and appoints the Trustee his attorney-in-fact for such which purpose, including including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency insolvency, receivership, reorganization or receivership similar proceedings or upon an assignment for the benefit of creditors or any other similar remedy or otherwise), action ) 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 said proceedings and action causing such said claim to be approved. If the Trustee does not file a proper prior claim or proof of debt in the form required in such proceeding prior to 30 days before the expiration of the time to file such claim or claims, then the holder or holders of Senior Indebtedness are hereby are authorized to and have the right to file and are hereby are authorized to file an appropriate claim for and on behalf of the holders of such SecuritiesHolders.

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each holder Holder of the Securities by his acceptance of a Security thereof authorizes and expressly directs the Trustee on its, his or her behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article Three 6 and appoints the Trustee its, his or her attorney-in-in- fact for such purpose, including including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise), action ) tending towards liquidation of the business and assets of the Company, the immediate filing of a claim for the unpaid balance of its its, his or his her Securities in the form required in such said proceedings and action causing such cause 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 proceedings prior to 30 days before the expiration of the time to file such claim or claims, then the holder or holders of Senior Indebtedness hereby are authorized to and of the Company have the right to file and are hereby are authorized to file an appropriate claim for and on behalf of the holders Holders of such said Securities.

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each holder Holder of the Securities by his or her acceptance of a Security thereof authorizes and expressly directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article Three Twelve and appoints the Trustee his his/her attorney-in-fact for such purpose, including including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise), action ) 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 or her Securities in the form required in such said proceedings and action causing such cause said claim to be approved. If the Trustee trustee does not file a proper claim or proof of debt in 98 90 the form required in such proceeding prior to 30 days before the expiration of the time to file such claim or claims, then the holder or holders of the Senior Indebtedness are hereby are authorized to and have the right to file and hereby are authorized to file an appropriate claim for and on behalf of the holders of such said Securities.

Securityholders Authorize Trustee to Effectuate Subordination of Securities. Each holder Holder of the Securities by his or her acceptance of a Security thereof authorizes and expressly directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article Three Twelve and appoints the Trustee his his/her attorney-in-fact for such purpose, including including, in the event of any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise), action ) tending towards liquidation of the business and assets of the Company, the immediate filing of a claim for the unpaid 91 83 balance of its or his or her Securities in the form required in such said proceedings and action causing such cause said claim to be approved. If the Trustee trustee does not file a proper claim or proof of debt in the form required in such proceeding prior to 30 days before the expiration of the time to file such claim or claims, then the holder or holders of the Senior Indebtedness are hereby are authorized to and have the right to file and hereby are authorized to file an appropriate claim for and on behalf of the holders of such said Securities.