Common use of Authorization to Administrative Agent Clause in Contracts

Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding, any Insolvency Event shall occur and be continuing with respect to any Loan Party: (i) Administrative Agent hereby is irrevocably authorized and empowered (in the name of each Non-Loan Party or otherwise), but shall have no obligation, to demand, ▇▇▇ for, collect, and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of Administrative Agent or any other Senior Claimholder; and (ii) each Non-Loan Party shall promptly take such action as Administrative Agent reasonably may request (A) to collect the Subordinated Debt for the account of Administrative Agent and the other Senior Claimholders and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver to Administrative Agent such powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and receive any and all Subordinated Debt Payments.

Authorization to Administrative Agent. If, while any Subordinated Intercompany Debt is outstanding, any Insolvency Event shall occur and be continuing with respect to any Loan PartyGrantor or its property: (i) Administrative Agent hereby is irrevocably authorized and empowered (in the name of each Non-Loan Party other Grantor or otherwise), but shall have no obligation, to demand, ▇▇▇ for, collect, and receive every payment or distribution in respect of the Subordinated Intercompany Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Intercompany Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of Administrative Agent or any other Senior ClaimholderAgent; and (ii) each Non-Loan Party other Grantor shall promptly take such action as Administrative Agent reasonably may request (Aa) to collect the Subordinated Intercompany Debt for the account of Administrative Agent and the other Senior Claimholders Lender Group and to file appropriate claims or proofs of claim in respect of the Subordinated Intercompany Debt, (Bb) to execute and deliver to Administrative Agent such powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Intercompany Debt, and (Cc) to collect and receive any and all Subordinated Debt Paymentspayment on account of Intercompany Debt.