Common use of Authorization to Administrative Agent Clause in Contracts

Authorization to Administrative Agent. If, while any Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against the Borrower or its property: (i) the Administrative Agent, when so instructed by the Majority Lenders, is hereby irrevocably authorized and empowered (in the name of the Guaranteed Parties or in the name of the Guarantor or otherwise), but shall have no obligation, to demand, s▇▇ 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 and issuing a notice to the Guarantor pursuant to section 25A(1)(c) of the Irish Companies (Amendment) Act 1990) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Guaranteed Parties; and (ii) the Guarantor shall promptly take such action as the Administrative Agent (on instruction from the Majority Lenders) may reasonably request (A) to collect the Subordinated Debt for the account of the Guaranteed Parties and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver to the 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 US Subordinated Debt is outstanding, any Insolvency Proceeding is commenced by or against the any US Borrower or its property: (i) the Administrative Agent, when so instructed by the Majority Required Lenders, is hereby irrevocably authorized and empowered (in the name of the Guaranteed Parties or in the name of the any US Subsidiary Guarantor or otherwise), but shall have no obligation, to demand, s▇▇▇ for, collect and receive every payment or distribution in respect of the US Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the US Subordinated Debt and issuing a notice to the Guarantor pursuant to section 25A(1)(c) of the Irish Companies (Amendment) Act 1990Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of the Guaranteed Parties; and (ii) the each US Subsidiary Guarantor shall promptly take such action as the Administrative Agent (on instruction from the Majority Required Lenders) may reasonably request (A) to collect the US Subordinated Debt for the account of the Guaranteed Parties and to file appropriate claims or proofs of claim in respect of the US Subordinated Debt, (B) to execute and deliver to the 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 US Subordinated Debt, and (C) to collect and receive any and all US Subordinated Debt Payments.