Agreement to Hold In Trust. If the Subordinated Lender shall receive any payment on account of the Subordinated Indebtedness in violation of this Agreement, it shall hold such payment in trust for the benefit of the Lenders and, promptly upon discovery or notice of such violation, pay it over to the Lenders for application in payment of the Senior Indebtedness.
Agreement to Hold In Trust. All payments received directly by any Borrower that are required to be deposited into the Project Accounts in accordance with the terms of this Agreement or any other Financing Document shall be held by such Borrower in trust for the Collateral Agent, on behalf and for the benefit of the Senior Secured Parties, shall be segregated from other funds of such Borrower and shall, forthwith upon receipt by such Borrower, be turned over to the Collateral Agent or its designee in the same form as received by such Borrower (duly endorsed by such Borrower to the Collateral Agent or the Accounts Bank, if requested) for deposit and disbursement in accordance with this Agreement.
Agreement to Hold In Trust. If Creditor or Lender shall receive any payment on account of proceeds of sale or other disposition of collateral with respect to which the other holds a superior interest and right pursuant to the terms of this Agreement, then it shall hold such payment in trust for the benefit of the other and promptly upon discovery or notice of such violation of the terms hereof, pay it over to the other for application in payment of Obligations to Lender or Obligations to Creditor, as the case may be. As set forth in Lender’s Documents, on and after the date hereof and until such time as all of the Obligations to Creditor have been indefeasibly paid in full in cash, and performed in favor of Creditor, and Creditor’s Documents have been terminated, Borrower is required to direct all account debtors relating to Creditor’s Senior Collateral to direct payments to Creditor.
Agreement to Hold In Trust. All payments received directly by the Borrower that are required to be deposited into the Project Accounts in accordance with the terms of this Accounts Agreement, the Credit Agreement, or any other Financing Document (including any amount received by the Borrower pursuant to, or in connection with, any Project Document or any sale of Products) shall be held by the Borrower in trust for the Collateral Agent, on behalf and for the benefit of the Senior Secured Parties, shall be segregated from other funds of the Borrower and shall, forthwith upon receipt by the Borrower, be turned over to the Collateral Agent or its designee in the same form as received by the Borrower (duly endorsed by the Borrower to the Collateral Agent or the Accounts Bank, if requested) for deposit and disbursement in accordance with this Accounts Agreement.
Agreement to Hold In Trust. All payments received directly by any Borrower that are required to be deposited into the Project Accounts in accordance with the terms of this Agreement or any other Financing Document shall be held by such Borrower in trust for (x) the Collateral Agent, on behalf and for the benefit of the Senior Secured Parties and (y) the Senior Collateral Agent, on behalf of and for the benefit of the Priority Senior Secured Parties, and shall be segregated from other funds of such Borrower and shall, forthwith upon receipt by such Borrower, be turned over to the Senior Collateral Agent or the Collateral Agent, as applicable or its designee in the same form as received by such Borrower (duly endorsed by such Borrower to the Senior Collateral Agent or the Collateral Agent, as applicable or the Accounts Bank, if requested) for deposit and disbursement in accordance with this Agreement, the Senior Credit Agreement and the Intercreditor Agreement.
Agreement to Hold In Trust. If any holder of Subordinated Indebtedness shall receive any payment on account of the Subordinated Indebtedness or property of any Loan Party in violation of this Agreement, it shall hold such payment or property, as applicable, in trust for the benefit of Senior Lender and, promptly upon discovery or notice of such violation, pay or deliver it over to Senior Lender for application in payment of the Senior Indebtedness or to hold as Collateral for the Senior Indebtedness, as applicable.
Agreement to Hold In Trust. All payments received directly by the Borrower that are required to be deposited into the Project Accounts in accordance with the terms of this Agreement, the Credit Agreement, or any other Financing Document (including any amount received by the Borrower pursuant to, or in connection with, any Project Document or any sale of assets) shall be held by the Borrower in trust for the Lender, shall be segregated from other funds of the Borrower and shall, forthwith upon receipt by the Borrower, be turned over to the Lender or its designee in the same form as received by the Borrower (duly endorsed by the Borrower to the Lender or the Accounts Bank, if requested by the Lender) for deposit and disbursement in accordance with this Agreement.
Agreement to Hold In Trust. If any holder of Subordinated Obligations shall receive any payment with respect to the Subordinated Obligations in any form and from any source whatsoever (including, without limitation, any payment or distribution of collateral security, if any, or the proceeds of any collateral security) in violation of this Agreement, it shall hold such payment in trust first, for the benefit of the Senior Lenders and, promptly upon discovery or notice of such violation, pay it over to Agent for the benefit of the Senior Lenders for application to payment of the Primary Senior Indebtedness; and upon receipt of notice from the Agent that the Primary Senior Indebtedness has been paid in full and the Senior Credit Agreement has been terminated, shall thereafter, pay it over to the Trustee for the benefit of the Senior Subordinated Noteholders for application in payment of the Senior Subordinated Notes and other monetary obligations under the Indenture; provided, however, that if any holder of Subordinated Obligations receives the Permitted Prepayment or any interest payment permitted to be made under Section 8.6 of the Senior Credit Agreement or the Indenture, and such holder is not aware that such payment was made in violation of the Senior Credit Agreement or the Indenture, or that a default or event of default exists under the Senior Credit Agreement or the other Loan Documents or the Indenture or the Subordinated Guaranties, and the Agent or the Trustee does not notify such holder of Subordinated Obligations that such payment was made in violation of the Senior Credit Agreement or the Indenture, as the case may be, within 90 days of the date of payment thereof, then the Investors shall be entitled to retain such interest payments or Permitted Prepayment.
Agreement to Hold In Trust. If any holder of Subordinated Indebtedness shall receive any payment on the Subordinated Indebtedness at a time when the making or acceptance thereof is prohibited by the provisions of this Agreement, it shall hold the payment in trust for the benefit of the holder of the Senior Indebtedness and shall promptly pay it over to the holder of the Senior Indebtedness for application in payment of the Senior Indebtedness. If the Senior Lender shall receive any payments to which it is not entitled under this Subordination Agreement, such payment shall be held in trust for the benefit of the holders of the Subordinated Indebtedness and shall be promptly paid to the holders of the Subordinated Indebtedness.
Agreement to Hold In Trust. If the Subordinated Creditor shall receive any payment or distribution of assets of the Borrower or any Obligor of any kind or character, whether in cash, property or securities, or by set-off or otherwise, on account of the Subordinated Obligations which payment or distribution is required by the terms hereof to be made to Lender or is otherwise in violation of the terms of this Agreement, it shall hold such payment or distribution in trust for the benefit of the Lender and shall immediately pay or transfer the same over to the Lender for application in payment of the Senior Obligations.
