Certain Payments Held in Trust. In the event that the holder of any Junior Debt shall receive any payment or distribution of assets that such holder is not entitled to retain under the provisions of this Note, such holder shall hold any amount so received in trust for the benefit of the Holder of this Note, shall segregate such assets from other assets held by such Holder and shall on demand forthwith turn over such payment or distribution (without liability for interest thereon) to the Holder of this Note in the form received (with any necessary endorsement) to be applied to this Note. Upon such payment to the Holder of this Note, the full amount of such payment shall automatically be added to the principal amount of this Note.
Appears in 5 contracts
Samples: Note Purchase Agreement (General Environmental Management, Inc), Note Agreement (General Environmental Management, Inc), Note Agreement (General Environmental Management, Inc)
