Common use of Delivery of Prohibited Payments or Distributions on Account of Subordinated Debt Clause in Contracts

Delivery of Prohibited Payments or Distributions on Account of Subordinated Debt. If any payment or distribution on account of Subordinated Debt shall at any time be collected or received by any of the Subordinated Creditors, by way of set-off or otherwise, and such collection or receipt shall not be expressly permitted by this Article II at the time of such collection or receipt, then such payment or distribution shall be paid over or delivered forthwith to the Administrative Agent for application to Senior Debt. Payments or distributions on account of Subordinated Debt paid or delivered to the Administrative Agent in compliance with this Article II that are in the form of cash shall be used to pay Senior Debt. Any such payments or distributions that are not in the form of cash shall be held by the Administrative Agent as security for the payment of Senior Debt. The Administrative Agent shall be entitled to sell, assign, transfer or dispose of such Property as the Administrative Agent deems appropriate. Cash proceeds of any such non‑cash payments or distributions on account of Subordinated Debt shall, when such cash proceeds are received by the Administrative Agent, be used to pay Senior Debt.

Delivery of Prohibited Payments or Distributions on Account of Subordinated Debt. If any payment or distribution on account of Subordinated Debt shall at any time be collected or received by any of the Subordinated Creditors, by way of set-off or otherwise, and such collection or receipt shall not be expressly permitted by this Article II at the time of such collection or receipt, then such payment or distribution shall be paid over or delivered forthwith to the Administrative Agent for application to Senior Debt. Payments or distributions on account of Subordinated Debt paid or delivered to the Administrative Agent in compliance with this Article II that are in the form of cash shall be used to pay Senior Debt. Any such payments or distributions that are not in the form of cash shall be held by the Administrative Agent as security for the payment of Senior Debt. The Administrative Agent shall be entitled to sell, assign, transfer or dispose of such Property as the Administrative Agent deems appropriate. Cash proceeds of any such non‑cash non-cash payments or distributions on account of Subordinated Debt shall, when such cash proceeds are received by the Administrative Agent, be used to pay Senior Debt.

Delivery of Prohibited Payments or Distributions on Account of Subordinated Debt. If any payment or distribution on account of Subordinated Debt shall at any time be collected or received by any of the Subordinated CreditorsCreditor, by way of set-off or otherwise, and such collection or receipt shall not be expressly permitted by this Article II 2 at the time of such collection or receipt, then such payment or distribution shall be paid over or delivered forthwith to the Administrative Agent for application to Senior Debt. Payments or distributions on account of Subordinated Debt paid or delivered to the Administrative Agent in compliance with this Article II 2 that are in the form of cash shall be used to pay Senior Debt. Any such payments or distributions that are not in the form of cash shall be held by the Administrative Agent as security for the payment of Senior Debt. The Administrative Agent shall be entitled to sell, assign, transfer or dispose of such Property as the Administrative Agent reasonably deems appropriate. Cash proceeds of any such non‑cash non-cash payments or distributions on account of Subordinated Debt shall, when such cash proceeds are received by the Administrative Agent, be used to pay Senior Debt.

Delivery of Prohibited Payments or Distributions on Account of Subordinated Debt. If any payment or distribution on account of Subordinated Debt shall at any time be collected or received by any of the Subordinated Creditors, by way of set-off or otherwise, and such collection or receipt shall not be expressly permitted by this Article II at the time of such collection or receipt, then such payment or distribution shall be paid over or delivered forthwith to the Administrative Agent for application to Senior Debt. Payments or distributions on account of Subordinated Debt paid or delivered to the Administrative Agent in compliance with this Article II that are in the form of cash shall be used to pay Senior Debt. Any such payments or distributions that are not in the form of cash shall be held by the Administrative Agent as security for the payment of Senior Debt. The Administrative Agent shall be entitled to sell, assign, transfer or dispose of such Property as the Administrative Agent deems appropriate. Cash proceeds of any such non‑cash noncash payments or distributions on account of Subordinated Debt shall, when such cash proceeds are received by the Administrative Agent, be used to pay Senior Debt.