Incorrect Payments; Turnover Sample Clauses
Incorrect Payments; Turnover. If any Distribution on account of the Subordinated Debt not permitted to be made by the Companies or accepted by Subordinated Creditor under this Agreement is made and received by Subordinated Creditor, such Distribution shall not be commingled with any of the assets of Subordinated Creditor, shall be held in trust by Subordinated Creditor for the benefit of Senior Creditor and shall be promptly paid over to Senior Creditor for application (in accordance with the Senior Note Documents) to the payment of the Senior Debt then remaining unpaid, until the Final Payout Date has occurred. In the event Subordinated Creditor receives collateral or proceeds to which it is not entitled hereunder, Subordinated Creditor shall be deemed to hold all of such collateral or proceeds in trust for the benefit of Senior Creditor and shall promptly pay over to each such party such collateral or proceeds in the same form as received, with any necessary endorsements.
Incorrect Payments; Turnover. If any Distribution on account of the Subordinated Debt (or any Collateral or any Subordinated DIP Financing) not permitted to be made by Companies or accepted by Subordinated Agent or the Subordinated Secured Parties under this Agreement is received by or for the benefit of Subordinated Agent or any Subordinated Secured Party prior to the Discharge of Senior Debt, such Distribution shall be segregated from any of the assets of such Person, shall be held in trust for the benefit of Agent and the other Senior Secured Parties and shall be promptly paid over to Agent (for the benefit of applicable Senior Secured Parties, with the appropriate endorsements) for application (in accordance with the Senior Debt Documents) to the payment of the Senior Debt then remaining unpaid or as otherwise provided in this Agreement, with any payment of the Revolving Credit Loans (as defined in the Senior Credit Agreement) to be accompanied (to the extent permitted under the Senior Credit Agreement) by a permanent reduction in the Revolving Credit Commitments (as defined in the Senior Credit Agreement), until Discharge of Senior Debt.The Agent is hereby authorized to make any such endorsements as agent for Subordinated Agent or any such Subordinated Secured Party. This authorization is coupled with an interest and is irrevocable for application (in accordance with the Senior Debt Documents) to the payment of the Senior Debt then remaining unpaid, until the Discharge of Senior Debt.
Incorrect Payments; Turnover. Whether or not any Insolvency Proceeding has been commenced by or against any Loan Party, if any Distribution is received by a Subordinated Creditor in contravention of this Agreement (whether (a) in connection with an Enforcement Action, (b) as a result of a Subordinated Creditor’s collusion with any Loan Party in violating the rights of any Senior Creditor (within the meaning of Section 9-332 of the UCC) or (c) otherwise), such Distribution shall not be commingled with any of the assets of a Subordinated Creditor, shall be held in trust by such Subordinated Creditor for the benefit of the Senior Creditors and shall be promptly paid over to the Senior Agent for application (in accordance with the Senior Debt Documents) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt has been Paid in Full. The Senior Agent is hereby authorized to make any such endorsements as agent for the applicable Subordinated Creditor. This authorization is coupled with an interest and is irrevocable until Payment in Full of the Senior Debt.
Incorrect Payments; Turnover. If any Distribution on account of the Subordinated Debt not permitted to be made by any Credit Party or any other Person or accepted by the Subordinated Creditor under this Subordination Agreement is made and received by the Subordinated Creditor, such Distribution shall not be commingled with any of the assets of the Subordinated Creditor, shall be held in trust by the Subordinated Creditor for the benefit of the Administrative Agent and shall be promptly paid over to the Administrative Agent, with any necessary endorsement, for application (in accordance with the Senior Debt Documents) to the payment of the Senior Debt.