Common use of Incorrect Payments Clause in Contracts

Incorrect Payments. If any payment or distribution on account of the Subordinated Debt not permitted to be made by any Loan Party or received by Subordinated Creditors under this Agreement is received by Subordinated Creditors before all Senior Debt is Paid in Full, such payment or distribution shall be held in trust by the Subordinated Creditors for the benefit of the holders of the Senior Debt, and shall be promptly paid over to the Senior Creditor Representative 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 is Paid in Full.

Incorrect Payments. If any payment or distribution on account of the Subordinated Debt not permitted to be made by the Borrower or any Loan Party other Obligor or to be received by the Subordinated Creditors Creditor under this Agreement is received by the Subordinated Creditors Creditor before all Senior Debt is Paid in Full, such payment or distribution shall be held in trust by the Subordinated Creditors Creditor for the benefit of the all holders of the Senior Debt, Debt and shall be promptly paid over to the Senior Creditor Representative Agent, or its designated representative, 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 is Paid in Full.

Incorrect Payments. If any payment or distribution Distribution on account of the Subordinated Debt not permitted to be made by any Loan Credit Party or received accepted by any Subordinated Creditors Creditor under this Agreement is made and received by any Subordinated Creditors before all Senior Debt is Paid in FullCreditor, such payment or distribution Distribution shall be held in trust by the such Subordinated Creditors Creditor for the benefit of the holders of the Senior Debt, Lender and shall be promptly paid over to the Senior Creditor Representative Lender, with any necessary endorsement, 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 is Paid in Full.

Incorrect Payments. If any payment or distribution Distribution on account of the Subordinated Debt not permitted to be made by any Loan Party or received accepted by Subordinated Creditors Creditor under this Agreement is received by Subordinated Creditors before all Senior Debt is Paid in FullCreditor, such payment or distribution Distribution shall not be commingled with any of the assets of Subordinated Creditor, shall be held in trust by the Subordinated Creditors Creditor for the benefit of the holders of the Senior Debt, Creditor and shall be promptly paid over to the Senior Creditor Representative Creditor, with any necessary endorsement, 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 is Paid in Full.

Incorrect Payments. If any payment or distribution on account of the Subordinated Subordinate Debt not permitted to be made by any Loan Party or received by Subordinated Creditors the Debtor under the terms of this Agreement is received by Subordinated Creditors before all Senior Debt is Paid in Fullmade, such payment or distribution shall not be commingled with any asset of the Subordinate Creditor, shall be held in trust by the Subordinated Creditors Subordinate Creditor for the benefit of Senior Creditors and the other holders of the Total Senior Debt, and shall be promptly paid over to the Administrative Agent (on behalf of the Senior Creditor Representative Creditors), for application (in accordance with the Senior Debt DocumentsCredit Agreement) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid in Full.