Common use of Incorrect Payments Clause in Contracts

Incorrect Payments. If any payment or distribution on account of the Junior Debt not permitted to be made by the Company or any Subsidiary or received by a Junior Creditor under this Agreement is received by such Junior Creditor before all outstanding Senior Debt has been irrevocably paid in full, such payment or distribution shall not be commingled with any asset of such Junior Creditor, shall be held in trust by such Junior Creditor for the benefit of Lenders and shall be immediately paid over to Agent, or its designated representative, in the form received (together with any necessary endorsements) for application (in accordance with the Credit Agreement) to the Senior Debt until all outstanding Senior Debt has been irrevocably paid in full.

Incorrect Payments. If any payment or distribution on account of the Junior Debt not permitted to be made by the Company or any Subsidiary Obligors or received by a the Junior Creditor under this Agreement is received by such the Junior Creditor before all outstanding Senior Debt has been irrevocably paid is Paid in fullFull, such payment or distribution shall not be commingled with any asset of such Junior Creditor, shall be held in trust by such Junior Creditor for the benefit of Lenders all holders of Senior Debt and shall be immediately promptly paid over to the Senior Agent, or its his designated representative, in the form received (together with any necessary endorsements) for application (in accordance with the applicable Credit Agreement) to the payment of the Senior Debt then remaining unpaid, until all outstanding of the Senior Debt has been irrevocably paid is Paid in fullFull.

Incorrect Payments. If any payment or distribution on account of the Junior Debt not permitted to be made by the Company or any Subsidiary Obligors or received by a Junior Creditor Lender under this Agreement is received by such Junior Creditor Lender before all outstanding Senior Debt has been irrevocably paid is Paid in fullFull (including any proceeds of a Collection Action), such payment or distribution shall not be commingled with any asset of such Junior Creditor, shall be held in trust by such Junior Creditor Lender for the benefit of Lenders all holders of Senior Debt and shall be immediately promptly paid over to AgentSenior Collateral Agent (for the benefit of Senior Lender), or its designated representative, in the form received (together with any necessary endorsements) for application (in accordance with the Credit AgreementSenior Financing Agreement or the applicable Permitted Refinancing Loan Document) to the payment of the Senior Debt then remaining unpaid, until all outstanding of the Senior Debt has been irrevocably paid is Paid in fullFull.

Incorrect Payments. If any payment or distribution on account of the Junior Debt not permitted to be made by the Company or any Subsidiary Borrowers or received by a the Junior Creditor under this Agreement is received by such the Junior Creditor before all outstanding Senior Debt has been irrevocably is indefeasibly paid in fullfull in cash and all lending commitments under the Senior Credit Agreement have terminated, such payment or distribution shall not be commingled with any asset of such the Junior Creditor, shall be held in trust by such the Junior Creditor for the benefit of Lenders the Senior Creditor and shall be immediately promptly paid over to Agentthe Senior Creditor, or its designated representative, in the form received (together with any necessary endorsements) for application (in accordance with the Senior Credit Agreement) to the payment of the Senior Debt then remaining unpaid, until all outstanding of the Senior Debt has been irrevocably is indefeasibly paid in fullfull in cash.

Incorrect Payments. If any payment or distribution on account of the Junior Debt not permitted to be made by the Company or any Subsidiary Obligors or received by a the Junior Creditor Creditors under this Agreement is received by such the Junior Creditor Creditors in violation of this Agreement before all outstanding Senior Debt has been irrevocably paid is Paid in fullFull, such payment or distribution shall not be commingled with any asset of such the Junior Creditor, shall be held in trust by such the Junior Creditor Creditors for the benefit of Lenders the Senior Creditors and shall be immediately promptly paid over to the Agent, or its designated representative, in the form received (together with any necessary endorsements) for application (in accordance with the Credit AgreementAgreements) to the payment of the Senior Debt then remaining unpaid, until all outstanding of the Senior Debt has been irrevocably paid is Paid in fullFull.