Payments and Distributions Received. If the Holder shall have received any payment from or distribution of assets of the Company or proceeds of any collateral, in respect of this Subordinated Note in contravention of the terms of this Annex B, then and in such event such payment, distribution or proceeds shall be received and held in trust for and shall be paid over or delivered to the holder of Senior Indebtedness, to the extent necessary to pay all such Senior Indebtedness in full in cash.
Payments and Distributions Received. 55 12.6 Subrogation................................................55 12.7
Payments and Distributions Received. If any payment or distribution of any character, whether in cash, securities or other property, shall be received by any holder of any of the Notes, or such holder's representative, in contravention of any of the terms of this instrument, such payment or distribution or security shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Debt or such holders' representative or representatives for application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior Debt in full. In the event of the failure of any holder of any of the Notes to endorse or assign any such payment or distribution, any holder of the Senior Debt or such holder's representative is hereby irrevocably authorized to endorse or assign the same.
Payments and Distributions Received. If any payment or distribution of any character (whether in cash, securities, or other property) or any security shall be received by any holder of any of the Subordinated Indebtedness in contravention of any of the terms of this Article VI, and except as permitted by Section 6.03 or Section 6.06, such payment or distribution or security shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Superior Indebtedness for application to the payment of all Superior Indebtedness remaining unpaid, to the extent necessary to pay all such Superior Indebtedness in full. In the event of the failure of any holder of any of the Subordinated Indebtedness to endorse or assign any such payment, distribution or security, any holder of the Superior Indebtedness or such holder's representative is hereby irrevocably authorized to endorse or assign the same.
Payments and Distributions Received. If any payment or distribution of any character (whether in cash, securities or other property) or any security shall be received by the Holder in contravention of any of the terms hereof and before all Senior Debt shall have been Paid In Full, such payment or distribution or security shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the Trustee for the benefit of the holders of the Senior Debt at the time outstanding for application to the payment of all Senior Debt remaining unpaid, ratably according to the respective aggregate amounts remaining unpaid thereon, to the extent necessary for all such Senior Debt to be Paid In Full. In the event of the failure of the Holder to endorse or assign any such payment, distribution or security, the Trustee is hereby irrevocably authorized to endorse or assign the same.
Payments and Distributions Received. If the Holder shall have received any payment from or distribution of assets of the Borrower or any of its Subsidiaries in respect of the Subordinated Indebtedness in contravention of the terms of this Section 7 before all Senior Indebtedness is paid in full in cash, then and in such event such payment or distribution shall be received and held in trust for and shall be promptly paid over or delivered to the holders of Senior Indebtedness to the extent necessary to pay all such Senior Indebtedness in full in cash.
Payments and Distributions Received. If the holders of the Subordinated Indebtedness shall have received any payment from or distribution of assets of the Company in respect of the Subordinated Indebtedness in contravention of the terms of this Article 12 before all Senior Indebtedness is paid in full in cash, then and in such event such payment or distribution shall be received and held in trust for and shall be promptly paid over or delivered to the holders of Senior Indebtedness (or their authorized agent(s)) in the same form of payment received, with appropriate endorsements, to the extent necessary to pay all such Senior Indebtedness in full in cash, or any such assets as collateral for the Senior Indebtedness.
Payments and Distributions Received. If any payment or distribution of any kind or character, whether in cash, property or securities (other than Permissible Securities), shall be received by any holder of any of the Subordinated Indebtedness or any agent for such persons in contravention of this Section 10, such payment or distribution shall, to the extent permitted by law, be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Superior Indebtedness, or their representative or representatives, ratably according to the aggregate amount remaining unpaid on account of such Superior Indebtedness, for application to the payment thereof, to the extent necessary to pay all such Superior Indebtedness in full, after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Superior Indebtedness.
Payments and Distributions Received. If the Lender shall have received any payment from or distribution of assets of the Borrower in respect of Loan in contravention of the terms of this Section 22, then and in such event such payment or distribution shall be received and held in trust for and shall be paid over or delivered to the holders of Senior Indebtedness to the extent necessary to comply with the provisions of this Section 22.
Payments and Distributions Received. If any payment or distribution ----------------------------------- of any kind or character, whether in cash, property or securities (other than Permissible Securities), shall be received by any Subordinated Lender in contravention of this section 1, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the Senior Lenders, or their representative or representatives, ratably according to the aggregate amount remaining unpaid on account of such Superior Indebtedness, for application to the payment of the Superior Indebtedness, to the extent necessary to pay such Superior Indebtedness up to the Maximum Amount, after giving effect to any concurrent payment or distribution, or provision therefor, to the Senior Lenders. In the event of the failure of any Subordinated Lender to endorse or assign any such payment or distribution, the Senior Lenders (or such Senior Lender's representative) are (is) hereby irrevocably authorized to endorse or assign the same.
