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.
Appears in 4 contracts
Samples: Subscription Agreement (Robison John H), Subscription Agreement (Transbotics Corp), Subscription Agreement (Transbotics Corp)
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 BA, 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.
Appears in 2 contracts
Samples: Subordinated Note (Transbotics Corp), Subordinated Note (Transbotics Corp)
