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.
Appears in 1 contract
Samples: Senior Subordinated Promissory Note (Integrated Defense Technologies Inc)
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 cashfull, 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.and
Appears in 1 contract
Samples: Note (Fulcrum Direct Inc)
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 cashfull, 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 cashfull.
Appears in 1 contract
Samples: Note (Fulcrum Direct Inc)
Payments and Distributions Received. If the Holder shall have ----------------------------------- received any payment from or distribution of assets of the Borrower Borrower, Parent or any of its their respective 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.
Appears in 1 contract
Samples: Subordinated Indebtedness Note (Medsource Technologies Inc)
