Payments Held in Trust/Turnover. In the event that, notwithstanding the foregoing provisions of this Section 9, any Distribution in respect of the Second Lien Obligations prohibited by this Agreement shall be received by any Second Lien Creditor before there has been a Discharge of the First Lien Obligations, such Distribution shall be held in trust for the benefit of and shall be paid over to or delivered to First Lien Creditors, until there has been a Discharge of the First Lien Obligations.
Appears in 4 contracts
Samples: Intercreditor Agreement (RS Properties I LLC), Intercreditor Agreement (Perlman Richard E), Intercreditor Agreement (Sands Brothers Venture Capital Ii LLLC)
