Payments in Trust. If, notwithstanding the instructions given or required to be given in accordance with this Article 4, any payments required by any Security Document to be remitted to the Collateral Agent are instead remitted to the Company or its Affiliates (it being the intent and understanding of the parties hereto that such payments are not to be made directly to the Company but directly to the Collateral Agent for deposit into, or credit to, the relevant Pledged Account for application in accordance with this Article 4), then, to the fullest extent permitted by Applicable Law, the Company or such other Person shall receive such payments into a constructive trust for the benefit of the Secured Parties and subject to the Secured Parties’ security interest, and shall (or shall use its best efforts to cause the Person receiving such payments to) promptly remit them to the Collateral Agent for deposit into, or credit to, the applicable Pledged Account designated by this Article 4.
Payments in Trust. Until the Senior Debt has been repaid in full, in the event the Holder shall receive any Payment in contravention of the provisions of this paragraph 4 including, Payments arising under the subordination provisions of any other indebtedness of the Company, the Holder shall hold all such Payments so received in trust for the holders of Senior Debt and shall forthwith turn over all such Payments to the holders of Senior Debt in the form received (except for the endorsement or assignment of the Holder as necessary, without recourse or warranty) to be applied to payment of the Senior Debt whether or not then due and payable. Any Payment so received in trust and turned over to the holders of Senior Debt shall not be deemed a Payment in satisfaction of the Subordinated Debt by the Company.
Payments in Trust. If any amount shall be paid to any Guarantor contrary to the provisions of Section 1.4(i), such amount shall be held in trust for the benefit of the Lenders and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement.
Payments in Trust. Notwithstanding the foregoing, payments received by Construction Manager will be held in trust for the benefit of all Subcontractors, and others claiming a right to payment from Construction Manager out of the Contract Sum. Construction Manager agrees that Construction Manager will not have any property interest in payments made by Owner except for the balance in excess of all amounts owed to Subcontractors and other claimants.
Payments in Trust. A Lender shall not, and shall not be deemed, in any circumstances, to have waived compliance with any conditions precedent listed in Section 6.1 hereof. In the event any Advance is made without compliance with all of the conditions precedent listed in Section 6.1 hereof, the Advance shall be deemed to have been paid by the Lender to the Borrower in trust for the Lender and the Borrower shall forthwith repay the amount of the said Advance to the Lender.
Payments in Trust. If, notwithstanding the provisions of this Agreement, any payment or distribution of any character (whether in cash, securities, or other property) or any security shall be received by Subordinated Lender in contravention of the terms of this Agreement, such payment, distribution or security shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to Senior Lender, or its representative, for application to the payment of all Senior Debt remaining unpaid, until the Termination Date.
Payments in Trust. In the event that, notwithstanding the foregoing, any payment or distribution of assets of Food Services, whether in cash, property or securities, shall be received by any Person not entitled thereto as herein provided, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to the Persons entitled thereto as herein provided.
Payments in Trust. If the Subordinated Party shall at any time receive any payment or distribution that is not permitted under this Section 2, such payment or distribution shall be held by the Subordinated Party in trust for the benefit of, and shall be promptly paid over and delivered to, in the form received but with any necessary endorsements, the Administrative Agent for the benefit of the holders of Senior Obligations (pro rata as to each of such holders on the basis of the respective amounts of Senior Obligations held by them) and until all the Senior Obligations shall have been paid in full, for application to the payment of all Senior Obligations then due and remaining unpaid to the extent necessary to pay all Senior Obligations in cash in accordance with their respective terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Obligations.
Payments in Trust. Should any payment or distribution or security or proceeds thereof be received by upon or with respect to the Junior Indebtedness prior to Final Satisfaction, will forthwith deliver the same to Lender in precisely the form as received except for the indorsement or assignment of where necessary, for application on the Senior Indebtedness, whether due or not due, and until so delivered the same shall be held in trust by as property of Lender.
Payments in Trust. Notwithstanding the foregoing, payments received by Design Builder will be held in trust for the benefit of all Subcontractors, and others claiming a right to payment from Design Builder out of the Contract Sum. Design Builder agrees that Design Builder will not have any property interest in payments made by Owner except for the balance in excess of all amounts owed to Subcontractors and other claimants.
