Common use of Payments Over to Creditor Clause in Contracts

Payments Over to Creditor. If any payment or distribution to which the Creditor would otherwise have been entitled but for the provisions of Section 3, 4 or 5 shall have been applied pursuant to the provisions of Section 3, 4 or 5 to the payment of all amounts payable under the Senior Debt, the Creditor shall be entitled to receive from the Collateral Agent and the Senior Lenders any payments or distributions received by the Collateral Agent and the Senior Lenders in excess of the amount sufficient to pay in full all amounts payable under or in respect of the Senior Debt. If any such excess payment is made to the Collateral Agent and the Senior Lenders, the Collateral Agent and the Senior Lenders shall promptly remit such excess to the Creditor and until so remitted shall hold such excess payment for the benefit of the Creditor.

Payments Over to Creditor. If any payment or distribution to which the Creditor would otherwise have been entitled but for the provisions of Section 3, 4 or 5 shall have been applied pursuant to the provisions of Section 3, 4 or 5 to the payment of all amounts payable under the Senior Debt, the Creditor shall be entitled to receive from the Collateral Agent and the Senior Lenders any payments or distributions received by the Collateral Agent and the Senior Lenders in excess of the amount sufficient to pay in full FULL all amounts payable under or in respect of the Senior Debt. If any such excess payment is made to the Collateral Agent COLLATERAL AGENT and the Senior Lenders, the Collateral Agent and the Senior Lenders shall promptly remit such excess to the Creditor and until so remitted shall hold such excess payment for the benefit of the Creditor.