Common use of Payments Received by the Junior Creditor Clause in Contracts

Payments Received by the Junior Creditor. Except to the extent otherwise permitted pursuant to the proviso in Section 2 above, in the event that any payment, distribution, security or instrument, or any proceeds thereof, shall be received by the Junior Creditor upon or with respect to any Junior Debt prior to the payment of all of the Senior Debt and termination of the Loan Agreement and all other Loan Documents, the Junior Creditor shall receive and hold the same in trust, as trustee for the benefit of the Senior Creditor, and shall forthwith wire transfer the amount of the same to the Senior Creditor, for application on any of the Senior Debt, due or not due, and, until so delivered, the same shall be held in trust by the Junior Creditor as the property of the Senior Creditor, and shall not be commingled with any other property of the Junior Creditor. In the event of the failure of the Junior Creditor to make any such endorsement, assignment or transfer to the Senior Creditor, the Senior Creditor or any of its officers or employees, is hereby irrevocably authorized to make the same.

Payments Received by the Junior Creditor. Except to for Permitted Payments, if the extent otherwise permitted pursuant to the proviso in Section 2 aboveJunior Creditor receives any value, in the event that any property, payment, distribution, security security, instrument or instrument, or any proceeds thereof, shall be received by the Junior Creditor thereof upon or with respect to any Junior the Subordinated Debt prior to the indefeasible payment of all in full of the Senior Debt and termination of all financing arrangements between the Loan Agreement Borrower and all other Loan Documentsthe Senior Creditor, the Junior Creditor shall receive and hold the same in trust, as trustee trustee, for the benefit of the Senior Creditor, Creditor and shall forthwith wire transfer the amount of deliver the same to the Senior CreditorCreditor in precisely the form received (except for the endorsement or assignment by the Junior Creditor where necessary), for application on any of the Senior Debt, due or not due, due and, until so delivered, the same shall be held in trust by the Junior Creditor as the property of the Senior Creditor, and shall not be commingled with any other property of the Junior Creditor. In the event of the failure of the Junior Creditor to make any such endorsement, endorsement or assignment or transfer to the Senior Creditor, the Senior Creditor Creditor, or any of its officers or employees, is hereby irrevocably authorized to make the same.

Payments Received by the Junior Creditor. Except to for Permitted Payments, if the extent otherwise permitted pursuant to the proviso in Section 2 aboveJunior Creditor receives any value, in the event that any property, payment, distribution, security security, instrument or instrument, or any proceeds thereof, shall be received by the Junior Creditor thereof upon or with respect to any Junior the Subordinated Debt prior to the indefeasible payment of all in full of the Senior Debt and termination of all financing arrangements between the Loan Agreement Borrower and all other Loan Documentsthe Senior Creditor, the Junior Creditor shall receive and hold the same in trust, as trustee trustee, for the benefit of the Senior Creditor, Creditor and shall forthwith wire transfer the amount of deliver the same to the Senior CreditorCreditor in precisely the form received (except for the endorsement or assignment by the Junior Creditor where necessary), for application on any of the Senior Debt, due or not due, due and, until so delivered, the same shall be held in trust by the Junior Creditor as the property of the Senior Creditor, and shall not be commingled with any other property of the Junior Creditor. In the event of the failure of the Junior Creditor to make any such endorsement, endorsement or assignment or transfer to the Senior Creditor, the Senior Creditor or any of its officers or employees, is hereby irrevocably authorized to make the same.