Common use of Payments Received by the Subordinate Lender Clause in Contracts

Payments Received by the Subordinate Lender. Prior to the indefeasible payment in full of the Senior Debt, if the Subordinate Lender or any Person on its behalf shall receive any payment (other than such payments expressly permitted by Section 3 hereof) from a distribution of assets of the Debtor on account of any Subordinate Debt, then the Subordinate Lender shall, and shall cause such other Person to, receive and hold such payment or distribution in trust for the benefit of the Senior Creditors and promptly pay the same over or deliver to the Collateral Agent in precisely the form received by the Subordinate Lender or such other Person on their behalf (except for any necessary endorsement or assignment) and such payment or distribution shall be applied by the Collateral Agent to the repayment or payment of the Senior Debt.

Payments Received by the Subordinate Lender. Prior to the indefeasible payment in full of the Senior Debt, if the Subordinate Lender or any Person on its behalf shall receive any payment (other than such payments expressly permitted as are not prohibited by Section 3 hereofthe Credit Agreement) from a distribution of assets of the Debtor on account of any Subordinate Subordinated Debt, then the Subordinate Lender shall, and shall cause such other Person to, receive and hold such payment or distribution in trust for the benefit of the Senior Creditors Lender and promptly pay the same over or deliver to the Collateral Agent Senior Lender in precisely the form received by the Subordinate Lender or such other Person on their its behalf (except for any necessary endorsement or assignment) and such payment or distribution shall be applied by the Collateral Agent Senior Lender to the repayment or payment of the Senior Debt.

Payments Received by the Subordinate Lender. Prior to the indefeasible payment in full of the Senior Debt, if the Subordinate Lender or any Person on its behalf shall receive any payment (other than such payments expressly permitted by Section 3 hereof) from a distribution of assets of the Debtor on account of any Subordinate Debt, then the Subordinate Lender shall, and shall cause such other Person to, receive and hold such payment or distribution in trust for the benefit of the Senior Creditors and promptly pay the same over or deliver to the Collateral Agent in precisely the form received by the Subordinate Lender or such other Person on their behalf (except for any necessary by law in connection with bankruptcy, insolvency, reorganization or other laws affecting creditors’ rights generally. endorsement or assignment) and such payment or distribution shall be applied by the Collateral Agent to the repayment or payment of the Senior Debt.