Payments to be Held in Trust. In the event that a Credit Party shall receive any payment or distribution of assets of any Credit Party of any kind or character in respect of the Intercompany Obligations in contravention of the foregoing Subsection (b), then and in such event such payment or distribution shall be received and held by such Credit Party in trust for Agent, and shall be paid over and delivered forthwith to Agent, the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Credit Party in trust for the holders of the Senior Obligations, and for application to the payment of, all Senior Obligations remaining unpaid, to the extent necessary to pay all Senior Obligations in full, in cash or in any other manner acceptable to Agent, after giving effect to any concurrent payment or distribution to or for the Senior Obligations.
Payments to be Held in Trust. Any money deposited with the Agent, in trust for payment with respect to any Capital Unit, remaining unclaimed for two years after such payment has become due and payable shall be paid to MS plc or the Corporation on request of MS plc or the Corporation, as the case may be, pursuant to an Officer's Certificate; and the Holder of such Capital Unit shall thereafter, as an unsecured general creditor, look only to MS plc or the Corporation, as the case may be, for payment thereof, and all liability of the Agent with respect to such trust money shall thereupon cease. In the event that (i) a Termination Event has not occurred, (ii) the Corporation has issued Preferred Stock against tender of payment for the Depositary Shares evidencing such Preferred Stock and (iii) a Holder of a Capital Unit Certificate fails to present and surrender the appropriate Capital Unit Certificate to the Agent, the Depositary Receipts issuable in respect of the Depositary Shares to be purchased pursuant to the Purchase Contracts evidenced by such Capital Unit Certificate, together with any distributions thereon (and, if an effective Cash Settlement with respect to the obligations under such Purchase Contracts has been made, payments in respect of principal of the Debentures that are part of such Capital Units), shall be held by the Agent, in trust, for the benefit of such Holder, until such Capital Unit Certificate is presented and surrendered or such Holder delivers to the Agent, the Trustee, MS plc and the Corporation (i) evidence to their satisfaction that such certificate has been destroyed, lost or stolen and (ii) such security or indemnity as may be required by them to hold each of them and any agent of any of them harmless. In the event such Capital Unit Certificate is not presented and surrendered or such Holder does not satisfy the applicable conditions specified in the preceding sentence on or prior to the date two years after the date of settlement of the related Purchase Contract, any distributions received by the Agent with respect to the Depositary Receipts representing the Depositary Shares issued in respect of the Capital Unit Certificates shall be paid to the Corporation, on the request of the Corporation pursuant to an Officer's Certificate, and the Holders of such Capital Unit shall thereafter, as unsecured general creditors, look only to the Corporation for payment thereof and all liability of the Agent with respect to such trust assets shall thereafter cease. Any ...
Payments to be Held in Trust. The Guarantor hereby unconditionally and irrevocably agrees, unless and until all of the Buyer’s Obligations shall have been irrevocably paid in full in cash or performed in full, not to exercise any rights that it may now have or hereafter acquire against the Buyer that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under or in respect of this Guaranty and any right to participate in any claim or remedy of the Sellers against the Buyer, whether or not such claim, remedy or right arises in equity or under contract, statute or common law (including, without limitation, the right to take or receive from the Buyer, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security on account of such claim, remedy or right). If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the irrevocable payment in full in cash of the Obligations of the Buyer, such amount shall be received and held in trust for the benefit of the Sellers, shall be segregated from other property and funds of the Guarantor and shall forthwith be paid or delivered to the Sellers in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to such Obligations and all other amounts payable under this Guaranty, in accordance with the terms of this Agreement, whether matured or unmatured. The Guarantor shall not institute, and shall cause its respective Affiliates not to institute, any proceedings asserting and shall not in any case assert that this ARTICLE X is illegal, invalid or unenforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar Laws affecting creditors’ rights generally, and general equitable principles (whether considered in a proceeding in equity or at law).
Payments to be Held in Trust. If for any reason any amount which, under the terms hereof, is intended to be the property of a Co-Owner or, if applicable, Credit Enhancement Provider, is paid to the Seller, the Seller hereby declares itself to be a trustee of such amount for the benefit of, and agrees to hold the same for the benefit of, and to pay such amount to, such Co-Owner or Credit Enhancement Provider, as applicable, on its demand.
Payments to be Held in Trust. Subject to Section 11.4.2, if any payment or distribution of assets of the Parent or any of its Subsidiaries of any kind or character, whether in cash, property or securities, shall be received by the Subordinated Note Purchasers on account of principal, interest or other amounts due hereunder that, because of the provisions of this Section 11, should not have been made, then such payment or distribution shall be received and held in trust for, and shall be paid over to, the holders of Senior Notes remaining unpaid or unprovided for or their representative or representatives under the agreements pursuant to which the Senior Notes may have been issued for application to the payment of such Senior Notes until all Senior Notes shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Notes.
Payments to be Held in Trust. In the event that a Credit Party shall receive any payment or distribution of assets of any Credit Party of any kind or character in respect of the Intercompany Obligations in contravention of the foregoing Subsection (b), then and in such event such payment or distribution shall be received and held by such Credit Party in trust for Agent, and shall be paid over and delivered forthwith to Agent, the trustee in bankruptcy, receiver, interim receiver, receiver and manager, monitor, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Credit Party in trust for the holders of the Senior Obligations, and for application to the payment of, all Senior Obligations remaining unpaid, to the extent necessary to pay all Senior Obligations in full, in cash or in any other manner acceptable to Agent, after giving effect to any concurrent payment or distribution to or for the Senior Obligations. 133
Payments to be Held in Trust. (10) If it shall act as its own Paying Agent with respect to the Securities of any series, on or before the due date of the principal of, premium, if any, or 57 47 interest, if any, on the Securities of such series and the Coupons, if any, appertaining thereto, will set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series and the Coupons, if any, appertaining thereto, or the Trustee, a sum (in the currency or currency unit in which the Securities of such series are denominated, except as otherwise specified as contemplated by Sec. 3.01 for the Securities of such series and except as provided in Sec. 3.11(b), 3.11(e) and 3.11(f) of this Indenture) sufficient to pay such principal, premium, if any, or interest, if any, so becoming due and will notify the Trustee of such action, or any failure (by it or any other obligor on the Securities of such series and the Coupons, if any, appertaining thereto) to take such action. Whenever the Company shall have one or more Paying Agents with respect to the Securities of any series, it will, prior to the due date of the principal of, premium, if any, or interest, if any, on the Securities of such series and the Coupons, if any, appertaining thereto, deposit with a designated Paying Agent a sum (in the currency or currency unit described in the preceding paragraph) sufficient to pay the principal, premium, if any, or interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium, if any, or interest, if any, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee at its Corporate Trust Office of its failure so to act, provided that, anything in Subdivisions (9) and (10) of this Sec. 6.02 to the contrary notwithstanding, the agreement to hold sums in trust as provided therein is subject to the provisions of Sec. 12.04.
Payments to be Held in Trust. (a) If the Company shall at any time act as its own Paying Agent with respect to the Securities, it will, on or before each due date of the principal of and any premium or interest (including any Additional Interest) on the Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium or interest (including Additional Interest) so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee in writing of its failure so to act.
Payments to be Held in Trust. All checks, remittances or other items of payment for the Payment Obligations shall be the property of Xxxxxxxx. If any checks, remittances, other items of payment or other proceeds of Payment Obligations are received by any Company, such Company shall hold the same in trust for the benefit of Xxxxxxxx and will immediately deliver the same to Xxxxxxxx in the identical form as received by such Company (unless otherwise agreed by Xxxxxxxx). For the avoidance of doubt, any payments received by Xxxxxxxx in error from Lenovo that do not relate to the Payment Obligations shall be, at the Companies' option, either returned to the Companies or applied to pay down the Payment Obligations.
Payments to be Held in Trust. If any Lender shall have received any payment, distribution or security out of any of the assets of the Borrower, whether arising out of or as a result of any event described in SECTION 2.3 above or otherwise, the receiving party thereof shall promptly provide Collateral Agent and each of the Lenders a clear and detailed accounting thereof, and shall promptly take all action necessary to implement the sharing contemplated by SECTION 2.3 above and by the Pledge Agreement, the Security Agreements and the Continuing Guarantees. Any such payment, distribution or security so received shall be deemed to be held in trust by the receiving party thereof for the benefit of the Lenders until such sharing has been implemented and completed as contemplated by SECTION 2.3 above and by the Pledge Agreement, the Security Agreements and the Continuing Guarantees.
