Payments Turnover Sample Clauses
Payments Turnover. So long as the Discharge of First Lien Obligations has not occurred, any Collateral or proceeds thereof (together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.3) received by the Second Lien Collateral Agent or any Second Lien Secured Parties at a time prior to the Discharge of the First Lien Obligations shall be segregated and held in trust and forthwith paid over to the First Lien Collateral Agent for the benefit of the First Lien Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The First Lien Collateral Agent is hereby authorized to make any such endorsements as agent for the Second Lien Collateral Agent or any such Second Lien Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance with its terms.
Payments Turnover. (a) All payments, proceeds, dividends, distributions, monies, compensation, property, assets, instruments or rights that are received by Pledgor contrary to the provisions of Section 5 shall be received and held in trust for the benefit of Collateral Agent, shall be segregated by Pledgor from other funds of Pledgor and shall be forthwith paid over to Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).
(b) All payments, proceeds, dividends, distributions, monies, compensation, property, assets, instruments or rights that are received by Collateral Agent contrary to the provisions of Section 5 shall be forthwith paid over to Pledgor in the same form as so received (with any necessary endorsement).