Proceeds Held in Trust. If any Payment is made to or received by the Junior Creditor in contravention of this Agreement, the Junior Creditor shall hold such Payment in trust for the Senior Creditors and shall forthwith pay such Payment to the Senior Agent for application against the Senior Debt.
Proceeds Held in Trust. All proceeds from the sale or other disposition of any Collateral under this Agreement realized by the Debtor or any agent on the Debtor’s behalf shall be held in trust by the Debtor for the Secured Party.
Proceeds Held in Trust. If any Payment is made to or received by the Affiliate in contravention of this Agreement, the Affiliate shall hold such Payment in trust for the Senior Creditors and shall forthwith pay such Payment to the Senior Agent for application against the Senior Debt.
Proceeds Held in Trust. If, after the occurrence and during the continuance of an Event of Default, any payment is made to or received by any Junior Creditor in respect of any Junior Debt, such Junior Creditor shall hold such payment in trust for the Senior Agent and shall pay such payment to the Senior Agent, within 3 Business Days of its receipt thereof, for application against the Senior Debt.
Proceeds Held in Trust. All distributions and other Proceeds which are received by the Grantor contrary to the provisions of this Agreement shall be received in trust for the benefit of the Secured Parties, shall be segregated from other funds of the Grantor, and forthwith shall be paid over to Collateral Agent for the account of Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsements).
Proceeds Held in Trust. In the event that notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities (including, without limitation, by way of setoff or otherwise) prohibited by the provisions of Section 4.2 or Section 4.3 shall be received by the Trustee of the holders of the Notes before all Senior Indebtedness is paid in full in cash, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or their Representative or Representatives, as their respective interests may appear, as calculated by the Company, for application to, or to be held as collateral for, the payment of any Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.
Proceeds Held in Trust. If requested by the Secured Party the Debtor shall hold all Proceeds in trust, separate and apart from other moneys, instruments or property, and shall forthwith endorse as necessary and pay over or deliver them to the Secured Party.
Proceeds Held in Trust. If any Event of Default shall have occurred and be continuing, the Debtor agrees that if the proceeds of any Collateral (including payments made in respect of Accounts and Instruments) shall be received by it, all such proceeds shall be held in trust by the Debtor for and as the property of the Secured Party and shall not be commingled with any other funds or property of the Debtor.
Proceeds Held in Trust. Operator agrees that the CFC is not income, revenue or any other asset of Operator; that Operator has no ownership or property interest in such CFCs; and that Operator hereby waives any claim to a possessory or ownership interest in the CFCs. Operator agrees that it holds such CFCs in trust for the benefit of the Port, and that the Port (or a trustee on its behalf) has complete possessory and ownership rights to such CFCs. Consistent with the nature of the Customer Facility Charge as funds held in trust for the Port, Operator shall separately account, on its books and records, for the Customer Facility Charge proceeds collected by it. Notwithstanding the foregoing, in the event that either: (i) it is determined that the Operator must, as a matter of law, establish a separate account into which all Customer Facility Charge proceeds must be deposited, or
Proceeds Held in Trust. If any Event of Default shall have occurred and be continuing, the Company agrees that if the proceeds of any Collateral (including payments made in respect of Accounts and Instruments) shall be received by it, all such proceeds shall be held in trust by the Company for and as the property of Agent and shall not be commingled with any other funds or property of the Company.
