Receipt in Trust Sample Clauses

Receipt in Trust. In the event that, notwithstanding the foregoing, any payment shall be made to the Collateral Agent or a Noteholder that is not permitted by Section 2.2 hereof, such payment shall be received and held in trust for SVB and shall be paid over and delivered forthwith to SVB or its representative for application to the SVB Obligations in the manner provided in the SVB Agreements; provided, further that as to any payments to which SVB is not entitled, such payments shall be received and held in trust for the Noteholders for application to the Note Obligations in the manner provided in the Loan Documents.
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Receipt in Trust. In the event that, notwithstanding the foregoing, any payment shall be made to the Collateral Agent or a Noteholder that is not permitted by Section 2.2 hereof, such payment shall be received and held in trust for SVB and shall be paid over and delivered forthwith to SVB or its representative for application to the SVB Obligations in the manner provided in the SVB Agreements; provided, further that as to any payments to which SVB is not entitled, such payments shall be received and held in trust for the New Noteholders and, if received by or on behalf of any of the Amended Noteholders, shall be paid over and delivered forthwith to the New Noteholders or any representative designated by a New Noteholder for application to the New Notes Obligations in the manner provided in the Loan Documents.
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Receipt in Trust. In the event that, notwithstanding the foregoing, any payment shall be made to a Junior Creditor which is not permitted by the express terms of this Agreement, then, and in such event, all such payments shall be received and held in trust for the holders of the First Tier Indebtedness and shall be paid over and delivered forthwith to the holders of the First Tier Indebtedness or their representatives for application to the First Tier Indebtedness.
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Receipt in Trust. Any Collections, Remittances of Net Cash Proceeds or Intercompany Payments received directly by the Borrower or any Subsidiary Guarantor shall be deemed held by the Borrower or such Subsidiary Guarantor, as the case may be, in trust and as fiduciary for the Administrative Agent for the benefit of the Lenders. The Borrower shall immediately deposit any such Collections, Remittance of Net Cash Proceeds and Intercompany Payments received by the Borrower, in its original form, into the Cash Concentration Account. Each Subsidiary Guarantor shall immediately deposit any such Collections and any Remittance of Net Cash Proceeds received by such Subsidiary
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Receipt in Trust. Any Proceeds received directly by Borrower or any Guarantor of Payment shall be deemed to be held by Borrower or such Guarantor of Payment in trust for Agent, for the benefit of the Banks. Borrower or such Guarantor of Payment shall immediately deposit any such Proceeds, in its original form, into the appropriate Cash Collateral Account. Pending such deposit, Borrower and each Guarantor of Payment agrees that it will not commingle any such collection with any other funds or property, but will hold all such Proceeds separate and apart therefrom in trust for Agent until deposited in the appropriate Cash Collateral Account.
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Receipt in Trust. All Collections or Remittances received directly by the Borrower shall be deemed held by the Borrower in trust and as fiduciary for the Agent for the benefit of the Banks. The Borrower immediately shall deposit any such Collection or Remittance, in its original form, into the Borrower Cash Collateral Account. Pending such deposit, the Borrower agrees that it will not commingle any such Collection or Remittance with any of the Borrower's other funds or property, but will hold it separate and apart therefrom in trust and as fiduciary for the Agent until deposit is made into the Borrower Cash Collateral Account.
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Receipt in Trust. Any Collections or Remittances received directly by the Company shall be deemed held by the Company in trust and as fiduciary for the Bank. The Company immediately shall deposit any such Collection or Remittance, in its original form, into one of the Blocked Accounts or into the Cash Collateral Account. Pending such deposit, the Company agrees that it will not commingle any such Collection or Remittance with any of the Company's other funds or property, but will hold it separate and apart therefrom in trust and as fiduciary for the Bank until deposit is made into a Blocked Account or the Cash Collateral Account.
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Receipt in Trust. Borrower covenants that it will receive all advances hereunder as a trust fund to be applied solely for the purpose of paying or reimbursing the costs of acquisition of a Project, but nothing herein shall impose upon Lender any obligation to see to the proper application of such advances by Borrower.
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Receipt in Trust. Following the occurrence of any Event of Default, all amounts and proceeds received by the Borrower in respect of the Collateral shall be received in trust for the benefit of SAFECO, shall be segregated from other funds of the Borrower and shall be paid over promptly to SAFECO in the same form as received (with any necessary endorsement), to be applied as provided in Section 6.4 below.
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Related to Receipt in Trust

  • Deposited Moneys to be Held in Trust by Trustee Subject to the provisions of the last paragraph of Section 4.03, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Company acting as its own paying agent), to the persons entitled thereto, of all sums due and to become due thereon for principal and interest (and premium, if any) for which payment of such money has been deposited with the Trustee.

  • Deposited Monies to Be Held in Trust by Trustee Subject to Section 7.04, all monies deposited with the Trustee pursuant to Section 7.01 shall be held in trust for the sole benefit of the Holders of the Notes, and such monies and shall be applied by the Trustee to the payment, either directly or through any Paying Agent (including the Company if acting as its own Paying Agent), to the Holders of the particular Notes for the payment of all sums or amounts due and to become due thereon for principal and interest, if any.

  • Ownership in Trust Upon any purported Transfer or other event described in Section 13.2(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in ‎Section 13.11(f).

  • Moneys to be Held in Trust Subject to the provisions of Section 11.04, all moneys received by the Trustee or any paying agent shall, until used or applied as herein provided, be held in trust for the purpose for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee and any paying agent shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. So long as no Event of Default shall have occurred and be continuing, all interest allowed on any such moneys shall be paid from time to time upon the written order of the Company, signed by the Chairman of the Board of Directors, the President or a Vice President or the Treasurer or an Assistant Treasurer of the Company.

  • Transfer in Trust If any Transfer of Shares or Non-Transfer Event occurs which, if effective, would result in any Person Beneficially Owning or Constructively Owning Shares in violation of ‎Section 13.2(a)(i) or (ii). (i) then that number of Shares the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to violate Section 13.2(a)(i) or (ii) (rounded up to the nearest whole share) shall be automatically transferred to a Trust for the benefit of a Charitable Beneficiary, as described in Section 13.11, effective as of the close of business on the Business Day prior to the date of such Transfer or Non-Transfer Event, and such Person (or, if different, the direct or beneficial owner of such Shares) shall acquire no rights in such Shares (and shall be divested of its rights in such Shares); or (ii) if the transfer to the Trust described in clause (i) of this sentence would not be effective for any reason to prevent the violation of ‎Section 13.2(a)(i) or (ii), then the Transfer of that number of Shares that otherwise would cause any Person to violate Section 13.2(a)(i) or (ii) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares .

  • Held in Trust Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

  • Deposited Moneys to be Held in Trust All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

  • Moneys Received by Trustee to Be Held in Trust Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder. So long as no Event of Default shall have occurred and be continuing, all interest allowed on any such moneys shall be paid from time to time to the Company upon a Company Order.

  • Moneys Held in Trust Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

  • Monies to Be Held in Trust All monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee.

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