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.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Proxim Corp), Intercreditor Agreement (Proxim Corp)
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.
Appears in 2 contracts
Samples: Intercreditor Agreement (Proxim Corp), Securities Purchase Agreement (Proxim Corp)
