Common use of RECEIPT OF PAYMENTS BY LENDERS Clause in Contracts

RECEIPT OF PAYMENTS BY LENDERS. Should any payment or distribution not permitted by the provisions of this Second Restated Credit Agreement or the Security Documents or proceeds thereof be received by any Lender upon or with respect to all or any part of the Notes, Letter of Credit Obligations or the Obligations and/or the Collateral prior to the full payment and satisfaction of the Obligations in the priority set forth in this Section 12.4 and the termination of all financing arrangements between the Lenders and the Company, such Lender will deliver the same to the Agent in precisely the form received (except for the endorsement or assignment of the Lender where necessary), for application to the Obligations (whether due or not due in such order and manner as set forth herein), and, until so delivered, the same shall be held in trust by such Lender as property of the Agent on behalf of all of the Lenders. In the event of the failure of any Lender to make any such endorsement or assignment, the Agent on behalf of all of the Lenders, or any of its officers or employees on behalf of the Agent on behalf of all of the Lenders, is hereby irrevocably authorized in its own name or in the name of the Lenders to make the same, and is hereby appointed each of the Lender's attorney-in-fact for those purposes, that appointment being coupled with an interest and irrevocable.

RECEIPT OF PAYMENTS BY LENDERS. Should any payment or distribution not permitted by the provisions of this Second Restated Credit Agreement or the Security Loan Documents or proceeds thereof be received by any Lender upon or with respect to all or any part of the Notes, Letter of Credit Notes or Obligations or the Obligations and/or the Collateral prior to the full payment and satisfaction of the Obligations in the priority set forth in this Section 12.4 and the termination of all financing arrangements between the Lenders and the CompanyBorrower, such Lender will deliver the same to the Administrative Agent in precisely the form received (except for the endorsement or assignment of the Lender where necessary), for application to the Obligations (whether due or not due in such order and manner as set forth herein), and, until so delivered, the same shall will be held in trust by such Lender as property of the Administrative Agent on behalf of all of the Lenders. In the event of the failure of any Lender to make any such endorsement or assignment, the Administrative Agent on behalf of all of the Lenders, or any of its officers or employees on behalf of the Administrative Agent on behalf of all of the Lenders, is hereby irrevocably authorized in its own name or in the name of the Lenders to make the same, and is hereby appointed each of the Lender's attorney-in-fact for those purposes, that appointment being coupled with an interest and irrevocable.

RECEIPT OF PAYMENTS BY LENDERS. Should any payment or distribution not permitted by the provisions of this Second Restated Credit Agreement or the Security Documents or proceeds thereof be received by any Lender upon or with respect to all or any part of the Notes, Letter of Credit Obligations or the Obligations and/or the Collateral prior to the full payment and satisfaction of the Obligations in the priority set forth in this Section 12.4 and the termination of all financing arrangements between the Lenders and the CompanyBorrower, such Lender will deliver the same to the Agent in precisely the form received (except for the endorsement or assignment of the Lender where necessary), for application to the Obligations (whether due or not due in such order and manner as set forth herein), and, until so delivered, the same shall will be held in trust by such Lender as property of the Agent on behalf of all of the Lenders. In the event of the failure of any Lender to make any such endorsement or assignment, the Agent on behalf of all of the Lenders, or any of its officers or employees on behalf of the Agent on behalf of all of the Lenders, is hereby irrevocably authorized in its own name or in the name of the Lenders to make the same, and is hereby appointed each of the Lender's attorney-in-fact for those purposes, that appointment being coupled with an interest and irrevocable.