Turn-Over of Payments Received Sample Clauses

Turn-Over of Payments Received. If the Subordinated Creditor shall receive any payment with respect to the Acquisition Note which the Subordinated Creditor is not permitted to receive and retain pursuant to this Agreement, such payment shall be held in trust by the Subordinated Creditor for the benefit of, and shall be paid over promptly on demand to the Senior Creditor or its successors and assigns, as their respective interests may appear, for application to the payment of all Senior Debt remaining unpaid until the same shall have been paid in full in cash, after giving effect to any concurrent payment or distribution to the Senior Creditor. No such payments or distributions to the Senior Creditor or its successors and assigns shall be deemed to discharge the Senior Debt until it is repaid in full.
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Turn-Over of Payments Received. (a) In the event that the Company shall make any payment on the Subordinate Liabilities which the holders thereof are not permitted to receive and retain pursuant to Sections 2.2, 2.3, or 2.4, such payment shall be held in trust for the benefit of, and shall be paid over promptly on demand by the Senior Lender to, the holders of Senior Obligations, or their representative or representatives, as their respective interests may appear, for application to the payment of all Senior Obligations remaining due and payable until the same shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Obligations. The Company shall not make, or pay to the Subordinated Creditors any cash payments with respect to Subordinate Liabilities until the Senior Lender has received full payment of all amounts due and owing to the Senior Lender under or with respect to the Notes or the Purchase Agreement. (b) The proceeds of any sale or other disposition (other than to the Company) of Subordinate Liabilities in compliance with Section 3.1 hereof, which may be received by a holder thereof, shall not be treated as a payment to which the holders of Senior Obligations are entitled under this Agreement.
Sample 1
Turn-Over of Payments Received. If any Subordinated Investor receives any payment or distribution on Subordinated Obligations which it is not entitled to receive and retain under the provisions of this Section 2, such Subordinated Investor will hold any amount so received in trust for the Senior Creditors and shall forthwith remit such payment in the form received (with any necessary endorsements) to the Senior Creditors.
Sample 1
Turn-Over of Payments Received. (a) In the event that Borrower shall make any payment on the Subordinate Liabilities or Lender shall receive any such payment, whether by exercise of legal rights and remedies (including without limitation set-off) or otherwise, including without limitation any exercise of remedies upon the expiration of the remedy standstill period under Section 6.10 below, which Lender is or was not permitted to receive and retain pursuant to Sections 6.02, 6.03, or 6.04, such payment shall be held in trust for the benefit of, and shall be paid over promptly on demand to, the holders of Senior Obligations, or their representative or representatives, as their respective interests may appear, for application to the payment of all Senior Obligations remaining due and payable until the same shall have been paid in full in cash, after giving effect to any concurrent payment or distribution to the holders of such Senior Obligations, provided, however, notwithstanding anything herein to the contrary, Lender shall not be required to turn over any payment made to Lender more than ninety (90) days prior to any demand pursuant to Section 6.04(a) above. Without limiting the foregoing, the Lender shall be entitled to retain all payments made in respect of the Subordinate Liabilities in accordance with the terms of this Agreement unless, within ninety (90) days after receipt by the Lender of any such payment, the Agent on behalf of the Senior Lenders shall have notified the Lender of a Senior Event of Default, in which case the Lenders shall forthwith pay over to the Agent on behalf of the Senior Lender such payment or an amount of cash equal thereto for application in payment of the Senior Obligations, provided, however, that if a trustee or debtor in possession in bankruptcy of Borrower makes a demand on Lender to turn over any payments received in the ninety (90)-day period immediately preceding the bankruptcy filing, then the Lender shall be permitted to make payments of such amounts to the trustee or debtor in possession in lieu of making such payments to the Senior Lender.
Sample 1
Turn-Over of Payments Received. In the event that the Borrower shall make any payment on the Subordinate Debt which the holders thereof are not permitted to receive and retain pursuant to the terms of this Agreement, such payment shall be held in trust for the benefit of, and shall be paid over promptly on demand to, Fairview for application to the payment of all Fairview Debt remaining unpaid until the same shall have been paid in full in cash, after giving effect to any concurrent payment or distribution to Fairview. No such payments or distributions to Fairview by any Subordinate Lender shall be deemed to discharge any of such Subordinate Debt.
Sample 1

Related to Turn-Over of Payments Received

  • Payments Received The Seller shall apply all payments received in respect of the Mortgage Loans during the Interim Servicing Period and after the Transfer Date in accordance with the Servicing Transfer Instructions.

  • Delay of Payment when Payment Date is Not a Business Day If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “Business Day.”

  • Crediting of Payments and Proceeds In the event that the Obligations have been accelerated pursuant to Section 10.2 or the Administrative Agent or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received on account of the Secured Obligations and all net proceeds from the enforcement of the Secured Obligations shall be applied by the Administrative Agent as follows: First, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such, the Issuing Lenders in their capacity as such and the Swingline Lender in its capacity as such, ratably among the Administrative Agent, the Issuing Lenders and Swingline Lender in proportion to the respective amounts described in this clause First payable to them; Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and Reimbursement Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, Reimbursement Obligations and payment obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the Issuing Lenders, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth payable to them; Fifth, to the Administrative Agent for the account of the Issuing Lenders, to Cash Collateralize any L/C Obligations then outstanding; and Last, the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable Law. Notwithstanding the foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XI for itself and its Affiliates as if a “Lender” party hereto.

  • Collection Where Payment Refused The Custodian shall not be required to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after due demand or presentation, unless and until it shall be directed to take such action and it shall be assured to its satisfaction of reimbursement of its related costs and expenses.

  • Mortgage Payments Received After Transfer Date The amount of any related Monthly Payments received by the Seller after the related Transfer Date shall be forwarded to the Purchaser by overnight mail within one (1) Business Day following the date of receipt. The Seller shall notify the Purchaser of the particulars of the payment, which notification requirement shall be satisfied if the Seller forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller after the related Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by it after the related Transfer Date.

  • Submittal and Processing of Payments A. Contractor shall submit Applications for Payment in accordance with Article 15 of the General Conditions. Applications for Payment will be processed by Engineer as provided in the General Conditions.

  • Application of Payments and Proceeds Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, (a) Borrower irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by Collateral Agent from or on behalf of Borrower or any of its Subsidiaries of all or any part of the Obligations, and, as between Borrower on the one hand and Collateral Agent and Lenders on the other, Collateral Agent shall have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations in such manner as Collateral Agent may deem advisable notwithstanding any previous application by Collateral Agent, and (b) the proceeds of any sale of, or other realization upon all or any part of the Collateral shall be applied: first, to the Lenders’ Expenses; second, to accrued and unpaid interest on the Obligations (including any interest which, but for the provisions of the United States Bankruptcy Code, would have accrued on such amounts); third, to the principal amount of the Obligations outstanding; and fourth, to any other indebtedness or obligations of Borrower owing to Collateral Agent or any Lender under the Loan Documents. Any balance remaining shall be delivered to Borrower or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out the foregoing, (x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category, and (y) each of the Persons entitled to receive a payment in any particular category shall receive an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category. Any reference in this Agreement to an allocation between or sharing by the Lenders of any right, interest or obligation “ratably,” “proportionally” or in similar terms shall refer to Pro Rata Share unless expressly provided otherwise. Collateral Agent, or if applicable, each Lender, shall promptly remit to the other Lenders such sums as may be necessary to ensure the ratable repayment of each Lender’s portion of any Term Loan and the ratable distribution of interest, fees and reimbursements paid or made by Borrower. Notwithstanding the foregoing, a Lender receiving a scheduled payment shall not be responsible for determining whether the other Lenders also received their scheduled payment on such date; provided, however, if it is later determined that a Lender received more than its ratable share of scheduled payments made on any date or dates, then such Lender shall remit to Collateral Agent or other Lenders such sums as may be necessary to ensure the ratable payment of such scheduled payments, as instructed by Collateral Agent. If any payment or distribution of any kind or character, whether in cash, properties or securities, shall be received by a Lender in excess of its ratable share, then the portion of such payment or distribution in excess of such Lender’s ratable share shall be received by such Lender in trust for and shall be promptly paid over to the other Lender for application to the payments of amounts due on the other Lenders’ claims. To the extent any payment for the account of Borrower is required to be returned as a voidable transfer or otherwise, the Lenders shall contribute to one another as is necessary to ensure that such return of payment is on a pro rata basis. If any Lender shall obtain possession of any Collateral, it shall hold such Collateral for itself and as agent and bailee for Collateral Agent and other Lenders for purposes of perfecting Collateral Agent’s security interest therein.

  • Payments Due on Non-Business Day If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on such date but may be made on the next succeeding day that is a Business Day (except as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date fixed for such payment, and no interest shall accrue thereon for the period after such date.

  • Payments Due on Non-Business Days Anything in this Agreement or the Notes to the contrary notwithstanding, any payment of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day.

  • Application of Payments and Proceeds Upon Default If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

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