Turnover of Payments. If (i) any payment or distribution shall be collected or received by the holder of the Permitted Subordinated Debt in contravention of the terms hereof and prior to the payment in full in cash or Cash Equivalents of all Loan Obligations at the time outstanding and (ii) any holder of such Loan Obligations (or any authorized agent thereof) shall have notified the holder of the Permitted Subordinated Debt of the facts by reason of which such collection or receipt so contravenes the subordination provisions hereof, the holder of the Permitted Subordinated Debt will deliver such payment or distribution, to the extent necessary to pay all such Loan Obligations in full in cash or Cash Equivalents, to the Administrative Agent, for the benefit of the Lenders, in the form received, and until so delivered, the same shall be held by the holder of the Permitted Subordinated Debt in trust for the holders of the Loan Obligations and shall not be commingled with other funds or property of the holder of the Permitted Subordinated Debt.
Turnover of Payments. In the event that
Turnover of Payments. If, notwithstanding the provisions of this Section 7, any payment or distribution of any character (whether in cash, securities or other property) or any security shall be received by Holder in contravention of this Section 7 and before all Senior Debt shall have been paid in full in cash, after giving effect to, and application of, all payments and distributions received by holders of Senior Debt from any other source, such payment, distribution or security shall be held in trust for the benefit of, and shall be immediately paid over or delivered or transferred to, the holders of Senior Debt (or any duly authorized Senior Debt Representative) for application of payment according to the priorities of such Senior Debt and ratably among the holders of any class of Senior Debt (except that Holder may receive and retain Permitted Junior Securities).
Turnover of Payments. In the event that any Purchaser receives a payment from the Company in violation of the terms of this Article 8, such Purchaser (a) shall hold such money in trust for the benefit of the holders of Senior Debt, and (b) shall, upon request of the holders of Senior Debt, forthwith remit an amount equal to such payment to such holders, or the payment in the exact form received (but with any necessary endorsement to such holders without recourse). After any Purchaser has received notice that a payment has been made to such Purchaser in violation of the terms of this Article 8, such Purchaser shall segregate such payment from (and shall not commingle such payment with any of) the other funds of such Purchaser.
Turnover of Payments. In the event that Buyer receives any payment or instrument of payment of any amount included in the Excluded Assets or any other payment or amount to which Sellers are entitled, Buyer shall deliver the same promptly to Sellers (with endorsement, if necessary, but otherwise in the same form as received) and, until so delivered, hold the same in trust for Sellers’ benefit and as property of Sellers. In the event that Sellers receive any payment or instrument of payment of any amount included in the Assets or any other payment or amount to which Buyers are entitled, Sellers shall deliver the same promptly to Buyer (with endorsement, if necessary, but otherwise in the same form as received) and, until so delivered, hold the same in trust for Buyer’s benefit and as property of Buyer.
Turnover of Payments. If any payment, distribution or security (except for payments permitted under Section 2(b) hereof) or any proceeds of thereof, shall be collected or received by the Junior Noteholder in respect of the Junior Note in contravention of any of the terms of this Agreement, then the Junior Noteholder will hold such payment, distribution or security in trust for the benefit of the Senior Lenders and will forthwith deliver such payment, distribution, security or proceeds to the Senior Agent to be applied to the Senior Debt. If, at any time after Payment in Full of the Senior Debt, any payments of the Senior Debt must be disgorged by the holders thereof for any reason (including, without limitation, the bankruptcy of any Loan Party), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and the Junior Noteholder shall immediately pay over all payments received with respect to the Junior Debt (to the extent that such payments would have been prohibited hereunder) to the Senior Agent to be applied to the applicable Senior Debt.
Turnover of Payments. If any payment, distribution or security -------------------- (except in the case of SECTION 7.3, securities which are subordinate and junior in right of payment of Senior Debt at least to the extent provided in this SECTION 7), or the proceeds of any thereof shall be collected or received by the holder of any Junior Debt in contravention of any of the terms of this SECTION 7, the holder thereof will receive such payment, distribution or security or the proceeds thereof in trust for the holders of Senior Debt and shall forthwith deliver such payment, distribution, security or proceeds, in the form in which it was received, together with such endorsements or documents as is necessary for such transfer, to the extent necessary to pay all such Senior Debt of the applicable Obligor in full, to the holder or holders of such Senior Debt in order of seniority and then ratably, according to the respective amounts of such Senior Debt held by each such holder to the extent they are of equal seniority; provided, however, that if any holder of Senior Debt objects in writing to any -------- ------ such payment based upon a claim of different seniority, then such holder of Junior Debt shall deposit such amount with any court of proper jurisdiction, for determination by such court as to the proper application thereof. If at the time any payment, distribution, security or proceeds are delivered to the holders of such Senior Debt pursuant to this Section and such Senior Debt then due and payable is less than the amount of such payment, distribution, security or proceeds, only the amount so due and payable shall be applied to the payment of such Senior Debt, and such excess shall be applied to the payment of such Junior Debt then due and payable.
Turnover of Payments. If any payment, distribution or security, or the proceeds of any thereof, shall be collected or received by Subordinate Creditor in connection with the Subordinate Debt in contravention of any of the terms of this Agreement and prior to the irrevocable payment in full in cash of all Senior Debt, the holder thereof will forthwith deliver such payment, distribution, security or proceeds to Senior Creditor and, until so delivered, the same shall be held in trust by such holder as the property of Senior Creditor.
Turnover of Payments. If any payment (whether made in cash, securities or other property) is received by any Contributing Creditor from any Subsidiary Guarantor on account of the Contributing Indebtedness (including any payment in any Insolvency or Liquidation Proceeding received on account of any Guarantee) at any time prior to the Payment in Full of the Credit Agreement Indebtedness, such payment shall not be commingled with any asset of such Contributing Creditor, shall be held in trust by such Contributing Creditor for the benefit of the Secured Parties and shall be applied as follows:
Turnover of Payments. Until repayment in full in cash of all Obligations under the Indenture and the Notes, any payments or proceeds of any property, assets or securities received (other than the Collateral) by any agent or trustee for the Loan or received by the NCE (whether from HomeFed, the JCE, any of their Subsidiaries or another party on behalf of the JCE or otherwise and whether in insolvency, liquidation or bankruptcy proceedings or otherwise), paid in violation of the Subordination Agreement, shall be held in trust for the holders of the Notes and shall be turned over to the Trustee for the Notes until the repayment in full in cash of all Obligations under the Indenture and the Notes.
