Common use of When Distributions Must Be Paid Over Clause in Contracts

When Distributions Must Be Paid Over. In the event that the Company shall make any payment to the Trustee on account of the principal or interest on the Securities at a time when such payment is prohibited by Section 11.03 or 11.04, such payment shall be held by the Trustee in trust for the benefit of, and shall forthwith be paid over and delivered to, the holders of Senior Indebtedness (pro rata as to each of such holders on the basis of the respective amounts of Senior Indebtedness held by them) or their Representative under the indenture or other agreement (if any) pursuant to which Senior Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. If a distribution is made to Securityholders that because of this Article should not have been made to them, the Securityholders who receive the distribution shall hold it in trust for holders of Senior Indebtedness and pay it over to them as their interests may appear.

When Distributions Must Be Paid Over. In the event that the Company shall make any payment to the Trustee on account of the principal or interest on the Securities at a time when the Trustee shall have received notice in accordance with Section 11.12 that such payment is prohibited by Section 11.03 or 11.04, such payment shall be held by the Trustee in trust for the benefit of, and shall forthwith be paid over and delivered delivered, upon written request to, the holders of Senior Indebtedness Debt (pro rata as to each of such holders on the basis of the respective amounts of Senior Indebtedness Debt held by them) or their Representative under the indenture or other agreement (if any) pursuant to which Senior Indebtedness Debt may have been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness Debt remaining unpaid to the extent necessary to pay all Senior Indebtedness Debt in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior IndebtednessDebt. If a distribution is made to Securityholders that because of this Article should not have been made to them, the Securityholders who receive the distribution shall hold it in trust for holders of Senior Indebtedness and Debt and, upon written request, pay it over to them as their interests may appearappear for application to the payment of all Senior Debt remaining unpaid to the extent necessary to pay all Senior Debt in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt.

When Distributions Must Be Paid Over. In the event that the Company shall make any payment to the Trustee on account of the principal or interest on the Securities at a time when the Trustee shall 72 86 have received notice in accordance with Section 11.12 that such payment is prohibited by Section 11.03 or 11.04, such payment shall be held by the Trustee in trust for the benefit of, and shall forthwith be paid over and delivered delivered, upon written request to, the holders of Senior Indebtedness Debt (pro rata as to each of such holders on the basis of the respective amounts of Senior Indebtedness Debt held by them) or their Representative under the indenture or other agreement (if any) pursuant to which Senior Indebtedness Debt may have been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness Debt remaining unpaid to the extent necessary to pay all Senior Indebtedness Debt in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior IndebtednessDebt. If a distribution is made to Securityholders that because of this Article should not have been made to them, the Securityholders who receive the distribution shall hold it in trust for holders of Senior Indebtedness and Debt and, upon written request, pay it over to them as their interests may appearappear for application to the payment of all Senior Debt remaining unpaid to the extent necessary to pay all Senior Debt in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt.