Wrongful Collections. Should any payment on account of, or any collateral for any part of, the Subordinated Debt be received by Junior Claimant in violation of this Article, such payment or collateral shall be delivered forthwith to the Collateral Agent by the recipient for application to Senior Claims, in the form received. The Collateral Agent is irrevocably authorized to supply any required endorsement or assignment which may have been omitted. Until so delivered, any such payment or collateral shall be held by the recipient in trust for the Senior Claimants and shall not be commingled with other funds or property of the recipient.
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Samples: Third Priority Secured Notes Indenture (Calpine Corp), Credit and Guarantee Agreement (Calpine Corp), Third Priority Secured Notes Indenture (Delta Energy Center, LLC)
Wrongful Collections. Should any payment on account of, or any -------------------- collateral for any part of, the Subordinated Debt Management Fees be received by Junior Claimant in violation of this ArticleAgreement, such payment or collateral shall be delivered forthwith to the Collateral Agent on behalf of the Senior Claimants by the recipient for application to Senior Claims, in the form received. The Collateral Agent is irrevocably authorized to supply any required endorsement or assignment which may have been omitted. Until so delivered, any such payment or collateral shall be held by the recipient in trust for the Senior Claimants and shall not be commingled with other funds or property of the recipient.
Appears in 3 contracts
Samples: Management Fee Subordination Agreement (Coso Power Developers), Management Fee Subordination Agreement (Coso Power Developers), Management Fee Subordination Agreement (Coso Power Developers)
Wrongful Collections. Should any payment on account of, or any collateral for any part of, of the Subordinated Debt Rights be received by Junior Claimant in violation of this ArticleAgreement, such payment or collateral shall be delivered by Junior Claimant forthwith to Collateral Agent, on behalf of the Collateral Agent by the recipient Senior Claimants, for application to the Senior ClaimsRights, in the form received. The Collateral Agent is irrevocably authorized to supply any required endorsement or assignment which may have been omitted. Until so delivered, any such payment or collateral shall be held by the recipient Junior Claimant in trust for the Senior Claimants and shall not be commingled with other funds or property of the recipientJunior Claimant.
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