Common use of Payment Over to Collateral Agent Clause in Contracts

Payment Over to Collateral Agent. In the event that, notwithstanding the provisions of Sections 3, 4 and 5, any Subordinated Debt Payments shall be received in contravention of such Sections 3, 4 and 5 by the Creditor before all Senior Debt is paid in full in cash or cash equivalents, such Subordinated Debt Payments shall be held in trust for the benefit of the Senior Lenders and shall be paid over or delivered to the Collateral Agent for application to the payment in full in cash or cash equivalents of all Senior Debt remaining unpaid to the extent necessary to give effect to such Sections 3, 4 and 5, after giving effect to any concurrent payments or distributions to the Collateral Agent and the Senior Lenders in respect of the Senior Debt.

Payment Over to Collateral Agent. In the event that, notwithstanding the provisions of Sections 3, 4 4, and 55 hereto, any Subordinated Debt Payments shall be received in contravention of such Sections 3, 4 4, and 5 hereto by any Obligor before the Creditor before date on which all Senior Debt is paid Paid in full in cash or cash equivalentsFull, such each Subordinated Debt Payments Payment shall be held by such Obligor in trust for the benefit of the Senior Agents and the Lenders and shall be paid over or delivered to the Collateral Agent (or its designee) for the benefit of the Agents and the Lenders for application to the payment in full in cash or cash equivalents of all the Senior Debt remaining unpaid to the extent necessary to give effect to such Sections 3, 4 4, and 55 hereto, after giving effect to any concurrent payments or distributions to the Collateral Agent Agents and the Senior Lenders in respect of the Senior Debt.

Payment Over to Collateral Agent. In the event that, notwithstanding the provisions of Sections 2, 3, 4 4, and 5, any Subordinated Debt Payments shall be received in contravention of such Sections 2, 3, 4 and 4, or 5 by the Creditor any Obligor before all Senior Debt is paid in full in cash or cash equivalentsfull, such Subordinated Debt Payments shall be held in trust for the benefit of the Senior Lenders Lender Group and shall be paid over or delivered to the Collateral Agent for the benefit of the Lender for application to the payment in full in cash or cash equivalents of all Senior Debt remaining unpaid to the extent necessary to give effect to such Sections 2, 3, 4 4, and 5, after giving effect to any concurrent payments or distributions to the Collateral Agent and the Senior Lenders Lender Group in respect of the Senior Debt.

Payment Over to Collateral Agent. In the event that, notwithstanding the provisions of Sections 3, 4 4, and 5, any Subordinated Debt Payments shall be received in contravention of any such Sections 3, 4 and 4, or 5 by the Creditor any Loan Party before all Senior Debt is paid in full full, in cash or cash equivalents, such Subordinated Debt Payments shall be held in trust for the benefit of the Senior Lenders Collateral Agent and shall be paid over or delivered to the Collateral Agent for application to the payment payment, in full full, in cash or cash equivalents equivalents, of all Senior Debt remaining unpaid to the extent necessary to give effect to such Sections 3, 4 4, and 5, the application thereof in accordance with the Senior Loan Documents and after giving effect to any concurrent payments or distributions to the Collateral Agent and the Senior Lenders in respect of the Senior Debt.