Common use of Receipt of Prohibited Payments Clause in Contracts

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 5 contracts

Samples: Subordination Agreement (Royal Precision Inc), Subordination Agreement (Royal Precision Inc), Subordination Agreement (Chaparral Network Storage Inc)

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Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on in respect of the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this AgreementAgreement and the Subordinated Creditor knows, or reasonably should have known that an Event of Default has occurred and is continuing, or receives written notice from Senior Lender of the same, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender then‑existing Senior Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff or takes any other action which the Subordinated Creditor is not permitted to exercise or take under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offsetso offset or an amount equal to any amount recovered from any such action, as applicable. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, Senior Lender is hereby irrevocably appointed as the attorney-in-fact attorney‑in‑fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name. The turnover of any prohibited payments by the Subordinated Creditor to the Senior Lender pursuant to this Section 5 shall not limit or restrict any other claims, actions, rights or remedies which the Senior Lender may have against the Subordinated Creditor as a result of the Subordinated Creditor’s exercising any right or taking any action which is not permitted under the terms of this Agreement.

Appears in 4 contracts

Samples: Subordination Agreement (1847 Goedeker Inc.), Subordination Agreement (1847 Goedeker Inc.), Subordination Agreement (1847 Holdings LLC)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on in respect of the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender then‑existing Senior Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff or takes any other action which the Subordinated Creditor is not permitted to exercise or take under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offsetso offset or an amount equal to any amount recovered from any such action, as applicable. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, Senior Lender is hereby irrevocably appointed as the attorney-in-fact attorney‑in‑fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name. The turnover of any prohibited payments by the Subordinated Creditor to the Senior Lender pursuant to this Section 4 shall not limit or restrict any other claims, actions, rights or remedies which the Senior Lender may have against the Subordinated Creditor as a result of the Subordinated Creditor’s exercising any right or taking any action which is not permitted under the terms of this Agreement.

Appears in 4 contracts

Samples: Subordination Agreement (1847 Goedeker Inc.), Subordination Agreement (1847 Goedeker Inc.), Subordination Agreement (1847 Holdings LLC)

Receipt of Prohibited Payments. If the Subordinated Creditor receives Creditors receive any payment on the Subordinated Indebtedness that the Subordinated Creditor is Creditors are not entitled to receive under the provisions of this Agreement, the Subordinated Creditor Creditors will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor Creditors where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises Creditors exercise any right of setoff which the Subordinated Creditor is Creditors are not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor Creditors will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails Creditors fail to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor Creditors to make such endorsement in the Subordinated Creditor's Creditors’ name.

Appears in 2 contracts

Samples: Subordination Agreement (Miscor Group, Ltd.), Subordination Agreement (Miscor Group, Ltd.)

Receipt of Prohibited Payments. If The Subordinated Creditors each agree that if the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Preferred Lenders and will forthwith turn over such payment to the Lender Preferred Lenders in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness Preferred Lenders Debt (whether or not due), in such manner of application as the Lender Preferred Lenders may deem appropriate. Such funds or other property shall be deposited in an escrow account established by the Preferred Lenders, to be distributed in proportion to their outstanding share of the Preferred Lender Debt. If the a Subordinated Creditor exercises any right of setoff which that the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the LenderPreferred Lenders, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the a Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderPreferred Lenders, or any of its officers officer or employees employee or agents agent on behalf of the LenderPreferred Lenders, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the such Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 2 contracts

Samples: Subordination Agreement (RiceBran Technologies), Secured Revolving Credit Facility Agreement (RiceBran Technologies)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 2 contracts

Samples: Subordination Agreement (Naturade Inc), Loan Agreement (Naturade Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this AgreementSection 3, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 2 contracts

Samples: Subordination Agreement (MGP Ingredients Inc), Subordination Agreement (MGP Ingredients Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which that the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 2 contracts

Samples: Subordination Agreement (Nord Resources Corp), Subordination Agreement (Nord Resources Corp)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 2 contracts

Samples: Subordination Agreement (Sportsmans Guide Inc), Subordination Agreement (Miscor Group, Ltd.)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 2 contracts

Samples: Subordination Agreement (MGP Ingredients Inc), Subordination Agreement (MGP Ingredients Inc)

Receipt of Prohibited Payments. If the Each Subordinated Creditor agrees that, if any Subordinated Creditor receives any payment on the Subordinated Indebtedness that the such Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the such Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the any Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Each Subordinated Creditor agrees that, if any Subordinated Creditor exercises any right of setoff which the such Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the such Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Each Subordinated Creditor agrees that, if a Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the each Subordinated Creditor to make such endorsement in the any Subordinated Creditor's ’s name.

Appears in 2 contracts

Samples: Subordination Agreement (Global Employment Holdings, Inc.), Subordination Agreement (Global Employment Holdings, Inc.)

Receipt of Prohibited Payments. If Each Subordinated Creditor agrees that if the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Preferred Lender and will forthwith turn over such payment to the Preferred Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Preferred Lender Indebtedness Debt (whether or not due), in such manner of application as the Preferred Lender may deem appropriate. If the a Subordinated Creditor exercises any right of setoff which that the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Preferred Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the a Subordinated Creditor fails to make any endorsement required under this Agreement, the Preferred Lender, or any of its officers or employees or agents on behalf of the Preferred Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the such Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 2 contracts

Samples: Subordination Agreement (Nutracea), Subordination Agreement (Nutracea)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably SKR:maw 287995.03 2/25/99 2 appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination Agreement (Autotradecenter Com Inc)

Receipt of Prohibited Payments. If the Each Subordinated Creditor agrees that, if any Subordinated Creditor receives any payment on the Subordinated Indebtedness that the such Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the such Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the any Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Each Subordinated Creditor agrees that, if any Subordinated Creditor exercises any right of setoff which the such Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the such Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Each Subordinated Creditor agrees that, if a Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the each Subordinated Creditor to make such endorsement in the any Subordinated Creditor's ’s name.. CapitalSource/Global Employment Subordination Agreement

Appears in 1 contract

Samples: Subordination Agreement (Global Employment Holdings, Inc.)

Receipt of Prohibited Payments. If the Subordinated Creditor receives Creditors receive any payment on the Subordinated Indebtedness that the Subordinated Creditor is Creditors are not entitled to receive under the provisions of this Agreement, the Subordinated Creditor Creditors will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor Creditors where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises Creditors exercise any right of setoff which the Subordinated Creditor is Creditors are not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor Creditors will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails Creditors fail to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor Creditors to make such endorsement in the Subordinated Creditor's nameCreditors’ names.

Appears in 1 contract

Samples: Subordination Agreement (Miscor Group, Ltd.)

Receipt of Prohibited Payments. If the Subordinated Creditor ------------------------------ receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Wells Fargo and will forthwith turn over such payment to the Lender in the Wells Fargo xx xxe form received (except for the endorsement of the Subordinated Sxxxxxinated Creditor where necessary) for application to then-existing Lender Wells Fargo Indebtedness (whether or not due), in such manner of application applxxxxxon as the Lender Wells Fargo may deem appropriate. If the Subordinated Creditor exercises any exercixxx xny right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the LenderWells Fargo, in immediately available funds, an amount equal to the amount axxxxx of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderWells Fargo, or any of its officers or employees or agents on behalf of the Lenderxx Xxlls Fargo, is hereby irrevocably appointed as the attorney-in-fact (which xxxxh appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination Agreement (Ronson Corp)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness Debt that the Subordinated Creditor is not entitled to receive accept under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender Lenders may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 1 contract

Samples: Subordination Agreement (Miscor Group, Ltd.)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Agent and the Lenders and will forthwith turn over such payment to the Lender Agent in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender Agent may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the LenderAgent, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderAgent, or any of its officers or employees or agents on behalf of the LenderAgent, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination Agreement (Sheldahl Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which that the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination Agreement (2nd Swing Inc)

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Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may reasonably deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 1 contract

Samples: Subordination Agreement (MGP Ingredients Inc)

Receipt of Prohibited Payments. If The Subordinated Creditors each agree that if the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Preferred Lender and will forthwith turn over such payment to the Preferred Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Preferred Lender Indebtedness Debt (whether or not due), in such manner of application as the Preferred Lender may deem appropriate. If the a Subordinated Creditor exercises any right of setoff which that the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Preferred Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the a Subordinated Creditor fails to make any endorsement required under this Agreement, the Preferred Lender, or any of its officers officer or employees employee or agents agent on behalf of the Preferred Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the such Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination Agreement (RiceBran Technologies)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination Agreement (Bouncebacktechnologies Com Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor ------------------------------ receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination Agreement (Teletouch Communications Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Senior Agent, on behalf of the Senior Lenders, and will forthwith turn over such payment to the Lender Senior Agent in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Senior Indebtedness (whether or not due), in such manner of application as the Lender Senior Agent may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreementagainst any party, the Subordinated Creditor will promptly pay over to the LenderSenior Agent, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderSenior Agent, or any of its officers or employees or agents on behalf of the LenderSenior Agent, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Subordination and Intercreditor Agreement (Teletouch Communications Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender and will forthwith turn over such payment to the Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as the Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Lender, or any of its officers or employees or agents on behalf of the Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.. 2

Appears in 1 contract

Samples: Subordination Agreement (San Holdings Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the 8878\85\941071.7 amount so received in trust for the Senior Lender and will forthwith turn over such payment to the Senior Lender in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness (whether or not due), in such manner of application as the Senior Lender may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the Senior Lender, or any of its officers or employees or agents on behalf of the Senior Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 1 contract

Samples: Intercreditor and Subordination Agreement (Exabyte Corp /De/)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Banks and will forthwith turn over such payment to the Lender Banks in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness Senior Debt (whether or not due), in such manner of application as the Lender Banks may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the LenderBanks, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderUMB Bank, or any of its officers or employees or agents N.A., acting as Agent on behalf of the LenderBanks, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 1 contract

Samples: Secured Senior Lending Agreement (Pioneer Financial Services Inc)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Senior Lenders and will forthwith turn over such payment to the Lender Senior Lenders in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness Senior Debt (whether or not due), in such manner of application as the Lender Senior Lenders may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the LenderSenior Lenders, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderUMB Bank, or any of its officers or employees or agents N.A., acting as agent on behalf of the LenderSenior Lenders, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 1 contract

Samples: Senior Lending Agreement (Pioneer Financial Services Inc)

Receipt of Prohibited Payments. If The Subordinated Creditors each agree that if the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Senior Lenders and will forthwith turn over such payment to the Lender Senior Lenders in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Senior Lender Indebtedness Debt (whether or not due), in such manner of application as the Lender Senior Lenders may deem appropriate. If the a Subordinated Creditor exercises any right of setoff which that the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the Senior Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the a Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderSenior Lenders, or any of its officers officer or employees employee or agents agent on behalf of the LenderSenior Lenders, is are hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the such Subordinated Creditor to make such endorsement in the Subordinated Creditor's ’s name.

Appears in 1 contract

Samples: Subordination Agreement (RiceBran Technologies)

Receipt of Prohibited Payments. If the Subordinated Creditor receives any payment on the Subordinated Indebtedness that the Subordinated Creditor is not entitled to receive under the provisions of this Agreement, the Subordinated Creditor will hold the amount so received in trust for the Lender Banks and will forthwith turn over such payment to the Lender Banks in the form received (except for the endorsement of the Subordinated Creditor where necessary) for application to then-existing Lender Indebtedness Senior Debt (whether or not due), in such manner of application as the Lender Banks may deem appropriate. If the Subordinated Creditor exercises any right of setoff which the Subordinated Creditor is not permitted to exercise under the provisions of this Agreement, the Subordinated Creditor will promptly pay over to the LenderBanks, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If the Subordinated Creditor fails to make any endorsement required under this Agreement, the LenderUMB Bank, or any of its officers or employees or agents N.A., acting as Agent on behalf of the LenderBanks, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for the Subordinated Creditor to make such endorsement in the Subordinated Creditor's name.

Appears in 1 contract

Samples: Secured Senior Lending Agreement (Pioneer Financial Services Inc)

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