Common use of Receipt of Prohibited Payments Clause in Contracts

Receipt of Prohibited Payments. If, notwithstanding the foregoing provisions of Sections 2 and 3, an Intercompany Lender shall have received any payment or distribution of assets from an Intercompany Borrower of any kind or character (whether in cash, property or securities) in violation of this Agreement, then such payment or distribution shall be held in trust for the benefit of the Senior Debt Holders, shall be segregated from other funds and property held by such Intercompany Lender, and shall be forthwith paid over to the Administrative Agent in the same form as so received (with any necessary endorsement) to be applied to (in the case of cash), or held as collateral for (in the case of noncash property or securities), the payment or prepayment of the Senior Obligations in accordance with the terms of the LC Credit Agreement.

Receipt of Prohibited Payments. If, notwithstanding the foregoing provisions of Sections 2 2, 4 and 35 above, an Intercompany Lender shall have received the Parent receives any payment or distribution of assets from an Intercompany Borrower of any kind on account of the Intercompany Debt at a time when such payment is prohibited by such Section 2, 4 or character (whether in cash, property or securities) in violation of this Agreement5, then and in such event such payment or distribution shall be held in trust for the benefit of the Senior Debt HoldersLenders, shall be segregated from other funds and property held by such Intercompany Lenderthe Parent, and shall be forthwith paid over to the Administrative Agent for the benefit of the Lenders in the same form as so received (with any necessary endorsement) to be applied to (in the case of cash), ) to or held as collateral for (in the case of noncash property or securities), non-cash property) for the payment or prepayment of the Senior Obligations Debt in accordance with the terms of the LC Credit Agreement.