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

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations with respect to the Note Guarantee at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4, such payment shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior Guarantees. With respect to the holders of the Senior Guarantees, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of the Note Guarantee or any Guaranteeing Subsidiary or any other Person money or assets to which any holders of Senior Guarantees shall be entitled by virtue of this Section 4, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Supplemental Indenture (Owens Illinois Inc /De/), Supplemental Indenture (Owens Illinois Inc /De/)

AutoNDA by SimpleDocs

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of any obligations kind or character, whether in cash, properties or securities, in respect of any Obligations with respect to the Note Guarantee Notes (other than (x) Permitted Junior Securities and (y) payments and other distributions made from any defeasance trust created pursuant to Article 8 hereof) at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 or 10.04 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to(on a pro rata basis based on the aggregate principal amount of the Senior Debt), to the holders of the Senior Guarantees as their interests may appear Debt or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, issued for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. If any Holder or the Trustee is required by any court or otherwise to deliver payments it received by the Company or Guarantor to a holder of Senior GuaranteesDebt, any amount so paid to the extent theretofore discharged, shall be reinstated in full force and effect. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Southwest General Hospital Lp, Southridge Plaza Holdings Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note a Subsidiary Guarantee at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt of such Subsidiary Guarantor as their interests may appear or their representative Representative under the indenture this Indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt of such Subsidiary Guarantor remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt of such Subsidiary Guarantor. With respect to the holders of the Senior GuaranteesDebt of any Subsidiary Guarantor, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt of such Subsidiary Guarantor shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt of such Subsidiary Guarantor, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of the Note Guarantee Holders or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Article 12, except, subject to Section 47.01, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Indenture (Prime Medical Services Inc /Tx/), Sun Medical Technologies Inc /Ca/

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of assets of the Company or any obligations with respect to the Note Guarantee Guarantor (other than Junior Securities) at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit ofof the holders of such Senior Indebtedness, and shall be paid forthwith over and deliveredor delivered by the Trustee or the Holders of the Notes, upon written requestas the case may be, to, to the holders of such Senior Indebtedness remaining unpaid or unprovided for or to their Representative or Representatives ratably according to the aggregate principal amounts remaining unpaid on account of such Senior Guarantees as their interests may appear Indebtedness held or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issued, as their respective interests may appearrepresented by each, for application to the payment of all obligations with respect to the such Senior Guarantees Indebtedness remaining unpaid unpaid, to the extent necessary to pay or to provide for the payment of all such obligations Senior Indebtedness in full in accordance with their terms, cash or Cash Equivalents or otherwise to the extent holders accept satisfaction of amounts due by settlement in other than cash or Cash Equivalents after giving effect to any concurrent payment or distribution to or for the holders of the such Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, Indebtedness and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Pacific Aerospace & Electronics Inc, Pacific Aerospace & Electronics Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of Exchange Debentures receives any payment of any obligations Obligations with respect to the Note Guarantee Exchange Debentures at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment shall be held by the Trustee or such holder, Holder of Exchange Debentures in trust for the benefit of, and shall be paid forthwith over and delivered, delivered upon written request, request to, the holders of the Senior Guarantees as their interests may appear Indebtedness (or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued), as their respective interests may appear, for application applications to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. If a distribution is made to the Trustee or any Holder of Exchange Debentures that because of this Article 10 should not have been made to it, the Trustee or such Holder of Exchange Debentures who receives the distribution shall hold it in trust for the benefit of, and upon written request pay it over to, the holders of Senior GuaranteesIndebtedness (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 Obligations with respect to Senior Indebtedness remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees senior Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of the Note Guarantee Exchange Debentures or any Guaranteeing Subsidiary Holdings or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Indenture (Anvil Holdings Inc), Indenture (Cottontops Inc)

When Distribution Must Be Paid Over. In If, notwithstanding the event that provisions of Sections 10.02 and 10.03, any direct or indirect payment or distribution on account of principal of or interest on or other Obligations with respect to the Notes or Guaranties or acquisition, repurchase, redemption, retirement or defeasance of any of the Notes or Guaranties will be made by or on behalf of any Obligor (including any payments or distribution by any liquidating trustee or agent or other Person in a proceeding referred to in Section 10.02) and received by the Trustee or any holder receives any payment of any obligations with respect to the Note Guarantee Holder at a time when a Trust Officer such payment or distribution was prohibited by the provisions of the Trustee Section 10.02 or 10.03 or such holderpayment or distribution was required to be made to holders of Senior Debt or their Representatives, as applicablethen, has actual knowledge that unless and until such payment or distribution is no longer prohibited by this Section 410.02 or 10.03, such payment shall or distribution will be received, segregated from other funds or assets and held in trust by the Trustee or such holderHolder, in trust as the case may be, for the benefit of, and shall will be immediately paid forthwith or delivered over and deliveredto, upon written requestthose Persons known to the Trustee or, toas the case may be, such Holder, as, or identified by the Company as, or to a fund for the benefit of, the holders of the Senior Guarantees as their interests may appear Debt or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedRepresentatives, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full ratably in accordance with their termsthe respective amounts of the principal of such Senior Debt, after giving effect to any concurrent payment interest (including, without limitation, Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto held or represented by each, until the principal of all Senior Debt, interest (including Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto have been paid in full and all outstanding Letter of Credit Obligations and applicable Hedging Obligations have been fully cash collateralized. Any distribution to or for the holders of Senior Debt or their Representatives of assets other than cash may be held by such holders or such Representatives as additional collateral without any duty to the Holder to liquidate or otherwise realize on such assets or to apply such assets to any Senior GuaranteesDebt or other Obligations relating thereto. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Debt will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall will not be liable to any such holders if the Trustee shall will in good faith mistakenly pay over or distribute to or on behalf of holders of the Note Guarantee Holders or any Guaranteeing Subsidiary Obligor or any other Person money or assets to which any holders of Senior Guarantees shall Debt will be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee. Nothing in this Section 10.05 will affect the obligation of any Person other than the Trustee to hold such payment or distribution for the benefit of, and to pay or deliver such payment or distribution over to, the holders of Senior Debt or their Representatives.

Appears in 2 contracts

Samples: Letter Agreement (Casino One Corp), Letter Agreement (Pinnacle Entertainment Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes (other than Permitted Junior Securities and payments made from any defeasance trust created pursuant to Section 8.04 hereof) at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.04 hereof, such payment shall will be held by the Trustee or such holderHolder, in trust for the benefit of, and shall will be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the agreement, indenture or other agreement document (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Debt will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees shall be Debt are then entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Ap Holdings Inc, Apcoa Standard Parking Inc /De/

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the Note Guarantee Notes (other than Permitted Junior Securities and payments made from any defeasance trust created pursuant to Section 8.01 hereof) at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article 10, such payment shall will be held by the Trustee or such holderHolder, in trust for the benefit of, and shall will be paid forthwith over and delivered, upon written request, promptly to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the agreement, indenture or other agreement document (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Indebtedness will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees shall be Indebtedness are then entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Indenture (Nutra Sales Corp), General Nutrition Companies Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Guarantor Senior Guarantees as their interests may appear Debt or their representative Representative under the indenture or other agreement (if any) pursuant to which the Guarantor Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in cash in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Guarantor Senior GuaranteesDebt. With respect to the holders of the Guarantor Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Guarantor Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Musicland Group Inc /De, Musicland Stores Corp

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that received written notice at least two Business Days prior to such payment is prohibited by this Section 410.02 or 10.03 hereof, such payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of Indebtedness of the Senior Guarantees Company as their interests interest may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees such Indebtedness may have been issued, as their respective interests interest may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees such Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Indebtedness. In the Senior Guaranteesevent that any Holder receives any payment of any Obligations with respect to the Subordinated Note Obligations at a time when such payment is prohibited by Section 10.02 or 10.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Indebtedness of the Company as their interest may appear or their Representative under the indenture or other agreement (if any) pursuant to which such Indebtedness may have been issued, as their interest may appear, for application to the payment of all Obligations with respect to such Indebtedness remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Indebtedness. With respect to the holders of Indebtedness of the Senior GuaranteesCompany, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees such Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guaranteessuch Indebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees such Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the negligence, bad faith or willful misconduct or gross negligence of the Trustee.

Appears in 2 contracts

Samples: Indenture (Sf Holdings Group Inc), Indenture (Sf Holdings Group Inc)

When Distribution Must Be Paid Over. In the event that the Senior Subordinated Note Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Senior Subordinated Notes at a time when a Trust Officer of the Senior Subordinated Note Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.04 hereof, such payment shall be held by the Senior Subordinated Note Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt. With respect to the holders of Senior Debt, the Senior Guarantees, the Subordinated Note Trustee undertakes to perform only such obligations on the part of the Senior Subordinated Note Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Senior Subordinated Note Trustee. The Senior Subordinated Note Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Senior Subordinated Note Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee Company or any Guaranteeing Subsidiary Venetian or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Senior Subordinated Note Trustee.

Appears in 1 contract

Samples: Grand Canal Shops Mall Construction LLC

When Distribution Must Be Paid Over. In the event that the Trustee or ----------------------------------- any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 48(d) hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit ofof and, and upon written request, shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Guarantor Senior Guarantees Debt as their interests may appear or their representative (the "Representative") under the indenture or other agreement (if any) pursuant to which the Guarantor Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Guarantor Senior GuaranteesDebt. With respect to the holders of the Guarantor Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 8, and no implied covenants or obligations with respect to the holders of the Guarantor Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture Guarantee against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 48, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement (Global Broadcasting Systems Inc/Fa)

When Distribution Must Be Paid Over. In the event that the Trustee Senior Subordinated Administrative Agent or any holder Senior Subordinated Lender receives any payment of any obligations with respect to the Note Guarantee Senior Subordinated Obligations (except in Permitted Junior Securities) at a time when a Trust Officer of the Trustee Senior Subordinated Administrative Agent or such holderSenior Subordinated Lender, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article X, such payment shall be held by the Trustee Senior Subordinated Administrative Agent or such holderSenior Subordinated Lender, as applicable, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, to the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture this Agreement or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Senior Indebtedness in full in accordance with their its terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of Senior Indebtedness, the Senior Guarantees, the Trustee Subordinated Administrative Agent undertakes to perform only such obligations on the part of the Trustee Senior Subordinated Administrative Agent as are specifically set forth in this Section 4 Article X, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture Agreement against the TrusteeSenior Subordinated Administrative Agent. The Trustee Senior Subordinated Administrative Agent shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee Senior Subordinated Administrative Agent shall pay over or distribute to or on behalf of holders of the Note Guarantee Senior Subordinated Lenders or any Guaranteeing Subsidiary Loan Party or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article X, except if such payment is made as a result of the willful misconduct or gross negligence of the TrusteeSenior Subordinated Administrative Agent.

Appears in 1 contract

Samples: Senior Subordinated Loan Agreement (Valor Communications Group Inc)

When Distribution Must Be Paid Over. In the event that the Trustee receives or is holding, or any holder receives Holder receives, any payment of any obligations or distribution with respect to the Note Guarantee at a time when a Trust Officer Notes or any Guaranty of the Trustee or such holderNotes, as applicable, has actual knowledge that and such payment is prohibited by Section 11.02 or 11.03 hereof (except with respect to payments made from the Interest Reserve Account or the trust described under Article Eight if such funds were deposited in accordance with, and to the extent permitted by, this Section 4Article Eleven), such payment or distribution shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture this Indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Eleven, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall mistakenly pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article Eleven, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Management Agreement (Dutchess County Cellular Telephone Co Inc)

When Distribution Must Be Paid Over. In the event that the Trustee receives or is holding, or any holder receives Holder receives, any payment of any obligations principal, premium, interest and Liquidated Damages, if any, with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge (in the case of the Trustee as described in Section 11.11 hereof), that such payment is prohibited by this Section 411.02 or 11.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall mistakenly pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 11, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Planet Hollywood International Inc

When Distribution Must Be Paid Over. In the event that the Trustee Trustee, the Paying Agent, any holder of Notes or any holder other person receives any payment or distribution of assets of the Company or any collateral security of any obligations kind on or with respect to the Note Guarantee at a time when a Trust Officer Notes in contravention of the Trustee any terms contained in this Indenture, whether in cash, property or such holdersecurities, as applicableincluding, has actual knowledge that without limitation, by way of set-off or otherwise, before all Senior Indebtedness is paid in full in cash, then such payment is prohibited by this Section 4, such payment or distribution shall be held by the Trustee or such holder, recipient in trust for the benefit ofof holders of Senior Indebtedness, and shall be paid forthwith over and delivered, upon written request, to, delivered to the holders of the Senior Guarantees as their interests may appear Indebtedness or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedrepresentative(s), as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations make payment in full in accordance with their termscash of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution or provision therefor, to or for the holders of Senior Indebtedness; provided, that the Senior Guaranteesforegoing shall apply to the Trustee only if a Responsible Officer of the Trustee has actual knowledge (as determined in accordance with Section 7.02) that such payment or distribution is prohibited by this Indenture. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 15, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Notes or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 15, except if such payment or distribution is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (GLG Partners, Inc.)

When Distribution Must Be Paid Over. In the event that If the Trustee or any holder Holder of the Notes receives any a payment in respect of any obligations with Subsidiary Guarantor's Subsidiary Guarantee (except in respect to of Permitted Junior Securities or from the Note Guarantee at a time trust under Article Thirteen hereof) when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article Twelve, such payment shall be held by the Trustee or such holderthe Holder, as the case may be, shall hold the payment in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, of the holders of Senior Debt of such Subsidiary Guarantor or of the Senior Guarantees as their interests may appear or their representative under Company. Upon the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issued, as their respective interests may appear, for application to the payment proper written request of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt of such Subsidiary Guarantor or of the Company, the Trustee or the Holder, as the case may be, shall deliver the amounts in trust to the holders of Senior GuaranteesDebt of such Subsidiary Guarantor or of the Company or their proper Representative. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Twelve, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute to or on behalf of holders of the Note Guarantee Holders or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article Twelve, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (O Charleys Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 4Sections 1402 or 1403, such payment or distribution shall be held by the Trustee or such holder, in trust Holder for the benefit of, and shall be paid forthwith over and delivered, delivered upon written request, request to, the holders of the Senior Guarantees Indebtedness as their interests may appear or to their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Senior Indebtedness in full in cash in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the benefit of holders of the Senior GuaranteesIndebtedness, and to fully cash collateralize all outstanding Letter of Credit Obligations. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Fourteen, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article Fourteen, except if such payment or distribution is made as a result of the willful misconduct or gross negligence of the Trustee.. Nothing in this Section 1405 shall affect the obligation of any Person other than the Trustee to hold such payment or distribution for the benefit of, and to pay or deliver such payment or distribution over to, the holders of Senior Indebtedness or their Representative. 105

Appears in 1 contract

Samples: Supplemental Indenture (Accuride Corp)

When Distribution Must Be Paid Over. In the event that If the Trustee or any holder Holder of a Note receives any payment or distribution on account of any obligations Obligations with respect to the Note Guarantee Notes or acquisition, repurchase, redemption, retirement or defeasance of any of the Notes shall be made by or on behalf of the Company (including any payments or distribution by any liquidating trustee or agent or other Person in a proceeding referred to in Section 13.02) and received by the Trustee or any Holder at a time when a Trust Officer such payment or distribution was prohibited by the provisions of the Trustee Section 13.02 or 13.03 or such holderpayment or distribution was required to be made to holders of Senior Debt or their Representative, as applicable, has actual knowledge that such payment is prohibited by this Section 4then, such payment or distribution shall be received, segregated from other funds or assets and held in trust by the Trustee or such holderHolder, in trust as the case may be, for the benefit of, and shall be promptly paid forthwith or delivered over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear Debt or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedRepresentative, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full ratably in accordance with their termsthe respective amounts of the principal of such Senior Debt, after giving effect to any concurrent payment interest (including Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto held or represented by each, until the principal of all Senior Debt, interest (including Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto have been paid in full and all outstanding Letter of Credit Obligations have been fully collateralized. Any distribution to or for the holders of the Senior GuaranteesDebt or their Representative of assets may be held by such holders or such Representatives as additional collateral without any duty to any Holder to liquidate or otherwise realize on such assets or to apply such assets to any Senior Debt or other Obligations relating thereto. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 13, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of the Note Guarantee Notes or any Guaranteeing Subsidiary the Issuer or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 13, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Amf Bowling Worldwide Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Obligations with respect to the Note Guarantee a Subsidiary Guarantor at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.02 or 12.03 hereof, such payment shall be held by the Trustee Trustee, for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Senior Debt (or their representatives), as their respective interests may appear, under the indenture or other agreement (if any) pursuant to which such holderSenior Debt may have been issued for application to the payment of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms. In the event that any Holder receives any payment of any Obligations of a Subsidiary Guarantor at a time when such payment is prohibited by Section 12.02 or 12.03 hereof, such payment shall be held by such Holder in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of the Senior Guarantees as their interests may appear Debt (or their representative representative) under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, issued for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior Guarantees. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantors or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Duane Reade Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of the Securities receives any payment of any obligations Obligations with respect to the Note Guarantee Securities at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4, such payment shall be held by Article VI the Trustee or such holderHolder, as the case may be, shall hold the payment in trust for the benefit of, and shall be paid forthwith over and delivered, upon of the holders of Senior Indebtedness. Upon the proper written request, to, request of the holders of the Senior Guarantees as their interests may appear Indebtedness, the Trustee or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedsuch Holder, as their respective interests the case may appearbe, for application shall deliver the amounts in trust to the payment Representative for the Sprott Loan until the Sprott Loan is repaid in full and the Trustee has received written confirmation of all obligations with respect such repayment by the Company or a Representative for the Sprott Loan and thereafter to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or Representative for the holders of Liberty Loan Agreement and the Senior GuaranteesLiberty PPA. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article VI, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Indebtedness will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, Indebtedness and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders of Senior Guarantees shall be Indebtedness are then entitled by virtue of this Section 4Article VI, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Platinum Group Metals LTD)

When Distribution Must Be Paid Over. In the event that that, notwithstanding the other provisions of this Article Thirteen, the Trustee or any holder receives any payment or distribution in respect of the Securities or of any obligations Obligations with respect to the Note Guarantee Securities at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge received notice in accordance with Section 1310 that such payment or distribution is prohibited by this Section 41303 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear Indebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under the any indenture or other agreement (if any) pursuant to which the any instruments representing any of such Senior Guarantees Indebtedness may have been issued, as their respective interests may appearratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid unpaid, to the extent necessary to pay or to provide for the payment of all such obligations in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. In the event that, notwithstanding the other provisions of this Article Thirteen, a Holder receives any payment or distribution of any Obligations with respect to the Securities at a time when such payment or distribution is prohibited by Section 1303 hereof, such payment or distribution shall be paid forthwith over and delivered, upon written request, to, the holders of Senior GuaranteesIndebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments representing any of such Senior Indebtedness may have been issued, ratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by such, for application to the payment of all obligations with respect to Senior Indebtedness remaining unpaid, to the extent necessary to pay or to provide for the payment of all such obligations in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Thirteen, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article Thirteen, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Oci Holdings Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Holdings Guarantee at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article 10 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness of Holdings as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness of Holdings may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness of Holdings remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness of Holdings. With respect to the holders of the Senior GuaranteesIndebtedness of Holdings, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness of Holdings shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness of Holdings, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of the Note Guarantee Holders or any Guaranteeing Subsidiary Holdings or any other Person money or assets to which any holders of Senior Guarantees Indebtedness of Holdings shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Amsc Acquisition Co Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Guarantee Obligations with respect to the Note Guarantee a Guarantor at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.02 or 12.03 hereof, such payment Payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt of such Guarantor as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. In the event that any Holder receives any payment of any Guarantee Obligations of a Guarantor at a time when such payment is prohibited by Section 12.02 or 12.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior GuaranteesDebt of such Guarantor as their interests may appear or their Representative under the indenture or other agreement (if any) pursuant to which such Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantors or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Conmed Corp

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that received written notice at least two Business Days prior to such payment is prohibited by this Section 410.02 or 10.03 hereof, such payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of the Senior Guarantees Debt as their interests interest may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests interest may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. In the event that any Holder receives any payment of any Obligations with respect to the Subordinated Note Obligations at a time when such payment is prohibited by Section 10.02 or 10.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Senior GuaranteesDebt as their interest may appear or their Representative under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their interest may appear, for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Von Hoffmann Holdings Inc

When Distribution Must Be Paid Over. In the event that the Trustee receives or is holding, or any holder receives Holder receives, any payment of any obligations principal, premium, interest and Liquidated Damages, if any, with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge (in the case of the Trustee as described in Section 11.11 hereof), that such payment is prohibited by this Section 411.02 or 11.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture Indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall mistakenly pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 11, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Ubiquitel Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations or distribution of assets of the Company of any kind or character (other than Permitted Junior Securities pursuant to Section 5 hereof),whether in cash, property or securities (including, without limitation, by way of setoff or otherwise) with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 45.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 5, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 5, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Emcore Corp)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Securities at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.04 hereof, such payment shall be held by the Trustee or such holderSecurityholder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees and Senior Subordinated Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees and Senior Subordinated Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees and Senior Subordinated Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior Guaranteesand Senior Subordinated Debt. With respect to the holders of the Senior Guaranteesand Senior Subordinated Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Senior Guarantees and Senior Subordinated Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guaranteesand Senior Subordinated Debt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees and Senior Subordinated Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Tenet Healthcare Corp)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of or in respect of any obligations Obligations with respect to the Note Guarantee Notes or the Subsidiary Guarantees, if any, at a time when a Trust Officer of such payment or distribution is prohibited by Section 10.3 or Section 10.4 hereof, such payment or distribution shall be held by the Trustee or such holder, as applicable, (if the Trustee has actual knowledge that such payment or distribution is prohibited by this Section 4, such payment shall be held by the Trustee 10.3 or 10.4) or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt. 98 92 With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt, and, except as provided in Section 10.12, neither the Senior Guarantees, and Trustee nor the Paying Agent shall not be liable to any such holders if the Trustee or Paying Agent shall pay over or distribute to or on behalf of holders Holders of Notes or the Note Guarantee or any Guaranteeing Company, the Subsidiary Guarantors, if any, or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Belco Oil & Gas Corp

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Guarantee Obligations with respect to the Note Guarantee a Guaranteeing Subsidiary at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.02 or 12.03 hereof, such payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of the Guarantor Senior Guarantees Debt of such Guaranteeing Subsidiary as their interests interest may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Guarantor Senior Guarantees Debt may have been issued, as their respective interests interest may appear, for application to the payment of all obligations Obligations with respect to the such Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Guarantor Senior Debt. In the event that any Holder receives any payment of any Guarantee Obligations of a Guaranteeing Subsidiary at a time when such payment is prohibited by Section 12.02 or 12.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Guarantor Senior GuaranteesDebt of such Guaranteeing Subsidiary as their interest may appear or their Representative under the indenture or other agreement (if any) pursuant to which such Guarantor Senior Debt may have been issued, as their interest may appear, for application to the payment of all Obligations with respect to such Guarantor Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Guarantor Senior Debt. With respect to the holders of the Guarantor Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Guarantor Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Subsidiaries or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture Assumption Agreement (Advanced Medical Inc)

When Distribution Must Be Paid Over. In the event that the Trustee receives or is holding, or any holder receives Holder receives, any payment of any obligations with respect to the Note Notes or any Subsidiary Guarantee at a time when a Trust Officer of the Trustee Notes (other than in Permitted Junior Securities or such holderfrom the trust described under Article 8 hereof), as applicable, has actual knowledge that when (i) such payment is prohibited by this Section 412.02 or 12.03 hereof and (ii) the Trustee or the Holder has actual knowledge that the payment is prohibited, such payment or distribution shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture Credit Agreement or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in cash in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall mistakenly pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or Company, any Guaranteeing Subsidiary Guarantor, or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if unless a Responsible Officer of the Trustee has received a Payment Blockage Notice and such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Psychiatric Solutions Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of a Subsidiary Guarantee receives any payment of any obligations Obligations with respect to the Note Guarantee Subsidiary Guarantees at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to Senior Debt of the Senior Guarantees Subsidiary Guarantors remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt of the Senior GuaranteesSubsidiary Guarantors. With respect to the holders of Senior Debt of the Senior GuaranteesSubsidiary Guarantors, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of Senior Debt of the Senior Guarantees Subsidiary Guarantors shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Debt of the Note Guarantee or any Guaranteeing Subsidiary or any other Person money or assets to which any holders of Senior Guarantees shall be entitled by virtue of this Section 4, except if such payment is made as a result of the willful misconduct or gross negligence of the TrusteeGuarantors.

Appears in 1 contract

Samples: Supplemental Indenture (Supermarket Cigarette Sales Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 47(b) or 7(c) hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior Debt of the Senior Guarantees Subsidiary Guarantor as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt of the Subsidiary Guarantor. In the event that any Holder receives any payment of any Subordinated Note Obligations at any time when such payment is prohibited by Section 7(b) or 7(c) hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the Holders of Senior GuaranteesDebt of the Subsidiary Guarantor as their interest may appear or their representative under the indenture or other agreement (if any) pursuant to which such Senior Debt may have been issued, as their interest may appear, for the application to the payment of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of Senior Debt of the Senior GuaranteesSubsidiary Guarantor, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 7, and no implied covenants or obligations with respect to the holders of Senior Debt of the Senior Guarantees Subsidiary Guarantor shall be read into this Supplemental the Indenture or the Indenture this Subsidiary Guarantee against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Senior GuaranteesSubsidiary Guarantor, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Senior Guarantees Debt of the Subsidiary Guarantor shall be entitled by virtue of this Section 47, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Houston Exploration Co)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 48(d) hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit ofof and, and upon written request, shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Guarantor Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Guarantor Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Guarantor Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Guarantor Senior GuaranteesIndebtedness. With respect to the holders of the Guarantor Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 8, and no implied covenants or obligations with respect to the holders of the Guarantor Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture Guarantee against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Indebtedness shall be entitled by virtue of this Section 48, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Hard Rock Hotel Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.02 or 10.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. In the event that any Holder receives any payment of any Subordinated Note Obligations at any time when such payment is prohibited by Section 10.02 or 10.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the Holders of Senior GuaranteesIndebtedness as their interest may appear or their representative under the indenture or other agreement (if any) pursuant to which Senior Indebtedness may have been issued, as their interest may appear, for the application to the payment of all Obligations with respect to Senior Indebtedness remaining unpaid to the extend necessary to pay such Obligations in full accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: KSL Recreation Group Inc

When Distribution Must Be Paid Over. In If the event that Company shall make any payment to the Trustee on account of the principal of, or premium, if any, or interest on, the Subordinated Exchange Notes, or any holder receives other Obligation in respect of the Subordinated Exchange Notes, or the Holders shall receive from any source any payment on account of the principal of, or premium, if any, or interest on, the Subordinated Exchange Notes or any obligations with Obligation in respect to of the Note Guarantee Subordinated Exchange Notes, at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article 10, such payment shall be held by the Trustee or such holder, Holders shall hold such payment in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of Senior Indebtedness (pro rata as to each of such holders on the basis of the respective amounts of Senior Guarantees as their interests may appear Indebtedness they hold) or their representative Representative or the trustee under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issuedIssued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations all Senior Indebtedness in full in cash in accordance with their its terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the its part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as at a result time when a Trust Officer has knowledge that the terms of the willful misconduct or gross negligence of the Trusteethis article 10 prohibit such payment.

Appears in 1 contract

Samples: Jordan Telecommunication Products Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes (other than Permitted Junior Securities and payments and other distributions made from any defeasance trust created pursuant to Section 8.02 hereof) at a time when a Trust Responsible Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 411.04 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness as 99 their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full and in cash in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Authority or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 11, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Mohegan Tribal Gaming Authority

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment payments of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer an officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.3 hereof, such payment shall be held by the Trustee or such holder, Holder in trust for the benefit of, and shall be paid forthwith over and delivered, delivered upon written request, request to, the Representative of the holders of the Senior Guarantees as their interests may appear Debt of AirGate or their representative any Guarantor under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests its interest may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. If a distribution is made to the Trustee or any Holder that because of this Article XII should not have been made to it, the Trustee or such Holder who receives the distribution shall hold it in trust for the benefit of, and upon written request pay it over to, the Representative of the holders of Senior GuaranteesDebt under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as its interest may appear, for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article XII, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of the Note Guarantee Holders or any Guaranteeing Subsidiary AirGate or any other Person person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4, Article XII except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Airgate PCS Inc /De/)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution in respect of any obligations Obligations with respect to the Note Guarantee Notes or the Guaranty at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 410.2 or 10.3 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness or Guarantor Senior Indebtedness, as applicable, as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness or Guarantor Senior Indebtedness, as applicable, may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness or Guarantor Senior Indebtedness, as applicable, remaining unpaid (including Post-Petition Interest, Expense and Indemnity Claims) to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness or Guarantor Senior Indebtedness, as applicable. With respect to the holders of the Senior GuaranteesIndebtedness, or Guarantor Senior Indebtedness, as applicable, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness or Guarantor Senior Indebtedness, as applicable, shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, or Guarantor Senior Indebtedness, as applicable, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness or Guarantor Senior Indebtedness, as applicable, shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the bad faith, willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Bell Sports Corp

When Distribution Must Be Paid Over. In the event that If the Trustee or any holder Holder receives a payment from any payment Guarantor in respect of any obligations with respect its Note Guarantee (except in (i) Equity Interests in such Guarantor and (ii) debt securities of such Guarantor that are subordinated to all Senior Debt of such Guarantor to the same extent as, or to a greater extent than, the Notes and the Note Guarantee at a time Guarantees are subordinated to Senior Debt under the Indenture) when a Trust Officer of (i) the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4, such payment shall be held by Article Fifteen and (ii) the Trustee or the Holder has actual knowledge that the payment is prohibited (provided that such holderactual knowledge shall not be required in the case of any payment default on Designated Senior Debt of such Guarantor), the Trustee or the Holder, as the case may be, will hold such payment in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, of the holders of Senior Debt of such Guarantor. Upon the Senior Guarantees as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issued, as their respective interests may appear, for application to the payment proper written request of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt of such Guarantor or, if there is any payment default on Designated Senior Debt of such Guarantor, the Trustee or the Holder, as the case may be, will deliver the amounts in trust to the holders of Senior GuaranteesDebt of such Guarantor or their proper representative. With respect to the holders of the Senior GuaranteesDebt of any Guarantor, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Fifteen, and no implied covenants or obligations with respect to the holders of the such Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt of any Guarantor, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of the Note Guarantee Holders or any Guaranteeing Subsidiary such Guarantor or any other Person money or assets to which any holders of such Senior Guarantees Debt shall be entitled by virtue of this Section 4Article Fifteen, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: First Supplemental Indenture (Cardtronics Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Noteholder receives any payment of any obligations cash, property or securities with respect to the Note Guarantee Notes at a time when a Trust Responsible Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment receipt is prohibited by this Section 412.04, such payment cash, property or securities shall be held by the Trustee or such holderNoteholder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written writing request, to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. If a distribution is made to the Trustee or any Noteholder that because of this Article should not have been made to it, the Trustee or such Noteholder who receives the distribution shall hold it in trust for the benefit of, and, upon written request, pay it over to, the holders of Senior GuaranteesIndebtedness as their interests may appear, 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 obligations with respect to Senior Indebtedness remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. With respect to the holders of the Senior Guarantees, Indebtedness the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guaranteesindebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Noteholders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Galaxy Cable Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4(b) or (c) above, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Guarantor Senior Debt of the Senior Guarantees Guarantor as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the such Guarantor Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Guarantor Senior Debt of the Senior GuaranteesGuarantor. With respect to the holders of Senior Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in Article 10 of the Indenture, and no implied covenants or obligations with respect to the holders of Senior GuaranteesDebt. In the event that any Holder receives any payment of any Subordinated Note Obligations at any time when such payment is prohibited by Section (b) or (c) above, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the Holders of Guarantor Senior Debt of the Guarantor as their interest may appear or their representative under the indenture or other agreement (if any) pursuant to which such Guarantor Senior Debt may have been issued, as their interest may appear, for the application to the payment of all Obligations with respect to such Guarantor Senior Debt With respect to the holders of Guarantor Senior Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 7, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 47, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Decisionone Corp /De)

When Distribution Must Be Paid Over. In the event that the Subordinated Debenture Trustee or any holder Holder receives any payment of any obligations Obligations (other than, in the case of the Subordinated Debenture Trustee, fees, expenses and all other amounts payable pursuant to Section 7.07 hereof) with respect to the Note Guarantee Securities at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.04 hereof, then and in such event (but with respect to the Subordinated Debenture Trustee, subject to the provisions of Section 10.12 hereof) such payment shall be held by the Subordinated Debenture Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect Obligations due to the holders of Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. If a distribution is made to the Subordinated Debenture Trustee or any Holder (other than, in the case of the Subordinated Debenture Trustee, fees, expenses and all other amounts payable pursuant to Section 7.07 hereof) that because of this Article 10 should not have been made to it, the Subordinated Debenture Trustee (subject to the provision of Section 10.12 hereof) or such Holder who receives the distribution shall hold it in trust for the benefit of, and, upon written request, pay it over to, the holders of Senior GuaranteesDebt as their interests may appear, or their Representative under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Obligations due to the holders of Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Subordinated Debenture Trustee undertakes to perform only such obligations on the part of the Subordinated Debenture Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Subordinated Debenture Trustee. The Subordinated Debenture Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Subordinated Debenture Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if unless such payment or distribution is made as a result of the willful misconduct or gross negligence of the Subordinated Debenture Trustee.

Appears in 1 contract

Samples: Vegeterian Times Inc

When Distribution Must Be Paid Over. In the event that that, notwithstanding the other provisions of this Article Fourteen, the Trustee or any holder receives any payment or distribution of the Notes or any obligations Obligations with respect to the Note Notes or any Subsidiary Guarantee at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 41403 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear Indebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under the any indenture or other agreement (if any) pursuant to which the any instruments representing any of such Senior Guarantees Indebtedness may have been issued, as their respective interests may appearratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid unpaid, to the extent necessary to pay or to provide for the payment of all such obligations (including Post-Commencement Interest and Expense Claims) in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. In the event that, notwithstanding the other provisions of this Article Fourteen, a Holder receives any payment or distribution of any Obligations with respect to the Notes at a time when such payment or distribution is prohibited by Section 1403 hereof, such payment or distribution shall be paid forthwith over and delivered, upon written request, to, the holders of Senior GuaranteesIndebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments representing any of such Senior Indebtedness may have been issued, ratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by such, for application to the payment of all obligations with respect to Senior Indebtedness remaining unpaid, to the extent necessary to pay or to provide for the payment of all such obligations (including Post-Commencement Interest and Expense Claims) in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Fourteen, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article Fourteen, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Liberty Group Management Services Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment or distribution of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 411.03 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. In the event that a Holder receives any payment or distribution of any Obligations with respect to the Notes at a time when such payment is prohibited by Section 11.03 hereof, such payment or distribution shall be paid forthwith over and delivered, upon written request, to, the holders of Senior GuaranteesDebt as their interests may appear or their Representative under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 11, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Wavetek U S Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of assets of the Company or any obligations with respect to the Note Guarantee Guarantor (other than Junior Securities) at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit ofof the holders of such Senior Indebtedness, and shall be paid forthwith over and deliveredor delivered by the Trustee or the Holders of the Notes, upon written requestas the case may be, to, to the holders of the such Senior Guarantees as their interests may appear Indebtedness remaining unpaid or unprovided for or to their representative or representatives, or to the trustee or trustees under the any indenture or other agreement (if any) pursuant to which the any instruments evidencing any of such Senior Guarantees Indebtedness may have been issued, as their respective interests may appearratably according to the aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, for application to the payment of all obligations with respect to the such Senior Guarantees Indebtedness remaining unpaid unpaid, to the extent necessary to pay or to provide for the payment of all such obligations Senior Indebtedness in full in accordance with their terms, cash or Cash Equivalents or otherwise to the extent holders accept satisfaction of amounts due by settlement in other than cash or Cash Equivalents after giving effect to any concurrent payment or distribution to or for the holders of the such Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, Indebtedness and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Pacific Aerospace & Electronics Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.02 or 10.03 hereof, such payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of the Senior Guarantees Debt as their interests interest may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests interest may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. In the event that any Holder receives any payment of any Obligations with respect to the Notes at a time when such payment is prohibited by Section 10.02 or 10.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Senior GuaranteesDebt as their interest may appear or their Representative under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their interest may appear, for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture Assumption Agreement (Advanced Medical Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives from a Guarantor any payment of any obligations Obligations with respect to the Note Guarantee Notes or any other Obligation guaranteed hereby at a time when a Trust Officer of the Trustee or such holder, as applicable, Holder has actual knowledge that such payment is prohibited by this Section 410.03 or Section 10.04 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness of such Guarantor as their interests may appear appear, or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness of such Guarantor may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness of such Guarantor remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of such Guarantor. If a distribution is made to the Trustee or any Holder that because of this Article 10 should not have been made to it at a time when the Trustee or such Holder has actual knowledge that such distribution should not have been made to it, the Trustee or such Holder who receives the distribution shall hold it in trust for the benefit of, and, upon written request, pay it over to, the holders of Senior GuaranteesIndebtedness of such Guarantor as their interests may appear, or their Representative under the indenture or other agreement (if any) pursuant to which Senior Indebtedness of such Guarantor may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to Senior Indebtedness of such Guarantor remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of such Guarantor. With respect to any Guarantor, with respect to the holders of the Senior GuaranteesIndebtedness of such Guarantor, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness of such Guarantor shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness of such Guarantor, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness of such Guarantor shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Cpi Holding Corp)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes (except in Permitted Junior Securities or from the trust pursuant to ARTICLE 12 hereof) at a time when a Trust Officer of such payment is prohibited by ARTICLE 14 hereof and the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4ARTICLE 14 hereof, such payment shall be held by the Trustee or such holderHolder, as applicable, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, to the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. 114 With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 ARTICLE 14, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4ARTICLE 14, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Iesi Tx Corp

When Distribution Must Be Paid Over. In the event that If the Trustee or any holder Holder of the Notes receives any a payment in respect of the Notes (except in Permitted Junior Securities or from the trusts created pursuant to Section 8.01 hereof) in contravention of these subordination provisions set forth herein prior to payment in full of all Obligations due in respect of Senior Debt (including without limitation, interest after the commencement of any obligations with respect to bankruptcy proceedings at the Note Guarantee at a time when a Trust Officer of rate specified in the applicable Senior Debt, whether or not such interest is an allowable claim) the Trustee or such holderthe Holder, as applicablethe case may be, has actual knowledge that such will hold the payment is prohibited by this Section 4, such payment shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, of the holders of Senior Debt. Upon the Senior Guarantees as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issued, as their respective interests may appear, for application to the payment proper written request of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt, the Trustee or the Holder, as the case may be, will deliver the amounts in trust to the holders of Senior Debt (on a pro rata basis based on the aggregate amount of the Senior GuaranteesDebt) or their proper representative. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Debt will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees shall be Debt are then entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: DRS Technologies Inc

When Distribution Must Be Paid Over. In the event that the Trustee Trustee, any holder of Securities [or any holder Guarantee] or any other person receives any payment or distribution of assets of the Company [or any Guarantor] of any obligations kind with respect to the Note Guarantee at a time when a Trust Officer Securities [or the Guarantees] in contravention of the Trustee any terms contained in this Indenture, whether in cash, property or such holdersecurities, as applicableincluding, has actual knowledge that without limitation, by way of set-off or otherwise, then such payment is prohibited by this Section 4, such payment or distribution shall be held by the Trustee or such holder, recipient in trust for the benefit ofof holders of Senior Debt, and shall be immediately paid forthwith over and delivereddelivered to the holders of Senior Debt or their representative(s), upon written request, to, to the extent necessary to make payment in full in cash or other consideration satisfactory to the holders of the Senior Guarantees as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations in full in accordance with their termsunpaid, after giving effect to any concurrent payment or distribution or provision therefor, to or for the holders of Senior Debt; provided, that the Senior Guaranteesforegoing shall apply to the Trustee only if a Responsible Officer of the Trustee has actual knowledge (as determined in accordance with Section [__] that such payment or distribution is prohibited by this Indenture. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article [__], and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Securities or the Note Guarantee or any Guaranteeing Subsidiary Company [, the Guarantors] or any other Person person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article [__], except if such payment or distribution is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Evergreen Solar Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.2 or 10.3 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for -113- 122 the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. In the event that any Holder receives any payment of any Subordinated Note Obligations at any time when such payment is prohibited by Section 10.2 or 10.3 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Senior GuaranteesDebt as their interest may appear or their representative under the indenture or other agreement (if any) pursuant to which such Senior Debt may have been issued, as their interest may appear, for the application to the payment of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Houston Exploration Co

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of or in respect of any obligations Obligations with respect to the Note Guarantee Exchange Debentures at a time when a Trust Officer of such payment or distribution is prohibited by Section 10.3 or Section 10.4 hereof, such payment or distribution shall be held by the Trustee or such holder, as applicable, (if the Trustee has actual knowledge that such payment or distribution is prohibited by this Section 4, such payment shall be held by the Trustee 10.3 or 10.4) or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Exchange Debenture Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Exchange Debenture Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Exchange Debenture Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Exchange Debenture Senior GuaranteesDebt. With respect to the holders of the Exchange Debenture Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Exchange Debenture Senior Guarantees Debt shall be read into this Supplemental Indenture or the Exchange Debenture Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Exchange Debenture Senior GuaranteesDebt, and and, except as provided in Section 10.12, shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of Exchange Debentures or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Exchange Debenture Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Cumulus Media Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes (except in Permitted Junior Securities) at a time when a Trust Officer of (1) such payment is prohibited by this Article Twelve and (2) the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article Twelve (provided that such actual knowledge will not be required in the case of any payment default on Designated Senior Debt), such payment shall be held by the Trustee or such holderthe Holder, as the case may be, shall hold the payment in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, of the holders of Senior Debt of the Issuer. Upon the written request from the Representatives of such Senior Debt of the Issuer or if there is any payment default on any Designated Senior Debt, the Trustee or the Holder, as the case may be, will deliver the amounts in trust to the Representatives of the Senior Guarantees as their interests may appear or their representative under Debt of the indenture or other agreement (if any) Issuer, pursuant to which the Senior Guarantees may have been issued, as their respective interests may appearSection 12.11, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the such Senior GuaranteesDebt. With respect to the holders of Senior Debt of the Senior GuaranteesIssuer, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Twelve, and no implied covenants or obligations with respect to the holders of the such Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Senior GuaranteesIssuer, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Issuer or any other Person money or assets to which any holders of such Senior Guarantees Debt shall be entitled by virtue of this Section 4Article Twelve, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Affinion Loyalty Group, Inc.)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 48(d) hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit ofof and, and upon written request, shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Guarantor Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Guarantor Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Guarantor Senior GuaranteesDebt. With respect to the holders of the Guarantor Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 8, and no implied covenants or obligations with respect to the holders of the Guarantor Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture Guarantee against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 48, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Remington Products Co LLC

When Distribution Must Be Paid Over. In the event that the Trustee Trustee, any Holder of Securities or any holder other person receives any payment by a Guarantor or distribution of assets of a Guarantor of any obligations kind with respect to the Note Guarantee at a time when a Trust Officer of the Trustee such Guarantor in contravention of any terms contained in this ARTICLE XVI, whether in cash, property or such holdersecurities, as applicableincluding, has actual knowledge that without limitation, by way of set-off or otherwise, then such payment is prohibited by this Section 4, such payment or distribution shall be held by the Trustee or such holder, recipient in trust for the benefit ofof holders of Guarantor Senior Debt of such Guarantor, and shall be immediately paid forthwith over and delivered, upon written request, to, delivered to the holders of the such Guarantor Senior Guarantees as their interests may appear Debt or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedrepresentative(s), as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations make payment in full in accordance with their termscash or other consideration satisfactory to such holders of all such Guarantor Senior Debt remaining unpaid, after giving effect to any concurrent payment or distribution or provision therefor, to or for the holders of such Guarantor Senior Debt; provided, that the Senior Guaranteesforegoing shall apply to the Trustee only if a Responsible Officer of the Trustee has actual knowledge (as determined in accordance with Section 16.11) that such payment or distribution is prohibited by this ARTICLE XVI. With respect to the holders of the Guarantor Senior GuaranteesDebt of each Guarantor, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 ARTICLE XVI, and no implied covenants or obligations with respect to the such holders of the Guarantor Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the such holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of the Note Guarantee Securities or any Guaranteeing Subsidiary a Guarantor or any other Person person money or assets to which any such holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 4ARTICLE XVI, except if such payment or distribution is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Comtech Telecommunications Corp /De/

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Securities at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 411.04 hereof, such payment shall be held by the Trustee or such holderSecurityholder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees and Senior Subordinated Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees and Senior Subordinated Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees and Senior Subordinated Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior Guaranteesand Senior Subordinated Debt. With respect to the holders of the Senior Guaranteesand Senior Subordinated Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11, and no implied covenants or obligations with respect to the holders of the Senior Guarantees and Senior Subordinated Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guaranteesand Senior Subordinated Debt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees and Senior Subordinated Debt shall be entitled by virtue of this Section 4Article 11, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Tenet Healthcare Corp)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of or in respect of any obligations Obligations with respect to the Note Guarantee Notes or the Subsidiary Guarantees at a time when a Trust Officer of such payment or distribution is prohibited by Section 10.3 or Section 10.4 hereof, such payment or distribution shall be held by the Trustee or such holder, as applicable, (if the Trustee has actual knowledge that such payment or distribution is prohibited by this Section 4, such payment shall be held by the Trustee 10.3 or 10.4) or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and and, except as provided in Section 10.12, shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of Notes or the Note Guarantee or any Guaranteeing Company, the Subsidiary Guarantors or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Canton Oil & Gas Co

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Obligations with respect to the Note Guarantee Securities at a time when a Trust Responsible Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.04 hereof, such payment shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, to the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. If a distribution is made to the Trustee or any Securityholder that because of this Article 10 should not have been made to it, the Trustee or such Securityholder who receives the distribution shall hold it in trust for the benefit of, and, upon written request, pay it over to, the holders of Senior GuaranteesDebt as their interests may appear, or their Representative under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Securityholders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person Person, money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Credit Agreement (Chattem Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of any obligations kind or character, whether in cash, properties or securities, in respect of any Obligations with respect to the Note Guarantee Notes (other than (x) Permitted Junior Securities and (y) payments and other distributions made from any defeasance trust created pursuant to Article 8 hereof) at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 or 10.04 hereof, such payment shall be held by the Trustee or such holderHolder, as the case may be, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written requestrequest (on a pro rata basis based on the aggregate principal amount of the Senior Debt), to, to the holders of the Senior Guarantees as their interests may appear Debt or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, issued for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. If any Holder or the Trustee is required by any court or otherwise to deliver payments it received from the Company or a Guarantor to a holder of Senior GuaranteesDebt, any amount so paid to the extent theretofore discharged, shall be reinstated in full force and effect. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 120 129 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Advance Paradigm Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of the Securities receives any payment of any obligations Obligations with respect to the Note Guarantee Securities at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4, such payment shall be held by Article ‎VI the Trustee or such holderHolder, as the case may be, shall hold the payment in trust for the benefit of, and shall be paid forthwith over and delivered, upon of the holders of Senior Indebtedness. Upon the proper written request, to, request of the holders of the Senior Guarantees as their interests may appear Indebtedness, the Trustee or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedsuch Holder, as their respective interests the case may appearbe, for application shall deliver the amounts in trust to the payment Representative for the Sprott Loan until the Sprott Loan is repaid in full and the Trustee has received written confirmation of all obligations with respect such repayment by the Company or a Representative for the Sprott Loan and thereafter to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or Representative for the holders of Liberty Loan Agreement and the Senior GuaranteesLiberty PPA. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article ‎VI, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Indebtedness will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, Indebtedness and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders of Senior Guarantees shall be Indebtedness are then entitled by virtue of this Section 4Article ‎VI, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: s1.q4cdn.com

AutoNDA by SimpleDocs

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of any obligations kind or character, whether in cash, properties or securities, in respect of any Obligations with respect to the Note Guarantee Notes (other than (x) Permitted Junior Securities and (y) payments and other distributions made from any defeasance trust created pursuant to Article 8 hereof) at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 410.03 or 10.04 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to(on a pro rata basis based on the aggregate principal amount of such Senior Debt held by such holders), to the holders of Senior Debt of the Senior Guarantees as their interests may appear Company or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, issued for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in cash or Cash Equivalents (other than Cash Equivalents of the type referred to in clauses (iii) and (iv) of the definition thereof) in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. If any Holder or the Trustee is required by any court or otherwise to deliver payments it received by the Company or Guarantor to a holder of Senior GuaranteesDebt, any amount so paid to the extent theretofore discharged, shall be reinstated in full force and effect. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Exchange Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Senior GuaranteesCompany, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee. To the extent any payment of Senior Debt of the Company (whether by or on behalf of the Company, as proceeds of security or enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then, if such payment is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person, the Senior Debt of the Company or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred.

Appears in 1 contract

Samples: Pca Valdosta Corp

When Distribution Must Be Paid Over. In the event that that, notwithstanding the other provisions of this Article Thirteen, the Trustee or any holder receives any payment or distribution of the Debentures or of any obligations Obligations with respect to the Note Guarantee Debentures at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 41303 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear Indebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under the any indenture or other agreement (if any) pursuant to which the any 125 instruments representing any of such Senior Guarantees Indebtedness may have been issued, as their respective interests may appearratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid unpaid, to the extent necessary to pay or to provide for the payment of all such obligations (including Post-Commencement Interest and Expense Claims) in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. In the event that, notwithstanding the other provisions of this Article Thirteen, a Holder receives any payment or distribution of any Obligations with respect to the Debentures at a time when such payment or distribution is prohibited by Section 1303 hereof, such payment or distribution shall be paid forthwith over and delivered, upon written request, to, the holders of Senior GuaranteesIndebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments representing any of such Senior Indebtedness may have been issued, ratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by such, for application to the payment of all obligations with respect to Senior Indebtedness remaining unpaid, to the extent necessary to pay or to provide for the payment of all such obligations (including Post-Commencement Interest and Expense Claims) in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Thirteen, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article Thirteen, except if such payment is made as 126 a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Liberty Group Publishing Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4(b) or (c) above, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Guarantor Senior Debt of the Senior Guarantees Guarantor as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the such Guarantor Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Guarantor Senior Debt of the Senior GuaranteesGuarantor. With respect to the holders of the Guarantor Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 7, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 47, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Franks Nursery & Crafts Inc

When Distribution Must Be Paid Over. In If, notwithstanding the event that provisions of Sections 10.03 and 10.04, any direct or indirect Securities Payment (other than payments in Permitted Junior Securities) on account of principal of or interest on or other Obligations with respect to the Senior Subordinated Notes shall be made by or on behalf of the Company (including any payments or distribution by any liquidating trustee or agent or other Person in a proceeding referred to in Section 10.03) and received by the Trustee or any holder receives any payment Holder of any obligations with respect to the Note Guarantee Senior Subordinated Notes at a time when a Trust Officer such Securities Payment or distribution was prohibited by the provisions of the Trustee Section 10.03 or 10.04 or such holderSecurities Payment was required to be made to holders of Senior Debt or their Representatives, as applicablethen, has actual knowledge that unless and until such payment or distribution is no longer prohibited by this Section 410.03 or 10.04, such payment Securities Payment or distribution shall be received, segregated from other funds or assets and held in trust by the Trustee or such holderHolder of Senior Subordinated Notes, in trust as the case may be, for the benefit of, and shall be immediately paid forthwith or delivered over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear Debt or their representative under Representatives, ratably in accordance with the indenture respective amounts of the principal of such Senior Debt, interest (including Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto held or represented by each, until the principal of all Senior Debt, interest (including Accrued Bankruptcy Interest) thereon and all other agreement (if any) pursuant to which the Senior Guarantees may Obligations with respect thereto have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations paid in full in accordance with their terms, after giving effect cash or Cash Equivalents or otherwise in a manner satisfactory to any concurrent payment or distribution to or for the holders of such Senior Debt. Any distribution to the holders of Senior GuaranteesDebt or their Representatives of assets other than cash or Cash Equivalents or otherwise in a manner satisfactory to the holders of such Senior Debt may be held by such holders or such Representatives as additional collateral without any duty to the Holder of Senior Subordinated Notes to liquidate or otherwise realize on such assets or to apply such assets to any Senior Debt or other Obligations relating thereto. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute to or on behalf of holders Holders of Senior Subordinated Notes or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee. Nothing in this Section 10.06 shall affect the obligation of any Person other than the Trustee to hold such payment or distribution for the benefit of, and to pay or deliver such payment or distribution over to, the holders of Senior Debt or their Representatives.

Appears in 1 contract

Samples: JCS Realty Corp

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of Notes receives any payment of any obligations Obligations with respect to the Note any Subsidiary Guarantee at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.02 or 12.03 hereof, such payment shall be held by the Trustee or such holder, Holder of Notes in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior Debt of the Senior Guarantees respective Guarantor as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which Senior Debt of the Senior Guarantees Guarantor may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to Senior Debt of the Senior Guarantees respective Guarantor remaining unpaid to the extent necessary to pay such obligations Obligations in full in cash in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt of the Senior Guaranteesrespective Guarantor. With respect to the holders of Senior Debt of the Senior GuaranteesGuarantors, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in Article X and in this Section 4 Article XII, and no implied covenants or obligations with respect to the holders of Senior Debt of the Senior Guarantees Guarantors shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Notwithstanding anything to the contrary herein, the Trustee shall not be deemed to owe any fiduciary duty to the any present or future holders of the Senior GuaranteesDebt of such Guarantors, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holder of Notes or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders 75 76 of Senior Guarantees Debt of such Guarantors shall be entitled by virtue of this Section 4Article XII, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Alliance Gaming Corp)

When Distribution Must Be Paid Over. In the event that If the Trustee or any holder Holder of a Note receives any payment or distribution on account of any obligations Obligations with respect to the Note Guarantee Notes or acquisition, repurchase, redemption, retirement or defeasance of any of the Notes shall be made by or on behalf of the Company (including any payments or distribution by any liquidating trustee or agent or other Person in a proceeding referred to in Section 11.02) and received by the Trustee or any Holder at a time when a Trust Officer such payment or distribution was prohibited by the provisions of the Trustee Section 11.02 or 11.03 or such holderpayment or distribution was required to be made to holders of Senior Debt or their Representative, as applicable, has actual knowledge that such payment is prohibited by this Section 4then, such payment or distribution shall be received, segregated from other funds or assets and held in trust by the Trustee or such holderHolder, in trust as the case may be, for the benefit of, and shall be promptly paid forthwith or delivered over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear Debt or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedRepresentative, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations in full ratably in accordance with their termsthe respective amounts of the principal of such Senior Debt, after giving effect to any concurrent payment interest (including Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto held or represented by each, until the principal of all Senior Debt, interest (including Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto have been paid in full and all outstanding Letter of Credit Obligations have been fully collateralized. Any distribution to or for the holders of the Senior GuaranteesDebt or their Representative of assets may be held by such holders or such Representatives as additional collateral without any duty to any Holder to liquidate or otherwise realize on such assets or to apply such assets to any Senior Debt or other Obligations relating thereto. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of the Note Guarantee Notes or any Guaranteeing Subsidiary the Issuer or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 11, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Amf Bowling Worldwide Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4(b) or (c) above, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Guarantor Senior Debt of the Senior Guarantees Guarantor as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the such Guarantor Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Guarantor Senior Debt of the Senior GuaranteesGuarantor. With respect to the holders of Senior Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in Article 10 of the Indenture, and no implied covenants or obligations with respect to the holders of Senior GuaranteesDebt. In the event that any Holder receives any payment of any Subordinated Note Obligations at any time when such payment is prohibited by Section (b) or (c) above, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the Holders of Guarantor Senior Debt of the Guarantor as their interest may appear or their representative under the indenture or other agreement (if any) pursuant to which such Guarantor Senior Debt may have been issued, as their interest may appear, for the application to the payment of all Obligations with respect to such Guarantor Senior Debt remaining unpaid to the extend necessary to pay such Obligations in full accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Guarantor Senior Debt of the Guarantor. With respect to the holders of Guarantor Senior Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 7, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 47, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Decisionone Corp /De

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the 180 Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 47(b) or 7(c) hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior Debt of the Senior Guarantees Subsidiary Guarantor as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt of the Subsidiary Guarantor. In the event that any Holder receives any payment of any Subordinated Note Obligations at any time when such payment is prohibited by Section 7(b) or 7(c) hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the Holders of Senior GuaranteesDebt of the Subsidiary Guarantor as their interest may appear or their representative under the indenture or other agreement (if any) pursuant to which such Senior Debt may have been issued, as their interest may appear, for the application to the payment of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of Senior Debt of the Senior GuaranteesSubsidiary Guarantor, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 7, and no implied covenants or obligations with respect to the holders of Senior Debt of the Senior Guarantees Subsidiary Guarantor shall be read into this Supplemental the Indenture or the Indenture this Subsidiary Guarantee against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Senior GuaranteesSubsidiary Guarantor, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Senior Guarantees Debt of the Subsidiary Guarantor shall be entitled by virtue of this Section 47, except 181 if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Houston Exploration Co

When Distribution Must Be Paid Over. In the event that the Trustee or any holder of Subordinated Debt of an Obligor receives any payment in respect of any obligations with respect Subordinated Debt of such Obligor (except in Permitted Junior Securities or from the trust pursuant to the Note Guarantee Article Eight hereof) at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article Ten, such payment shall be held by the Trustee or such holder, as applicable, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, delivered to the holders of the Senior Guarantees Debt of such Obligor as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedRepresentative, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Debt of such Obligor remaining unpaid to the extent necessary to pay such obligations Senior Debt in full in cash in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt of such Obligor. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Ten and elsewhere in this Indenture, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt. 84 All money and U.S. Government Obligations deposited in trust with the Senior GuaranteesTrustee pursuant to and in accordance with Article Eleven shall be for the sole benefit of the Holders and shall not be subject to this Article Ten. Otherwise, any deposit of assets by an Obligor with the Trustee or any Paying Agent (whether or not in trust) for the payment of any Subordinated Debt shall be subject to the provisions of this Article Ten; provided that, if prior to the second Business Day preceding the date on which by the terms of this Indenture any such assets may become distributable for any purpose (including without limitation, the payment of either principal of or interest on any Note) the Trustee or such Paying Agent shall not have received with respect to such assets the written notice provided for in Section 10.11, then the Trustee or such Paying Agent shall have full power and authority to receive such assets and to apply the same to the purpose for which they were received, and shall not be liable affected by any notice to any the contrary which may be received by it on or after such holders if date. The preceding sentence shall be construed solely for the benefit of the Trustee and each Paying Agent and shall pay over or distribute to or on behalf not otherwise affect the rights of holders of Senior Debt or the Note Guarantee or any Guaranteeing Subsidiary or any other Person money or assets to which any obligations of holders of Senior Guarantees shall be entitled by virtue of Subordinated Debt or the Obligors under this Section 4, except if such payment is made as a result of the willful misconduct or gross negligence of the TrusteeArticle Ten.

Appears in 1 contract

Samples: Monitronics International Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Securities from a Guarantor at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article 13 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Guarantor Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Guarantor Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Guarantor Senior GuaranteesDebt. With respect to the holders of the Guarantor Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 13, and no implied covenants or obligations with respect to the holders of the Guarantor Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 13, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: L 3 Communications Holdings Inc

When Distribution Must Be Paid Over. In If the event that Company shall make any payment to the Trustee on account of the principal of, or premium, if any, or interest on, and Liquidated Damages, if any, with respect to, the Securities, or any holder receives other Obligation in respect of the Securities, or the Holders shall receive from any source any payment on account of any obligations the principal of, or premium, if any, or interest on, and Liquidated Damages, if any, with respect to to, the Note Guarantee Securities or any Obligation in respect of the Securities, at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 4Article 10, such payment shall be held by the Trustee or such holder, Holders shall hold such payment in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of Senior Indebtedness (pro rata as to each of such holders on the basis of the respective amounts of Senior Guarantees as their interests may appear Indebtedness they hold) or their representative Representative or the trustee under the indenture or other agreement (if any) pursuant to which the this Article 10, Senior Guarantees Indebtedness may have been issuedIssued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations all Senior Indebtedness in full in cash in accordance with their its terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the its part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as at a result time when a Trust Officer has knowledge that the terms of the willful misconduct or gross negligence of the Trusteethis Article 10 prohibit such payment.

Appears in 1 contract

Samples: Indenture (Jordan Industries Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of Subordinated Securities receives any payment of any obligations or distribution with respect to the Note Guarantee Subordinated Securities at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 413.03 or Section 13.04 hereof, such payment or distribution shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be segregated from other funds and property of the Trustee or such Holder of Subordinated Securities and be paid forthwith over and delivereddelivered in the same form as received (with any necessary endorsement), upon written request, to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture this Indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of Subordinated Securities or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Caraustar Industries Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, Holder has actual knowledge that such payment is prohibited by this Section 410.3 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, to the holders and owners of the Senior Guarantees Indebtedness as their interests may appear or their agent or representative or the trustee under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders and owners of Senior Indebtedness. If a distribution is made to the Trustee or any Holder that because of this Article 10 should not have been made to it, the Trustee or such Holder who receives the distribution shall hold it in trust for the benefit of, and, upon written request, pay it over to, the holders and owners of Senior GuaranteesIndebtedness as their interests may appear, or their agent or representative or the trustee 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 Obligations with respect to Senior Indebtedness remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders and owners of Senior Indebtedness. With respect to the holders and owners of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10 and no implied covenants or obligations with respect to the holders or owners of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders or owners of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders or owners if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders or owners of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Orbital Imaging Corp)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, Holder has actual knowledge that such payment is prohibited by this Section 4Article 12, such payment or distribution shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms in cash or Cash Equivalents, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. If a distribution is made to the Trustee or any Holder that because of this Article 12 should not have been made to it, the Trustee or such Holder who receives the distribution shall hold it in trust for the benefit of, and upon written request pay it over to, the holders of Senior Debt as their interests may appear, or their Representative under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesDebt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Apparel Retailers Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 4(b) or (c) above, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Guarantor Senior Indebtedness of the Senior Guarantees Subsidiary Guarantor as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the such Guarantor Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Guarantor Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Guarantor Senior Indebtedness of the Subsidiary Guarantor. In the event that any Holder receives any payment of any Subordinated Note Obligations at any time when such payment is prohibited by Section (b) or (c) above, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the Holders of Guarantor Senior GuaranteesIndebtedness of the Subsidiary Guarantor as their interest may appear or their representative under the indenture or other agreement (if any) pursuant to which such Guarantor Senior Indebtedness may have been issued, as their interest may appear, for the application to the payment of all Obligations with respect to such Guarantor Senior Indebtedness remaining unpaid to the extend necessary to pay such Obligations in full accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Guarantor Senior Indebtedness of the Subsidiary Guarantor. With respect to the holders of the Guarantor Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 7, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Guarantor Senior Guarantees Indebtedness shall be entitled by virtue of this Section 47, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: KSL Recreation Group Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Guarantee Obligations with respect to the Note Guarantee a Guaranteeing Subsidiary at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.02 or 12.03 hereof, such payment Payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of the Senior Guarantees Debt of such Guaranteeing Subsidiary as their interests interest may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests interest may appear, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. In the event that any Holder receives any payment of any Guarantee Obligations of a Guaranteeing Subsidiary at a time when such payment is prohibited by Section 12.02 or 12.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Senior GuaranteesDebt of such Guaranteeing Subsidiary as their interest may appear or their Representative under the indenture or other agreement (if any) pursuant to which such Senior Debt may have been issued, as their interest may appear, for application to the payment of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Subsidiaries or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Graham Field Health Products Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of the Notes receives any payment of any obligations Obligations with respect to the Note Guarantee Notes (other than Permitted Junior Securities and payments made from either of the trusts created pursuant to Sections 8.01 and 12.01 hereof) at a time when the payment is prohibited by Section 10.03 hereof and a Trust Responsible Officer of the Trustee or such holderthe Holder, as applicable, has actual knowledge received written notice that such the payment is prohibited by this Section 410.03 hereof, such payment shall will be held by the Trustee or such holderHolder, in trust for the benefit of, and shall will be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the agreement, indenture or other agreement document (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Indebtedness will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees shall be Indebtedness are then entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Radio One, Inc.)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of or in respect of any obligations Obligations with respect to the Note Guarantee Securities or the Subsidiary Guarantees at a time when a Trust Officer of such payment or distribution is prohibited by Section 10.3 or Section 10.4 hereof, such payment or distribution shall be held by the Trustee or such holder, as applicable, (if the Trustee has actual knowledge that such payment or distribution is prohibited by this Section 4, such payment shall be held by the Trustee 10.3 or 10.4) or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of Senior Debt or Guarantor Senior Debt, as the Senior Guarantees case may be, as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which such Senior Debt or Guarantor Senior Debt, as the Senior Guarantees case may be, may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to Senior Debt or Guarantor Senior Debt, as the Senior Guarantees case may be, remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt or Guarantor Senior Debt, as the Senior Guaranteescase may be. With respect to the holders of the Senior GuaranteesDebt and Guarantor Senior Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of Senior Debt or Guarantor Senior Debt, as the Senior Guarantees case may be shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt or Guarantor Senior Debt, and and, except as provided in Section 10.12, shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of Securities or the Note Guarantee or any Guaranteeing Company, the Subsidiary Guarantors or any other Person money or assets to which any holders of Senior Guarantees Debt and Guarantor Senior Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Continental Resources Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof or if the Trustee has actual knowledge of such prohibition at any time prior to distributing such payment to one or more Holders, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be forthwith paid forthwith over and delivered, upon written request, to, to the holders Bank Agent on behalf of the Senior Guarantees as their interests may appear or their representative Lenders at any time while there is Indebtedness outstanding under the New Bank Credit Facility and/or (if applicable) the Representative under the indenture or other agreement (if any) pursuant to which the any other applicable Senior Guarantees may have Debt has been issued, in each case, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Senior Debt in full in accordance with their its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the New Bank Credit Facility and the holders of the any other Senior GuaranteesDebt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders, the Note Guarantee or Company, any Guaranteeing Subsidiary Guarantor or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Panther Transport Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes (other than Permitted Junior Securities and payments made from any defeasance trust created pursuant to Section 8.01 hereof) at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment shall will be held by the Trustee or such holderHolder, in trust for the benefit of, and shall will be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the agreement, indenture or other agreement document (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, but only to the extent that the holders of such Senior GuaranteesIndebtedness (or their Representative or Representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on such Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Indebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Indebtedness will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees shall be Indebtedness are then entitled by virtue of this Section 4Article 10 or otherwise, except if such payment violates this Article 10 and is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Mueller Water Products, Inc.

When Distribution Must Be Paid Over. In the event that any payment or distribution of assets of any Subsidiary Guarantor, whether in cash, property or securities, shall be received by the Trustee or any holder receives any payment of any obligations with respect to the Note Guarantee Holders at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 410.04 or 10.05 hereof, such payment or distribution shall be segregated from other funds or assets and held in trust for the benefit of the holders of Subsidiary Guarantor Senior Indebtedness of such Subsidiary Guarantor and shall be paid or delivered by the Trustee or such holderHolders, in trust for as the benefit ofcase may be, and shall be paid forthwith over and delivered, upon written request, to, to the holders of the Subsidiary Guarantor Senior Guarantees as their interests may appear Indebtedness of such Subsidiary Guarantor remaining unpaid or unprovided for or their representative Representative or Representatives, or to the trustee or trustees under the any indenture or other agreement (if any) pursuant to which the any instruments evidencing any of such Subsidiary Guarantor Senior Guarantees Indebtedness of such Subsidiary Guarantor may have been issued, as their respective interests may appear, ratably according to the aggregate amounts remaining unpaid on account of the Subsidiary Guarantor Senior Indebtedness of such Subsidiary Guarantor held or represented for application to the payment of all obligations with respect to the Subsidiary Guarantor Senior Guarantees Indebtedness of such Subsidiary Guarantor remaining unpaid unpaid, to the extent necessary to pay such obligations or to provide for the payment in full in accordance with their terms, cash of all such Subsidiary Guarantor Senior Indebtedness after giving effect to any concurrent payment or distribution to or for the holders of the such Subsidiary Guarantor Senior Guarantees. With respect to the holders of the Senior Guarantees, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of the Note Guarantee or any Guaranteeing Subsidiary or any other Person money or assets to which any holders of Senior Guarantees shall be entitled by virtue of this Section 4, except if such payment is made as a result of the willful misconduct or gross negligence of the TrusteeIndebtedness.

Appears in 1 contract

Samples: Nci Building Systems Inc

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, Holder has actual knowledge acknowledge that such payment is prohibited by this Section 411.02 or Section 11.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior Indebtedness of the Senior Guarantees Company as their interests may appear appear, or their representative Representatives under the indenture or other agreement (if any) pursuant to which Senior Indebtedness of the Senior Guarantees Company may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to Senior Indebtedness of the Senior Guarantees Company remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of the Company. If a distribution is made to the Trustee or any Holder that because of this Article 11 should not have been made to it at a time when the Trustee or such Holder has actual knowledge that such distribution should not have been made to it, the Trustee or such Holder who receives the distribution shall hold it in trust for the benefit of, and, upon written request, pay it over to, the holders of Senior GuaranteesIndebtedness of the Company as their interests may appear, or their Representative under the indenture or other agreement (if any) pursuant to which Senior Indebtedness of the Company may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to Senior Indebtedness of the Company remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of the Company. With respect to the holders of Senior Indebtedness of the Senior GuaranteesCompany, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11 and no implied covenants or obligations with respect to the holders of Senior Indebtedness of the Senior Guarantees Company shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Senior Guarantees, Company and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness of the Company shall be entitled by virtue of this Section 4Article 11, except if such payment is made as a result of the negligent action, its own negligent failure to act or its own willful misconduct conduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Cpi Holding Corp)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of Exchange Debentures receives any payment of any obligations Obligations with respect to the Note Guarantee Exchange Debentures at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment shall be held by the Trustee or such holder, Holder of Exchange Debentures in trust for the benefit of, and shall be paid forthwith over and delivered, delivered upon written request, request to, the holders of the Senior Guarantees as their interests may appear Indebtedness (or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued), as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. If a distribution is made to the Trustee or any Holder of Exchange Debentures that because of this Article 10 should not have been made to it, the Trustee or such Holder of Exchange Debentures who receives the distribution shall hold it in trust for the benefit of, and upon written request pay it over to, the holders of Senior GuaranteesIndebtedness (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 Obligations with respect to Senior Indebtedness remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of Exchange Debentures or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Ameriking Inc

When Distribution Must Be Paid Over. In the event that that, notwithstanding the foregoing, the Trustee or any holder receives Holder receives, any payment of any obligations with respect to principal, premium, interest or Additional Interest, if any, on the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.02 or 10.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivereddelivered to, upon written request, to, the holders of Senior Debt of the Senior Guarantees Company as their interests may appear or their representative under the this indenture or other agreement (if any) pursuant to which Senior Debt of the Senior Guarantees Company may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to Senior Debt of the Senior Guarantees Company remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt. Each Holder by his acceptance of a Note irrevocably agrees that if any payment or payments shall be made pursuant to this Indenture and the amount or total amount of such payment or payments exceeds the amount, if any, that such Holder would be entitled to receive upon the proper application of the subordination provisions of this Article 10, such Holder agrees that it will be obliged to pay over the amount of the excess payment to the holders of Senior GuaranteesDebt of the Person that made such payment or payments or their representative or representatives, as instructed in a written notice of such excess payment, within ten days of receiving such notice. With respect to the holders of Senior Debt of the Senior GuaranteesCompany, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of Senior Debt of the Senior Guarantees Company shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Senior GuaranteesCompany, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person Person, money or assets to which any holders of Senior Guarantees Debt of the Company shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Vail Resorts Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of Senior Subordinated Notes receives any payment of any obligations Obligations with respect to the Note Guarantee Senior Subordinated Notes at a time when a Trust Responsible Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.04 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, to the holders of Senior Debt of the Senior Guarantees Company as their interests may appear or their representative under the indenture Indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appearset forth in a writing provided to the Trustee and consented to by all Representatives of the holders of Senior Debt of the Company, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect affect to any concurrent payment or distribution to or for the holders of the such Senior GuaranteesDebt. With respect to the holders of Senior Debt of the Senior GuaranteesCompany, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the such Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Senior GuaranteesCompany, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of Senior Subordinated Notes of the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of such Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as at a result time when a Responsible Officer has actual knowledge that the terms of the willful misconduct or gross negligence of the Trusteethis Article 10 prohibit such payment.

Appears in 1 contract

Samples: Indenture (Fonda Group Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes (other than Permitted Junior Securities and payments made from any defeasance trust created pursuant to Section 8.01 hereof) at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment shall will be held by the Trustee or such holderHolder, in trust for the benefit of, and shall will be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the agreement, indenture or other agreement document (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such those obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees shall Indebtedness will be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall will not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall will not be liable to any such holders if the Trustee shall pay pays over or distribute distributes to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees shall be Indebtedness are then entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Mueller Holdings (N.A.), Inc.

When Distribution Must Be Paid Over. In the event that the athe Trustee or any holder Holder receives any payment or distribution of or in respect of any obligations Obligations with respect to the Notes or the Note Guarantee Guarantees at a time when a Trust Officer of the such payment or distribution is prohibited by Section 13.02 or Section 13.03 hereof, such payment or distribution shall be held by suchthe Trustee or such holder, as applicable, (if suchthe Trustee has actual knowledge that such payment or distribution is prohibited by this Section 4, such payment shall be held by the Trustee 13.02 or Section 13.03) or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Designated Senior Guarantees Debt as their interests may appear or to their representative Representative under the indenture or other agreement (if any) pursuant to which the such Designated Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Designated Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Designated Senior GuaranteesDebt. With respect to the holders of the Designated Senior GuaranteesDebt, the eachthe Trustee undertakes undertakeundertakes to perform only such obligations on the part of the suchthe Trustee as are specifically set forth in this Section 4 Article 13, and no implied covenants or obligations with respect to the holders of the Designated Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the eitherthe Trustee. The NeitherThe Trustee shall not be deemed to owe any fiduciary duty to the holders of the Designated Senior GuaranteesDebt, and and, except as provided in Section 13.11, shall not be liable to any such holders if the athe Trustee shall pay over or distribute to or on behalf of holders Holders of the Note Guarantee Notes or any Guaranteeing Subsidiary the Company, the Guarantors or any other Person money or assets to which any holders of Designated Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 13, except if such payment is made as a result of the willful misconduct or gross negligence of the suchthe Trustee.

Appears in 1 contract

Samples: Fifth Amending Agreement (Iamgold Corp)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.02 or 10.03 hereof, such payment Payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees Debt as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. In the event that any Holder receives any payment of any Obligations with respect to the Notes at a time when such payment is prohibited by Section 10.02 or 10.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior GuaranteesDebt as their interests may appear or their Representative under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their respective interests may appear, for application to the payment of all Obligations with respect to Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Conmed Corp

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior Debt of the Senior Guarantees Issuers as their interests may appear or their representative Representative under the indenture this Indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the such Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the such Senior GuaranteesDebt. With respect to the holders of Senior Debt of the Senior GuaranteesIssuers, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the such Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the such Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Issuers or any other Person money or assets to which any holders of such Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made when the Trustee has actual knowledge of any facts that would cause such payment to violate this Article 10 (which shall include any notice by BankBoston, N.A. that a default described in Section 10.03 (a) or (b) hereof has occurred under the Credit Facility) or as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Unicco Service Co

When Distribution Must Be Paid Over. In the event that the Trustee Trustee, any holder of Securities or any holder other person receives any payment or distributions of assets of the Company of any obligations kind with respect to the Note Guarantee at a time when a Trust Officer Securities in contravention of the Trustee any subordination terms contained in this Indenture, whether in cash, property or such holdersecurities, as applicableincluding, has actual knowledge that such payment is prohibited without limitation, by this Section 4way of set-off or otherwise, then such payment shall be held by the Trustee or such holder, recipient in trust for the benefit ofof holders of Secured Indebtedness, and shall be immediately paid forthwith over and delivered, upon written request, to, delivered to the holders of the Senior Guarantees as their interests may appear Secured Indebtedness or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedrepresentative, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations make payment in full of all Obligations due in accordance with their termsrespect of Secured Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution or provision therefor, to or for the holders of Secured Indebtedness; provided, however, that the Senior Guaranteesforegoing shall apply to the Trustee only if a Responsible Officer of the Trustee has actual knowledge (as determined in accordance with SECTION 11.11) that such payment or distribution is prohibited by this Indenture. With respect to the holders of the Senior GuaranteesSecured Indebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article XI, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Secured Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesSecured Indebtedness, and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute to or on behalf of holders of Securities or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders of Senior Guarantees Secured Indebtedness shall be entitled by virtue of this Section 4, except if such payment is made as a result of the willful misconduct or gross negligence of the TrusteeArticle XI.

Appears in 1 contract

Samples: Indenture (Medis Technologies LTD)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of assets of any obligations kind or character, whether in cash, properties or securities, in respect of any Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.02 or 10.03 hereof, such payment or distribution shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of Senior Debt of the Company (pro rata to such holders on the basis of their respective amount of such Senior Guarantees as their interests may appear Debt held by such holders) or their representative Representatives under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Debt may have been issued, as their respective interests may appear, for application to the payment of all obligations Obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in cash or Cash Equivalents (other than Cash Equivalents of the type referred to in clauses (5) and (6) of the definition thereof and foreign currencies) in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the such Senior GuaranteesDebt. With respect to the holders of Senior Debt of the Senior GuaranteesCompany, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of Senior Debt of the Senior Guarantees Company shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Senior GuaranteesCompany, and shall not be liable to any such holders if the Trustee shall in good faith pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10. To the extent any payment of Senior Debt of the Company (whether by or on behalf of the Company, except as proceeds of security or enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then, if such payment is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person, the Senior Debt of the Company or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred. It is further agreed that any diminution (whether pursuant to court decree or otherwise, including without limitation for any of the reasons described in the preceding paragraph) of the Company’s obligation to make any distribution or payment pursuant to any Senior Debt, except to the extent such diminution occurs by reason of the repayment (which has not been disgorged or returned) of such Senior Debt in cash or Cash Equivalents (other than (x) Cash Equivalents of the type referred to in clauses (5) and (6) of the definition thereof and (y) foreign currencies), shall have no force or effect for purposes of the subordination provisions contained in this Article 10, with any turnover of payments as otherwise calculated pursuant to this Article 10 to be made as a result of the willful misconduct or gross negligence of the Trusteeif no such diminution had occurred.

Appears in 1 contract

Samples: BRP (Luxembourg) 4 S.a.r.l.

When Distribution Must Be Paid Over. In the event that the Trustee receives or is holding, or any holder receives Holder receives, any payment of any obligations principal, premium and interest with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holderHolder, as applicable, has actual knowledge (in the case of the Trustee as described in Section 13.11 hereof), that such payment is prohibited by this Section 413.02 or 13.03 hereof, such payment shall be held by the Trustee or such holderHolder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, delivered to, the holders of the Senior Guarantees Indebtedness as their interests may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of the Senior GuaranteesIndebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 11, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall mistakenly pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Issuers or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article 13, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Metricom Inc / De)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of any obligations with respect to the Subordinated Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment or distribution is prohibited by this Section 4Sections 1302 or 1303, such payment or distribution shall be held by the Trustee or such holder, in trust Holder for the benefit of, and shall be paid forthwith over and delivered, delivered upon written request, request to, the holders of the Senior Guarantees Indebtedness as their interests may appear or to their representative Representative under the indenture or other agreement (if any) pursuant to which the such Senior Guarantees Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid to the extent necessary to pay such obligations Senior Indebtedness in full in cash or cash equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the benefit of holders of the Senior GuaranteesIndebtedness, and to fully cash collateralize all outstanding Letter of Credit Obligations. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Thirteen, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article Thirteen, except if such payment or distribution is made as a result of the willful misconduct or gross negligence of the Trustee. Nothing in this Section 1305 shall affect the obligation of any Person other than the Trustee to hold such payment or distribution for the benefit of, and to pay or deliver such payment or distribution over to, the holders of Senior Indebtedness or their Representative.

Appears in 1 contract

Samples: Accuride Corp

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder receives any payment or distribution of assets of the Company or any obligations with respect to the Note Guarantee Guarantor at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 410.03 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit ofof the holders of such Senior Debt, and shall be paid forthwith over and deliveredor delivered by the Trustee or the Holders of the Notes, upon written requestas the case may be, to, to the holders of the such Senior Guarantees as their interests may appear Debt remaining unpaid or unprovided for or to their representative or representatives, or to the trustee or trustees under the any indenture or other agreement (if any) pursuant to which the any instruments evidencing any of such Senior Guarantees Debt may have been issued, as their respective interests may appearratably according to the aggregate principal amounts remaining unpaid on account of such Senior Debt held or represented by each, for application to the payment of all obligations with respect to the such Senior Guarantees Debt remaining unpaid unpaid, to the extent necessary to pay or to provide for the payment of all such obligations Senior Debt in full in accordance with their terms, cash or Cash Equivalents or otherwise to the extent holders accept satisfaction of amounts due by settlement in other than cash or Cash Equivalents after giving effect to any concurrent payment or distribution to or for the holders of the such Senior GuaranteesDebt. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 10, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior Guarantees, Debt and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Air Rental Supply Inc)

When Distribution Must Be Paid Over. In the event that the Trustee Trustee, any holder of Securities [or any holder Guarantee] or any other person receives any payment or distribution of assets of the Company [or any Guarantor] of any obligations kind with respect to the Note Guarantee at a time when a Trust Officer Securities [or the Guarantees] in contravention of the Trustee any terms contained in this Indenture, whether in cash, property or such holdersecurities, as applicableincluding, has actual knowledge that without limitation, by way of set-off or otherwise, then such payment is prohibited by this Section 4, such payment or distribution shall be held by the Trustee or such holder, recipient in trust for the benefit ofof holders of Senior Debt, and shall be immediately paid forthwith over and delivereddelivered to the holders of Senior Debt or their representative(s), upon written request, to, to the extent necessary to make payment in full in cash or other consideration satisfactory to the holders of the Senior Guarantees as their interests may appear or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations in full in accordance with their termsunpaid, after giving effect to any concurrent payment or distribution or provision therefor, to or for the holders of Senior Debt; provided, that the Senior Guaranteesforegoing shall apply to the Trustee only if a Responsible Officer of the Trustee has actual knowledge (as determined in accordance with Section [___] that such payment or distribution is prohibited by this Indenture. With respect to the holders of the Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article [___], and no implied covenants or obligations with respect to the holders of the Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Securities or the Note Guarantee or any Guaranteeing Subsidiary Company [, the Guarantors] or any other Person person money or assets to which any holders of Senior Guarantees Debt shall be entitled by virtue of this Section 4Article [___], except if such payment or distribution is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Supplemental Indenture (Evergreen Solar Inc)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder Holder of Debentures receives from the Company any payment of any obligations with respect to the Note Guarantee Obligations at a time when a Trust Officer of the Trustee or such holderHolder of Debentures, as applicable, has actual knowledge that such payment is prohibited by this Section 414.1(a) or (b) hereof, such payment shall be held by the Trustee or such holder, Holder of Debentures in trust for the benefit of, and shall be paid forthwith over and delivered, delivered upon written request, request to, the holders of Senior Indebtedness of the Senior Guarantees Company, as their interests may appear appear, or their agent, trustee or representative (a "Representative") under the indenture or other agreement (if any) pursuant to which Senior Indebtedness of the Senior Guarantees Company may have been issued, as their respective interests may appear, for application to the payment of all obligations with respect to Senior Indebtedness of the Senior Guarantees Company remaining unpaid to the extent necessary to pay such obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of the Senior GuaranteesCompany. With respect to the holders of Senior Indebtedness of the Senior GuaranteesCompany, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness of the Senior Guarantees Company shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the Senior GuaranteesCompany, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders Holders of Debentures or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness of the Company shall be entitled by virtue of this Section 4Article, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Supplemental Indenture (Senior Housing Properties Trust)

When Distribution Must Be Paid Over. In the event that the Trustee or any holder receives any payment of any obligations Guarantee Obligations with respect to the Note Guarantee a Guarantor at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge that such payment is prohibited by this Section 412.02 or 12.03 hereof, such payment shall be held by the Trustee or such holderTrustee, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, request to, the holders of the Guarantor Senior Guarantees Debt of such Guarantor as their interests interest may appear or their representative Representative under the indenture or other agreement (if any) pursuant to which the such Guarantor Senior Guarantees Debt may have been issued, as their respective interests interest may appear, for application to the payment of all obligations Obligations with respect to the such Guarantor Senior Guarantees Debt remaining unpaid to the extent necessary to pay such obligations Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Guarantor Senior Debt. In the event that any Holder receives any payment of any Guarantee Obligations of a Guarantor at a time when such payment is prohibited by Section 12.02 or 12.03 hereof, such payment shall be held by such Holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request to, the holders of Guarantor Senior GuaranteesDebt of such Guarantor as their interest may appear or their Representative under the indenture or other agreement (if any) pursuant to which such Guarantor Senior Debt may have been issued, as their interest may appear, for application to the payment of all Obligations with respect to such Guarantor Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such Guarantor Senior Debt. With respect to the holders of the Guarantor Senior GuaranteesDebt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article 12, and no implied covenants or obligations with respect to the holders of the Guarantor Senior Guarantees Debt shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Guarantor Senior GuaranteesDebt, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Subsidiaries or any other Person money or assets to which any holders of Guarantor Senior Guarantees Debt shall be entitled by virtue of this Section 4Article 12, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Von Hoffmann Holdings Inc

When Distribution Must Be Paid Over. In the event that that, notwithstanding the other provisions of this Article Thirteen, the Trustee or any holder receives any payment or distribution in respect of the Notes or of any obligations Obligations with respect to the Note Guarantee Notes at a time when a Trust Officer of the Trustee or such holder, as applicable, has actual knowledge received notice in accordance with Section 1310 that such payment or distribution is prohibited by this Section 41303 hereof, such payment or distribution shall be held by the Trustee or such holder, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to, the holders of the Senior Guarantees as their interests may appear Indebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under the any indenture or other agreement (if any) pursuant to which the any instruments representing any of such Senior Guarantees Indebtedness may have been issued, as their respective interests may appearratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, for application to the payment of all obligations with respect to the Senior Guarantees Indebtedness remaining unpaid unpaid, to the extent necessary to pay or to provide for the payment of all such obligations in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. In the event that, notwithstanding the other provisions of this Article Thirteen, a Holder receives any payment or distribution of any Obligations with respect to the Notes at a time when such payment or distribution is prohibited by Section 1303 hereof, such payment or distribution shall be paid forthwith over and delivered, upon written request, to, the holders of Senior GuaranteesIndebtedness remaining unpaid or unprovided for or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments representing any of such Senior Indebtedness may have been issued, ratably according to aggregate principal amounts remaining unpaid on account of such Senior Indebtedness held or represented by such, for application to the payment of all obligations with respect to Senior Indebtedness remaining unpaid, to the extent necessary to pay or to provide for the payment of all such obligations in full in cash or Cash Equivalents in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. With respect to the holders of the Senior GuaranteesIndebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article Thirteen, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesIndebtedness, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of holders of Holders or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person money or assets to which any holders of Senior Guarantees Indebtedness shall be entitled by virtue of this Section 4Article Thirteen, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee.

Appears in 1 contract

Samples: Indenture (Oci Holdings Inc)

When Distribution Must Be Paid Over. In the event that the Trustee Trustee, any holder of Securities or any holder other person receives any payment or distributions of assets of the Company of any obligations kind with respect to the Note Guarantee at a time when a Trust Officer Securities in contravention of the Trustee any subordination terms contained in this Indenture, whether in cash, property or such holdersecurities, as applicableincluding, has actual knowledge that such payment is prohibited without limitation, by this Section 4way of set-off or otherwise, then such payment shall be held by the Trustee or such holder, recipient in trust for the benefit ofof holders of Designated Secured Indebtedness, and shall be immediately paid forthwith over and delivered, upon written request, to, delivered to the holders of the Senior Guarantees as their interests may appear Designated Secured Indebtedness or their representative under the indenture or other agreement (if any) pursuant to which the Senior Guarantees may have been issuedrepresentative, as their respective interests may appear, for application to the payment of all obligations with respect to the Senior Guarantees remaining unpaid to the extent necessary to pay such obligations make payment in full of all Obligations due in accordance with their termsrespect of Designated Secured Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution or provision therefor, to or for the holders of Designated Secured Indebtedness; provided, however, that the Senior Guaranteesforegoing shall apply to the Trustee only if a Responsible Officer of the Trustee has actual knowledge (as determined in accordance with SECTION 11.11) that such payment or distribution is prohibited by this Indenture. With respect to the holders of the Senior GuaranteesDesignated Secured Indebtedness, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set forth in this Section 4 Article XI, and no implied covenants or obligations with respect to the holders of the Senior Guarantees Designated Secured Indebtedness shall be read into this Supplemental Indenture or the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior GuaranteesDesignated Secured Indebtedness, and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute to or on behalf of holders of Securities or the Note Guarantee or any Guaranteeing Subsidiary Company or any other Person person money or assets to which any holders of Senior Guarantees Designated Secured Indebtedness shall be entitled by virtue of this Section 4, except if such payment is made as a result of the willful misconduct or gross negligence of the TrusteeArticle XI.

Appears in 1 contract

Samples: Indenture (Charys Holding Co Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.