Certain Payments Held in Trust. In the event that, notwithstanding the foregoing provisions prohibiting such payment or distribution, Argyle shall have received any payment or distribution in respect of the Subordinated Secured Obligations contrary to such provisions, then and in such event such payment or distribution shall be received and held in trust for the Senior Lenders and shall be paid over or delivered to the Senior Lenders for application (in the case of cash) to or as collateral (in the case of non-cash property or securities) for the equal and ratable payment or prepayment of all Senior Secured Obligations in full.
Appears in 2 contracts
Sources: Intercreditor Agreement (Tripp Steven Francis), Intercreditor Agreement (Spatialight Inc)