Common use of Failure of Trust Clause in Contracts

Failure of Trust. If a trust in favour of, or a holding of property for, the Senior Creditors under this Deed is invalid or unenforceable, each Subordinated Creditor will pay and deliver to the Trustee an amount equal to the payment, receipt or recovery in cash, or in kind, which each Subordinated Creditor would otherwise have been bound to hold on trust for or as property of the Senior Creditors.

Failure of Trust. If a trust any of the trusts referred to in favour of, this Deed fails or a holding of property forcannot be given effect to, the Senior Creditors under this Deed is invalid or unenforceable, each relevant Subordinated Creditor will will, upon demand and without deduction, pay and deliver to the Trustee Senior Creditor (for application against or retention on account of the Senior Debt) an amount equal to the payment, receipt relevant amount and deliver securities or recovery in cash, or in kind, which each property distributed to that Subordinated Creditor would otherwise have been bound to hold on trust for or as property of the Senior CreditorsCreditor.

Failure of Trust. If for any reason, a trust in favour of, or a holding of property for, the Senior Creditors under this Deed deed is invalid or unenforceable, each the Subordinated Creditor will Creditors shall pay and deliver to the Trustee Senior Creditors in cash or in kind an amount (or, if in kind, a value) equal to the payment, receipt or recovery in cash, or in kind, which each Subordinated Creditor it would otherwise have been bound to hold on in trust for for, or as property of of, the Senior Creditors.