Common use of Incorrect Payments Clause in Contracts

Incorrect Payments. If any Distribution on account of the Subordinated Debt not permitted to be made by an Obligor or accepted by any Subordinated Creditor under this Agreement is made and received by such Subordinated Creditor, such Distribution shall not be commingled with any of the assets of such Subordinated Creditor, shall be deemed to be held in trust by such Subordinated Creditor for the benefit of the Senior Agent and shall be promptly paid over to the Senior Agent (for the benefit of the Senior Creditor for application pro rata against the outstanding amount of Senior Debt held by the Senior Creditor) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid in Full.

Incorrect Payments. If any Distribution on account of the Subordinated Debt not permitted to be made by an Obligor any Company or any Subsidiary of any Company or accepted by any the Subordinated Creditor under this Agreement is made and received by such the Subordinated Creditor, such Distribution shall not be commingled with any of the assets of such the Subordinated Creditor, shall be deemed to be held in trust by such the Subordinated Creditor for the benefit of the Senior Agent and the other Senior Lender Parties and shall be promptly paid over to Senior Agent for application (in accordance with the Senior Agent (for the benefit of the Senior Creditor for application pro rata against the outstanding amount of Senior Debt held by the Senior CreditorDocuments) to the payment of the Senior Debt then remaining unpaid, until the earlier of all of the Senior Debt is Paid paid in Fullfull or otherwise permitted in writing by the Senior Agent.

Incorrect Payments. If any Distribution on account of the Subordinated Debt not permitted to be made by an Obligor the Company or accepted by any Subordinated Creditor under this Agreement is made and received by such Subordinated Creditor, such Distribution shall not be commingled with any of the assets of such Subordinated Creditor, shall be deemed to be held in trust by such Subordinated Creditor for the benefit of the Senior Agent Creditors and shall be promptly paid over to the Senior Agent (for the benefit of the Senior Creditor Creditors for application (pro rata against the outstanding amount of Senior Debt held by the each Senior Creditor) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid in Full.

Incorrect Payments. If any Distribution on account of the Subordinated Debt not permitted to be made by an Obligor Borrower or accepted by any Subordinated Creditor under this Agreement is made and received by such Subordinated Creditor, such Distribution shall not be commingled with any of the assets of such Subordinated Creditor, shall be deemed to be held in trust by such Subordinated Creditor Creditor, as applicable, for the benefit of the Senior Agent Lender, and shall be promptly paid over to Senior Lender in the same form received, together with any necessary endorsements, for application (in accordance with the Senior Agent (for the benefit of the Senior Creditor for application pro rata against the outstanding amount of Senior Debt held by the Senior CreditorDocuments) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid paid in Fullfull.

Incorrect Payments. If any Distribution payment or distribution on account of the Subordinated Debt not permitted to be made by an the Borrower or any other Obligor or accepted to be received by any the Subordinated Creditor under this Agreement is made and received by such the Subordinated CreditorCreditor before all Senior Debt is Paid in Full, such Distribution payment or distribution shall not be commingled with any of the assets of such Subordinated Creditor, shall be deemed to be held in trust by such the Subordinated Creditor for the benefit of the all holders of Senior Agent Debt and shall be promptly paid over to the Senior Agent Agent, or its designated representative, for application (for the benefit of in accordance with the Senior Creditor for application pro rata against the outstanding amount of Senior Debt held by the Senior CreditorDocuments) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid in Full.

Incorrect Payments. If any Distribution from the Parent’s Equity Interests in the Company, the Company or any other Loan Party on account of the Subordinated Debt not permitted to be made by an Obligor the Company or any other Person or accepted by any Subordinated Creditor Lender under this Agreement is made and received by such a Subordinated CreditorLender, such Distribution shall not be commingled with any of the assets of such Subordinated CreditorLender, shall be deemed to be held in trust by such Subordinated Creditor Lender for the benefit of the Agent and Senior Agent Secured Parties and shall be promptly paid over to Agent for application (in accordance with the Senior Agent (for the benefit of the Senior Creditor for application pro rata against the outstanding amount of Senior Debt held by the Senior CreditorDocuments ) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid in Full.

Incorrect Payments. If any Distribution on account of the Subordinated Debt not permitted to be made by an Obligor the Borrower or accepted accepted, taken or claimed by any Subordinated Creditor under this Agreement is made and received by such Subordinated Creditor, whether from Borrower or any guarantor, such Distribution shall not be commingled with any of the assets of such Subordinated Creditor, shall be deemed to be held in trust by such Subordinated Creditor for the benefit of the Administrative Agent and Senior Agent Lenders and shall be promptly paid over to Administrative Agent for application (in accordance with the Senior Agent (for the benefit of the Senior Creditor for application pro rata against the outstanding amount of Senior Debt held by the Senior CreditorLoan Documents ) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid paid in Fullfull.

Incorrect Payments. If any Distribution on account of the Subordinated Debt not permitted to be made by an Obligor the Obligors or accepted by any Subordinated Creditor Lender under this Agreement is made and received by such Subordinated CreditorLender, such Distribution shall not be commingled with any of the assets of such Subordinated CreditorLender, shall be deemed to be held in trust by Subordinated Lender or such Subordinated Creditor Lender for the benefit of Senior Agent and the Senior Agent Lenders and shall be promptly paid over to Senior Agent for application (in accordance with the Senior Agent (for the benefit of the Senior Creditor for application pro rata against the outstanding amount of Senior Debt held by the Senior CreditorLoan Documents ) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid paid in Fullfull.

Incorrect Payments. If any Distribution on account of the Subordinated Debt not permitted to be made by an Obligor the Company or accepted by any the Subordinated Creditor under this Agreement is made and received by such the Subordinated Creditor, such Distribution shall not be commingled with any of the assets of such the Subordinated Creditor, shall be deemed to be held in trust by such the Subordinated Creditor for the benefit of the Senior Agent Creditor and shall be promptly paid over to the Senior Agent (for the benefit of the Senior Creditor for application (pro rata against the outstanding amount of Senior Debt held by the Senior Creditor) to the payment of the Senior Debt then remaining unpaid, until all of the Senior Debt is Paid in Full.