Common use of Payments and Distributions Received Clause in Contracts

Payments and Distributions Received. If any payment or distribution of any character, whether in cash, securities or other property, shall be received by any holder of any of the Notes, or such holder's representative, in contravention of any of the terms of this instrument, such payment or distribution or security shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Debt or such holders' representative or representatives for application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior Debt in full. In the event of the failure of any holder of any of the Notes to endorse or assign any such payment or distribution, any holder of the Senior Debt or such holder's representative is hereby irrevocably authorized to endorse or assign the same.

Payments and Distributions Received. If any payment or ----------------------------------- distribution of any character, whether in cash, securities or other property, shall be received by any holder of any of the NotesNoteholder, or such holder's representative, in contravention of any of the terms of this instrument, such payment or distribution or security shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Debt or such holders' representative or representatives for application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior Debt in full. In the event of the failure of any holder of any of the Notes Noteholder to endorse or assign any such payment or distribution, any holder of the Senior Debt or such holder's representative is hereby irrevocably authorized to endorse or assign the same.