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) or any security shall be received by the Holder in contravention of any of the terms hereof and before all Senior Debt shall have been Paid In Full, 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 Trustee for the benefit of the holders of the Senior Debt at the time outstanding for application to the payment of all Senior Debt remaining unpaid, ratably according to the respective aggregate amounts remaining unpaid thereon, to the extent necessary for all such Senior Debt to be Paid In Full. In the event of the failure of the Holder to endorse or assign any such payment, distribution or security, the Trustee 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) or any security shall be received by the Holder holder of this Note in contravention of any of the terms hereof and before all Senior Debt shall have been Paid In Full, 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 Trustee for the benefit of the holders of the Senior Debt at the time outstanding for application to the payment of all Senior Debt remaining unpaid, ratably according to the respective aggregate amounts remaining unpaid thereon, to the extent necessary for all such Senior Debt to be Paid In Full. In the event of the failure of the Holder holder of this Note to endorse or assign any such payment, distribution or security, the Trustee is hereby irrevocably authorized to endorse or assign the same.