Turnover of Improper Payments. If any payment or distribution, whether in cash, securities or other property, shall be received by the Noteholders in contravention of any of the terms hereof, such payment or distribution shall be received and held in trust for the benefit of the Senior Lenders, and shall be promptly paid over and delivered to the Senior Lenders for application to the payment of the Senior Debt to the extent necessary to cause the Senior Debt to be paid in full.
Turnover of Improper Payments. If any payment or ----------------------------- distribution of any character or any security, whether in cash, securities or other property shall be received by any Junior Claimant in contravention of any of the terms hereof and before all the Senior Claims shall have been Indefeasibly Paid or such payment shall have been provided for in a manner satisfactory to all of the holders of Senior Claims, such payment or distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Claims at the time outstanding in accordance with the priorities then existing among such holders for application to the payment of all Senior Claims remaining unpaid, to the extent necessary to pay all such Senior Claims in full. In the event of the failure of any Junior Claimant to endorse or assign any such payment, distribution or security, the Funding Agent is hereby irrevocably authorized to endorse or assign the same.
Turnover of Improper Payments. Notwithstanding anything to the contrary, from and after Default under any of the First Mortgage Loan Documents, Borrower shall not make any payment, whether by loan or otherwise, to the Subordinate Mortgagee and, after receipt of notification from the First Mortgagee of Borrower's Default under the First Mortgage Loan Documents, the Subordinate Mortgagee shall not sue for, take or receive from Borrower or any other party, by set-off or in any other manner, the whole or any part of any monies, principal or interest, now or hereafter owing by Borrower to the Subordinate Mortgagee the payment of which is secured by the Collateral. After the Subordinate Mortgagee's receipt of notification from the First Mortgagee of Default by Borrower, any payment or distribution or proceeds from the Collateral received by the Subordinate Mortgagee upon or with respect to any of the Subordinate Mortgage Indebtedness or the Subordinate Mortgage Loan Documents prior to the satisfaction of all of the First Mortgage Indebtedness, shall forthwith be delivered by the Subordinate Mortgagee to the First Mortgagee in precisely the form received (except for the endorsement or assignment of the Subordinate Mortgagee where necessary), for application to any of the First Mortgage Indebtedness in accordance with the First Mortgage Loan Documents, and, until so delivered, the same shall not be commingled with any asset of the Subordinate Mortgagee and shall be held in trust by the Subordinate Mortgagee as property of the First Mortgagee. In the event of the failure of the Subordinate Mortgagee to make endorsement or assignment, the First Mortgagee, or any of its officers or employees, are hereby irrevocably authorized to make the endorsement or assignment.
Turnover of Improper Payments. If any payment or distribution of any character, whether in cash, securities or other property shall be received by any Junior Creditor or any other holder of any Junior Debt in contravention of any of the terms hereof and before all the Senior Debt shall have been Indefeasibly Paid and the Commitments terminated, such payment or distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and transferred to, the Agent for the benefit of the holders of the Senior Debt at the time outstanding (or if, at such time, there shall be no Agent, then to each such holder), 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 Junior Debt to endorse or assign any such payment, distribution or security, the Agent is hereby irrevocably authorized to endorse or assign the same.
Turnover of Improper Payments. If any payment or -------------------------------- distribution of any character (whether in cash, securities, or other property) shall be received by any Borrower in contravention of any of the terms hereof, such Borrower shall promptly deliver such payment or distribution to the Administrative Agent. The Administrative Agent and each Secured Party is irrevocably authorized to supply any required endorsement or assignment that may have been omitted. Until so delivered, such Borrower shall (a) hold such improper payment or distribution in trust for the Secured Parties and (b) not commingle such payment or distribution with other funds or property of any Borrower. The foregoing obligation shall survive, and shall not be in any way affected by, the result of any Proceeding.
Turnover of Improper Payments. 56 SECTION 12.4. Subrogation......................................................................... 56 SECTION 12.5. Reinstatement....................................................................... 56 SECTION 12.6. Obligors' Obligations Absolute...................................................... 56 SECTION 12.7. Certain Payments and Distributions.................................................. 56 SECTION 12.8. Legend.............................................................................. 56 SECTION 12.9. No Waiver or Impairment of Subordination............................................ 56 SECTION 12.10.
Turnover of Improper Payments. If any payment or distribution of any character or any security, whether in cash, Bonds or other property shall be received by any Junior Claimant in contravention of any of the terms hereof before all the Senior Claims (other than amounts not yet due and payable pursuant to the indemnity provisions of the Security Documents, so long as no claim has been made in respect of such indemnity) shall have been Indefeasibly Paid, such payment or distribution or security shall be received in trust for the benefit of and shall be paid over or delivered and transferred to, the holders of the Senior Claims at the time outstanding in accordance with the priorities then existing among such holders for application to the payment of all Senior Claims remaining unpaid, to the extent necessary to pay all such Senior Claims in full. In the event of the failure of any Junior Claimant to endorse or assign any such payment, distribution or security, each holder of any Senior Claim is hereby irrevocably authorized to endorse or assign the same.
Turnover of Improper Payments. If any payment or distribution of any character or any security, whether in cash, securities or other property, shall be received by any holder of Subordinated Indebtedness in contravention of any of the terms hereof and before all Senior Indebtedness shall have been paid in full, such payment or distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Indebtedness at the time outstanding in accordance with the proprieties then existing among such holders for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior Indebtedness in full. In the event of failure of any holder of any Subordinated Indebtedness to endorse or assign any such payment, distribution or security, each holder of Senior Indebtedness is hereby irrevocably authorized to endorse or assign the same.
Turnover of Improper Payments. If any payment or distribution, whether direct or indirect (by set-off, recoupment or otherwise) and whether in cash, securities or other property, shall be received by any Term Lender from Borrower or any of its Subsidiaries in contravention of any of the terms hereof, such payment or distribution shall be received and held in trust for the benefit of the holders of Senior Indebtedness and shall be promptly paid over and delivered to the holders of Senior Indebtedness as their interests may appear for application to the payment of Senior Indebtedness.
Turnover of Improper Payments. 60 Section 8.3 Obligations Absolute; Waivers ...................... 60 Section 8.4 Subrogation ........................................ 62 Section 8.5 Limitation on Actions .............................. 63 Section 8.6 Proceedings ........................................ 63 Section 8.7 Termination ........................................ 65 Section 8.8 Understanding of Waivers ........................... 65
