Common use of Turnover of Improper Payments Clause in Contracts

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 distributiondistribution of any character or any security, whether in cash, securities or other property, property shall be received by the Noteholders Lender in contravention of any of the terms hereof, such payment or distribution or security shall be received and held in trust for the benefit of the holders of the Senior LendersDebt at the time outstanding in accordance with the priorities then existing among such holders, and shall be promptly paid over or delivered and delivered transferred, with any necessary endorsement, to the Senior Lenders Borrower for application to the payment of the all Senior Debt remaining unpaid, to the extent necessary to cause the pay all such Senior Debt to be paid in full.

Turnover of Improper Payments. If any payment or distribution, whether in cash, securities or other property, shall be received by the Noteholders Holder 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.