Common use of Turnover of Improper Payments Clause in Contracts

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. 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 Administrative Agent is hereby irrevocably authorized to endorse or assign the same.

Turnover of Improper Payments. If any payment or ----------------------------- distribution of any character or any securitycharacter, whether in cash, securities or other property property, or any security, shall be received by any Junior Claimant holder of any Subordinated Claim in contravention of any of the terms hereof and before all the Senior Claims shall have been Indefeasibly Paid indefeasibly paid in full in cash or such payment shall cash equivalents and all Commitments have been provided for in a manner satisfactory to all of the holders of Senior Claimsterminated, such payment or distribution or security shall be received in trust for the benefit of, and shall forthwith 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 holder of any Subordinated Claim to endorse or assign any such payment, distribution or security, the Funding Agent each holder of any Senior Claim is hereby irrevocably authorized to endorse or assign the same.