Turnover Provisions definition

Turnover Provisions. Each of the Second Lien Claimholders will agree to hold in trust and promptly turn over to the First Lien Collateral Agent any payments or other distributions received in contravention of the Intercreditor Agreement regardless of their source or form. For the avoidance of doubt, no mandatory or voluntary prepayments of Second Lien Obligations will be permitted prior to the discharge in full in cash of the First Lien Obligations. If, for any reason, a Secured Party does not have a valid and perfected lien (either directly or through any applicable Collateral Agent) on any portion of the Collateral, proceeds on such portion received by the other Secured Parties will be paid over to the extent necessary to reflect the distribution provisions above as if all Secured Parties held such a lien. If any Second Lien Claimholder obtains knowledge of or is notified by the First Lien Collateral Agent that a payment or distribution made to a First Lien Claimholder is rescinded for any reason whatsoever, such Second Lien Claimholder shall promptly pay or remit to the First Lien Collateral Agent any payment or distribution received by it in respect of any Collateral subject to any First Priority Liens securing such First Lien Obligations, and the provisions set forth in the Intercreditor Agreement shall be reinstated as if such payment or distribution had not been made, until the payment and satisfaction in full of the First Lien Obligations.
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Turnover Provisions. Each of the Secured Parties will agree to turn over any payments received in contravention of the Intercreditor Agreement. If, for any reason, a Secured Party does not have a valid and perfected lien (either directly or through the Agent) on any portion of the Collateral, proceeds on such portion received by the other Secured Parties will be paid over to the extent necessary to reflect the distribution provisions above as if all Secured Parties held such a lien.
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Turnover Provisions. Until such time as the Discharge of First Lien Obligations has occurred, (x) any Term Priority Collateral or proceeds thereof (or any distribution in respect of the Term Priority Collateral, whether or not expressly characterized as such) received by any Second Lien Claimholder in connection with the exercise of any right or remedy (including set-off) relating to the Term Priority Collateral or otherwise in contravention of the Term Collateral Intercreditor Agreement shall be segregated and held in trust and forthwith paid over to the First Lien Collateral Agent (for the benefit of the First Lien Claimholders) in the same form as received, with any necessary endorsements and (y) if in any insolvency, bankruptcy or liquidation proceeding any Second Lien Claimholder shall receive any distribution of money or other property in respect of the Term Priority Collateral (including as recovery for such Second Lien Claimholders’ deficiency claim or any other claims), such money or other property shall be segregated and held in trust and forthwith paid or assigned, as applicable, over to the First Lien Collateral Agent for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements.
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Examples of Turnover Provisions in a sentence

  • The Secretary of State shall pay or procure the payment of any amount recovered by it pursuant to Clause 4.1 (General Turnover Provisions) which exceeds the amount of WTCs Debt to TNDFC within a reasonable time.

  • Application of Proceeds of Common Collateral; Dispositions and Releases of Common Collateral; Inspection and Insurance 20 4.1 Application of Proceeds; Turnover Provisions 20 4.2 Releases of Lien 22 4.3 Inspection Rights and Insurance 22 4.4 Option to Purchase ABL Secured Obligations 23 4.5 Option to Purchase New Money Term Loan Secured Obligations 24 4.6 Option to Purchase ABL Secured Obligations and New Money Term Loan Secured Obligations 26 SECTION 5.

  • All software must be ordered by DHCS to allow for delivery to Xerox by December 15, 2016, for subsequent delivery to DHCS in accordance with the Turnover Provisions (Exhibit A, Attachment V) of the Prime Contract.

  • Turnover Provisions: In order to enforce waterfall provisions, as is typical in other intercreditor arrangements, an AAL usually provides that payments received in respect of the credit, whether before or after an event of default or other credit event, must be held in trust and turned over for application in accordance with the waterfall.