Common use of Retention of Proceeds Clause in Contracts

Retention of Proceeds. Neither Second Lien Creditor nor any other Second Lien Claimholder shall be permitted to retain any proceeds of Collateral received in connection with any Enforcement Action unless and until the Payment in Full of First Lien Priority Debt has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2.

Appears in 3 contracts

Samples: Intercreditor Agreement (Boxlight Corp), Intercreditor Agreement (Boxlight Corp), Intercreditor Agreement (Boxlight Corp)

AutoNDA by SimpleDocs

Retention of Proceeds. Neither a Second Lien Creditor nor any other Second Lien Claimholder shall be permitted to retain any proceeds of Collateral received in connection with any Enforcement Action unless and until the Payment in Full of First Lien Priority Debt has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2.

Appears in 2 contracts

Samples: Intercreditor Agreement (Boxlight Corp), Intercreditor Agreement (Boxlight Corp)

Retention of Proceeds. Neither Second Lien Creditor Agent nor any other Second Lien Claimholder shall be permitted to retain any proceeds of Collateral received in connection with any Enforcement Action unless and until the Payment in Full of First Lien Priority Debt has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2.

Appears in 1 contract

Samples: Intercreditor Agreement (Nuverra Environmental Solutions, Inc.)

Retention of Proceeds. Neither Except as provided in Section 4.2, neither Second Lien Creditor Agent nor any other Second Lien Claimholder shall be permitted to retain any proceeds of Collateral received (except with respect the Second Lien DIP Priority Account Collateral) in connection with any Enforcement Action unless and until the Payment in Full of First Lien Priority Debt has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2.

Appears in 1 contract

Samples: Intercreditor Agreement

AutoNDA by SimpleDocs

Retention of Proceeds. Neither Second Lien Creditor Agent nor any other Second Lien Claimholder shall be permitted to retain any proceeds of Collateral received in connection with any Enforcement Action unless and until the Payment in Full of First Lien Priority Debt has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2.

Appears in 1 contract

Samples: Intercreditor Agreement (Erickson Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!