Common use of Turnover by Banks upon Payment in Full Clause in Contracts

Turnover by Banks upon Payment in Full. Effective upon the first Business Day after the Bank Credit Facility Payment Date, except under the circumstances described in Section 3.04(c) hereof, the Company will cause the Bank Agent, at the cost and expense of the Company, to promptly execute and deliver all such instruments and documents, and take all such actions, as shall be necessary or that the Collateral Agent or the Junior Secured Creditor may reasonably request, to evidence or confirm the termination of the Lien subordination created under this Agreement and, in that connection, to cause the Bank Agent to deliver to the Collateral Agent, without recourse and without representation or warranty of any kind, all Collateral, all Proceeds thereof and all certificates, instruments or other documents evidencing or representing any of the Collateral, at the time held by the Bank Agent or the Banks pursuant to this Agreement or the Bank Collateral Documents; provided that the Bank Agent shall not be required to deliver or pay over any of the foregoing, execute any instruments or documents or take any other action referred to in this Section 3.04(b) to the extent that such action would contravene any law, order or other legal requirement, and in the event of a controversy or dispute, the Bank Agent may interplead any moneys or other property in any court of competent jurisdiction.

Turnover by Banks upon Payment in Full. Effective upon the first Business Day day after the Bank Credit Facility Payment Date, except under the circumstances described in Section 3.04(c) hereof, the Company will cause the Bank Agent, at the cost and expense of the Company, Agent to promptly execute and deliver all such instruments and documents, and take all such actions, as shall be necessary or that the Collateral Agent or the Junior Secured Creditor may reasonably request, to evidence or confirm the termination of the Lien subordination created under this Agreement and, in that connection, to cause the Bank Agent to deliver to the Collateral Agent, without recourse and without representation or warranty of any kind, all Collateral, all Proceeds thereof and all certificates, instruments or other documents evidencing or representing any of the Collateral, at the time held by the Bank Agent or the Banks pursuant to this Agreement or the Bank Collateral Documents; provided that the Bank Agent shall not be required to deliver or pay over any of the foregoing, execute any instruments or documents or take any other action referred to in this Section 3.04(b) to the extent that such action would contravene any law, order or other legal requirement, and in the event of a controversy or dispute, the Bank Agent may interplead any moneys or other property in any court of competent jurisdiction.

Turnover by Banks upon Payment in Full. Effective upon the first Business Day day after the Bank Credit Facility Agreement Payment Date, except under the circumstances described in Section 3.04(c) hereof4.04(c), the Company will cause the Bank Agent, at the cost and expense of the Company, Banks (or an agent or representative on their behalf) to promptly execute and deliver all such instruments and documents, and take all such actions, actions as shall be necessary or that the Collateral Agent or the Junior Secured Creditor Trustee may reasonably request, to evidence or confirm the termination of the subordination of the Lien subordination created under this Agreement as provided in this Section 4 and, in that connection, to cause the Bank Agent Banks (or an agent or representative on their behalf) to deliver to the Collateral Agent, Trustee without recourse and without representation or warranty of any kind, all Collateral, all Proceeds proceeds thereof and all certificates, instruments or other documents evidencing or representing any of the Collateral, and any moneys constituting any of the Collateral, at the time held by the Banks (or any such agent or representative) pursuant to the Bank Agent or Credit Agreement; provided that, the Banks pursuant to this Agreement or the Bank Collateral Documents; provided that the Bank Agent shall not be required to deliver or pay over any of the foregoing, execute any instruments or documents or take any other action referred to in this Section 3.04(b4.04(b) to the extent that such action would contravene any law, order or other legal requirement, and in the event of a controversy or dispute, the Bank Agent Banks (or any such agent or representative) may interplead any moneys or other property in any court of competent jurisdiction.