Common use of Turnover by Subordinated Creditors Clause in Contracts

Turnover by Subordinated Creditors. A Subordinated Creditor that receives any Recovery (including by way of set-off) in excess of what is permitted pursuant to this Agreement shall notify the Security Agent and forthwith pay such amount to the Security Agent for application in accordance with Clause 16.1 (Order of Application)).

Appears in 2 contracts

Samples: Intercreditor Agreement, Intercreditor Agreement

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Turnover by Subordinated Creditors. A Subordinated Creditor that receives any Recovery (including by way of set-off) in excess of what is permitted pursuant to this Agreement shall notify the Security Agent and forthwith pay such amount to the Security Agent (or as the Security Agent may direct) for application in accordance with Clause 16.1 13.1 (Order of Application)).

Appears in 1 contract

Samples: Intercreditor Agreement

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Turnover by Subordinated Creditors. A Subordinated Creditor that receives any Recovery (including by way of set-off) in excess of what is permitted pursuant to this Agreement shall notify the Security Agent and forthwith pay such amount to the Security Agent (or as directed by the Security Agent) for application in accordance with Clause 16.1 14.1 (Order of Application)).

Appears in 1 contract

Samples: Intercreditor Agreement

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