Turnover of Collateral Received by Secured Creditors. Each Secured Creditor promptly shall, after the occurrence and during the continuance of an Enforcement Event, put in the custody, possession or control of the Collateral Agent for disposition or distribution in accordance with the provisions of Section 4.1 any Collateral or proceeds thereof over which such Secured Creditor obtains custody, control or possession. Until such time as each Secured Creditor shall have complied with the provisions of the immediately preceding sentence, such Secured Creditor shall be deemed to hold such Collateral or proceeds in trust for the parties entitled thereto hereunder.
Appears in 4 contracts
Samples: Intercreditor and Collateral Agency Agreement (Northwest Pipe Co), Intercreditor and Collateral Agency Agreement (Northwest Pipe Co), Intercreditor and Collateral Agency Agreement (Northwest Pipe Co)
