Common use of Turnover of Collateral Clause in Contracts

Turnover of Collateral. All payments or distributions of or with respect to the Collateral that are received by the Junior Secured Creditor hereunder at any time prior to the Bank Credit Facility Payment Date shall be segregated from other funds and property held by the Junior Secured Creditor and held in trust for the benefit of the Banks, and the Junior Secured Creditor shall forthwith pay over to the Collateral Agent such amounts in the same form as so received (with any necessary endorsement) to be applied or held as Collateral in accordance with the provisions hereof and of the Bank Credit Facility. The Junior Secured Creditor, on behalf of itself and the Holders, hereby irrevocably and unconditionally waives and relinquishes all statutory, contractual, common law, equitable and other claims against the Company and any Collateral for subrogation, reimbursement, exoneration, contribution, indemnification, set-off or other recourse in respect of sums paid or payable to the Banks hereunder and further irrevocably and unconditionally waives and relinquishes any and all other benefits which the Junior Secured Creditor might otherwise directly or indirectly receive or be entitled to receive by reason of any amounts paid by or collected upon or realized from the Collateral, in each case prior to the Bank Credit Facility Payment Date.