Common use of Turnover of Deemed Collateral Proceeds by Secured Creditors Clause in Contracts

Turnover of Deemed Collateral Proceeds by Secured Creditors. The Secured Creditors hereby agree among themselves that if an Enforcement Event shall occur and at any time during the continuation of such Enforcement Event any of them shall receive any Deemed Collateral Proceeds, then the Secured Creditor receiving such Deemed Collateral Proceeds shall as promptly as practicable turn over such proceeds to the Collateral Agent for distribution in accordance with Section 4.1(d). Each of the Company and the other Credit Parties expressly consents to the foregoing arrangement and agrees that any amount so turned over by any Secured Creditor will be deemed to have been received by the Collateral Agent and the Secured Creditors that ultimately receive such amount such that, if such amount turned over has previously reduced the claim of the Secured Creditor turning over such amount, (i) the amount of the claim against the Company and the other Credit Parties of the Secured Creditor that turns over such amounts shall immediately be increased to the extent such amounts are turned over to the Collateral Agent and (ii) the amount of the claims of the Collateral Agent and each Secured Creditor that ultimately receives any portion of such amount shall immediately be decreased to the extent of the amount received by it.

Turnover of Deemed Collateral Proceeds by Secured Creditors. The Secured Creditors hereby agree among themselves that if an Enforcement Event shall occur and at any time during the continuation of such Enforcement Event any of them shall receive any Deemed Collateral Proceeds, then the Secured Creditor receiving such Deemed Collateral Proceeds shall as promptly as practicable turn over such proceeds to the Collateral Agent for distribution in accordance with Section 4.1(d). Each of the Company and the other Credit Parties expressly consents to the foregoing arrangement and agrees that any amount so turned over by any Secured Creditor will be deemed to have been received by the Collateral Agent and the Secured Creditors that ultimately receive such amount such that, if such amount turned over has previously reduced the claim of the Secured Creditor turning over such amount, (i) the amount of the claim against the Company and the other Credit Parties of the Secured Creditor that turns over such amounts shall immediately be increased to the extent such amounts are turned over to the Collateral Agent and (ii) the amount of the claims of the Collateral Agent and each Secured Creditor that ultimately receives any portion of such amount shall immediately be decreased to the extent of the amount received by it. If any of the agreements in the immediately preceding sentence (regarding the adjustment of claims due to the turnover of amounts pursuant to this Agreement) are unenforceable for any reason, then the Secured Creditors agree to take such actions as shall have the effect of placing them in the same relative positions as they would have been if such agreements had been binding and enforceable.