Turnover of enforcement proceeds. If:
(a) the Common Security Agent or a Creditor Representative is not entitled, for reasons of applicable law, to pay or distribute amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security to the relevant Super Senior Creditors but is entitled to pay or distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the relevant Super Senior Creditors; and
(b) the Super Senior Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments or distributions to the relevant Super Senior Creditors as the Intercreditor Agent shall require to place the relevant Super Senior Creditors in the position they would have been in had such amounts been available for application against the Super Senior Liabilities.
Turnover of enforcement proceeds. If:
(a) the Security Agent, any Senior Agent, any Pari Passu Debt Representative, any Senior Secured Notes Representative or Second Lien Representative is not entitled, for reasons of applicable law, to pay amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security to the Senior Secured Creditors and/or the Second Lien Creditors but is entitled to distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Senior Secured Creditors; and
(b) the later of the Senior Secured Discharge Date and the Second Lien Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments to the Senior Secured Creditors and/or the Second Lien Creditors as the Security Agent shall require to place the Senior Secured Creditors in the position they would have been in had such amounts been available for application against the Senior Secured Liabilities.
Turnover of enforcement proceeds. If:
(a) the Security Agent or the relevant Agent is not entitled, for reasons of applicable law, to pay amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security (or, in the case of the Senior Parent Creditors, the Shared Security only) to the Senior Secured Creditors, the Operating Facility Lenders or the Senior Parent Creditors (as applicable) but is entitled to distribute those amounts to Creditors (such Creditors, the "Receiving Creditors") who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Senior Secured Creditors, the Operating Facility Lenders and the Senior Parent Creditors (as the case may be); and
(b) the First/Second Lien Discharge Date or the Senior Parent Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments to the Senior Secured Creditors, the Operating Facility Lenders and the Senior Parent Creditors (as applicable) as the Security Agent shall require to place the Senior Secured Creditors, the Operating Facility Lenders and the Senior Parent Creditors (as applicable) in the position they would have been in had such amounts been available for application against the Senior Liabilities, the Operating Facility Liabilities and the Senior Parent Liabilities (as applicable), provided that this Clause 15.4 shall not apply to any receipt or recovery that has been distributed by:
(i) a Senior Notes Trustee to the Senior Noteholders in accordance with the Senior Notes Finance Documents;
(ii) a Senior Parent Notes Trustee to the Senior Parent Noteholders in accordance with the Senior Parent Notes Finance Documents;
(iii) a Senior Creditor Representative to the Permitted Senior Financing Creditors in accordance with the Permitted Senior Financing Documents (in each case to the extent that paragraph (o) of Clause 1.2 (Construction) has been applied in respect of that Senior Creditor Representative);
(iv) a Second Lien Creditor Representative to the Permitted Second Lien Financing Creditors in accordance with the Permitted Second Lien Financing Documents (in each case to the extent that paragraph (p) of Clause 1.2 (Construction) has been applied in respect of that Second Lien Creditor Representative); or
(v) a Senior Parent Creditor Representative to the Permitted Parent Financing Creditors in accordan...
Turnover of enforcement proceeds. (a) If:
(i) the Security Agent, the RCF Agent or any relevant Creditor Representative relating to any Super Senior Creditor is not entitled, for reasons of applicable law, to pay amounts received pursuant to enforcement of the Transaction Security to the Super Senior Creditors but is entitled to distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Super Senior Creditors; and
(ii) the Super Senior Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors (and, in the case of a Senior Secured Notes Trustee, subject to Clause 21.5 (Turnover Obligations)) shall make such payments to the Super Senior Creditors as the Security Agent shall require to place the Super Senior Creditors in the position they would have been in had such amounts been available for application against the Secured Liabilities.
Turnover of enforcement proceeds. If:
(a) the Security Agent, the OeKB Agent, the Bond Trustee or the RCF Agent is not entitled, for reasons of applicable law, to pay amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security to the Senior Creditors but is entitled to distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Senior Creditors; and
(b) the Senior Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments to the Senior Creditors as the Security Agent shall require to place the Senior Creditors in the position they would have been in had such amounts been available for application against the Senior Liabilities.
Turnover of enforcement proceeds. If:
(a) the Security Agent, any relevant Agent relating to any Super Senior Creditor or any relevant Agent relating to any Senior Secured Creditor is not entitled, for reasons of applicable law, to pay amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security to the Super Senior Creditors or, as the case may be, to the Senior Secured Creditors but is entitled to distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Super Senior Creditors or, as the case may be, the Senior Secured Creditors; and
(b) the Super Senior Discharge Date or the Senior Secured Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments to the Super Senior Creditors or, as the case may be, the Senior Secured Creditors as the Security Agent shall require to place the Super Senior Creditors or, as the case may be, the Senior Secured Creditors in the position they would have been in had such amounts been available for application against the Secured Liabilities.
Turnover of enforcement proceeds. If:
(a) the Security Agent, the Agent or any External Creditor is not entitled, for reasons of applicable law, to pay or distribute amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security to all External Creditors but is entitled to pay or distribute those amounts to some External Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the External Creditors; and
(b) the Final Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments or distributions to the other External Creditors as the Security Agent shall require to place all External Creditors in the position they would have been in had such amounts been available for application against the External Creditor Liabilities.
Turnover of enforcement proceeds. If:
(a) the Security Agent or a Creditor Representative is not entitled, for reasons of applicable law, to pay or distribute amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security to the relevant Credit Facility Creditors but is entitled to pay or distribute those amounts to Creditors (such Creditors, the Receiving Creditors) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the relevant Credit Facility Creditors; and
(b) the Credit Facility Lender Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments or distributions to the relevant Credit Facility Creditors to place the relevant Credit Facility Creditors in the position they would have been in had such amounts been available for application against the Credit Facility Liabilities.
Turnover of enforcement proceeds. If:
(a) the Security Agent or any Creditor Representative is not entitled, for reasons of applicable law, to pay or distribute amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Common Transaction Security to the Senior Secured Creditors, the Second Lien Creditors or the Unsecured Notes Creditors (as the case may be) but is entitled to pay or distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Senior Secured Creditors, the Second Lien Creditors or the Unsecured Notes Creditors (as the case may be); and
(b) the Senior Secured Liabilities Discharge Date, the Final Second Lien Discharge Date or the Final Unsecured Notes Discharge Date (as the case may be) has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments to the Senior Secured Creditors, the Second Lien Creditors or the Unsecured Notes Creditors (as the case may be) as the Security Agent shall require to place the Senior Secured Creditors, the Second Lien Creditors or the Unsecured Notes Creditors (as the case may be) in the position they would have been in had such amounts been available for application against the Senior Secured Liabilities, the Second Lien Liabilities or the Unsecured Notes Liabilities (as the case may be) in accordance with Clause 19.1 (Order of Application).
Turnover of enforcement proceeds. If (i) the Security Agent, the Administrative Agent, any Pari Passu Debt Representative or any Second Lien Debt Trustee is not entitled, for reasons of applicable law, to pay amounts received pursuant to the making of a demand under any guarantee, indemnity or other assurance against loss or the enforcement of the Transaction Security to the Senior Secured Creditors but is entitled to distribute those amounts to Creditors (such Creditors, the “Receiving Creditors”) who, in accordance with the terms of this Agreement, are subordinated in right and priority of payment to the Senior Secured Creditors; and (ii) the Senior Secured Discharge Date has not yet occurred (nor would occur after taking into account such payments), then the Receiving Creditors shall make such payments to the Senior Secured Creditors as the Security Agent shall require to place the Senior Secured Creditors in the position they would have been in had such amounts been available for application against the Senior Secured Obligations.
