Turnover of Receipts. If at any time any Secured Party receives or recovers the proceeds of any enforcement of any Shared Security except in accordance with Clause 7 (Application of Proceeds), that Secured Party will:
(a) in relation to receipts and recoveries not received or recovered by way of set off, hold all amounts received or recovered on trust for the Collateral Agent and promptly pay that amount to the Collateral Agent for application in accordance with the terms of this Deed; and
(b) in relation to receipts and recoveries received or recovered by way of set off, promptly pay an amount equal to that recovery to the Collateral Agent for application in accordance with the terms of this Deed.
Turnover of Receipts. 10.1 Turnover by the Primary Creditors in respect of the Shared Transaction Security
(a) in relation to receipts and recoveries not received or recovered by way of set-off: (i) hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the amount received or recovered) on trust for the Security Agent and promptly pay or distribute that amount to the Security Agent for application in accordance with the terms of this Agreement; and
(b) in relation to receipts and recoveries received or recovered by way of set-off, promptly pay an amount equal to that recovery to the Security Agent for application in accordance with the terms of this Agreement.
Turnover of Receipts. (a) Subject to paragraph (b) below, if at any time prior to the Final Discharge Date, any Unsecured Convertible Notes Creditor receives from any member of the Group:
(i) any Payment or distribution of, or on account of or in relation to, any of the Unsecured Convertible Notes Liabilities which is not a Permitted Unsecured Convertible Notes Payment;
(ii) any amount by way of set-off in respect of any of the Unsecured Convertible Notes Liabilities owed to it which does not give effect to a Permitted Unsecured Convertible Notes Payment;
(iii) notwithstanding paragraphs (i) and (ii) above, and other than where paragraph (c) of Clause 12.20 (Effect of Insolvency Event) applies, any amount:
(A) on account of, or in relation to any of the Unsecured Convertible Notes Liabilities:
(1) after the occurrence of a Distress Event; or
(2) as a result of any other litigation or proceedings against a member of the Group, a Debtor or a Security Grantor (other than after the occurrence of an Insolvency Event in respect of that member of the Group, Security Grantor or Debtor); or
(B) by way of set-off in respect of any of the Unsecured Convertible Notes Liabilities owed to it after the occurrence of a Distress Event; or
(iv) other than where paragraph (c) of Clause 12.20 (Effect of Insolvency Event) applies, any distribution in cash or in kind or Payment of, or on account of or in relation to, any of the Unsecured Convertible Notes Liabilities owed by the Parent which is not in accordance with Clause 23 (Application of Proceeds) and which is made as a result of, or after, the occurrence of an Insolvency Event in respect of the Parent; or
(v) any proceeds of an Enforcement except where received or recovered in accordance with Clause 23 (Application of Proceeds), AMERICAS 120207225 that Unsecured Convertible Notes Creditor will:
(A) in relation to receipts and recoveries not received or recovered by way of set-off:
(1) hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the amount received or recovered) on trust and/or as agent for the Common Security Agent and promptly pay or distribute that amount to the Common Security Agent for application in accordance with the terms of this Agreement; and
(2) promptly pay or distribute an amount equal to the amount (if any) by which the receipt or recovery exceeds the Relevant Liabilities to the Common Security Agent for application in accordance with the terms of this Agreement; and
(B) in relation t...
Turnover of Receipts. 1 11. Redistribution ................................................................................................................................... 1
Turnover of Receipts. 14.1 Turnover
(a) If at any time prior to the occurrence of the A1 Discharge Date, any A2 Finance Party receives or recovers (i) a payment, distribution, set-off or combination of any kind whatsoever in respect or on account of any A2 Indebtedness; or (ii) proceeds pursuant to any Enforcement Action (including, without limitation, action in respect of any guarantee or the Security Documents or taken in accordance with Clause 8 (Subordination on Insolvency) or otherwise) it will promptly pay all amounts received by it to the Security Agent for payment to the A1 Finance Parties, pro rata, after deducting therefrom any interest payments received by it in the ordinary course of business and/or any amounts as permitted pursuant to Clause 4.1 (Senior Indebtedness) the costs, liabilities and expenses (if any) reasonably incurred by such A2 Finance Party in receiving such payment, distribution, set-off or combination and pending such payment, will hold these amounts on trust for the Security Agent.
(b) If at any time prior to the occurrence of the Senior Discharge Date:
(i) any A Finance Party receives or recovers any A Proceeds, it will promptly pay all amounts received by it to the Security Agent for application pursuant to Clause 10.1 (b) (Application) after deducting therefrom the costs, liabilities and expenses (if any) reasonably incurred by such A Finance Party in recovering or receiving such proceeds;
(ii) any NZ Finance Party receives or recovers any NZ Proceeds, it will promptly pay all amounts received by it to the Security Agent for application pursuant to Clause 10.1 (c) (Application) after deducting therefrom the costs, liabilities and expenses (if any) reasonably incurred by such NZ Finance Party in recovering or receiving such proceeds;
(iii) any C Finance Party receives or recovers any C Proceeds, it will promptly pay all amounts received by it to the Security Agent for application pursuant to Clause 10.1 (d) (Application) after deducting therefrom the costs, liabilities and expenses (if any) reasonably incurred by such C Finance Party in recovering or receiving such proceeds;
(iv) any A/C Finance Party receives or recovers any A/C Proceeds, it will promptly pay all amounts received by it to the Security Agent for application pursuant to Clause 10.1 (e) (Application) after deducting therefrom the costs, liabilities and expenses (if any) reasonably incurred by such A/C Finance Party in recovering or receiving such proceeds;
(v) the Australian Secur...
Turnover of Receipts. 1Turnover by the [Senior] Creditors Subject to Clause 7.2 (Exclusions) and to Clause 7.3 (Permitted assurance and receipts), if at any time prior to the Final Discharge Date, any [Senior] Creditor receives or recovers:
Turnover of Receipts. 37. Information
Turnover of Receipts. 4.1 If at any time on or before the Notes Repayment Date a payment or distribution of any kind whatsoever (including, without limitation, by way of discharge by set-off, combination of accounts or otherwise) in respect or on account of the Inter-Company Loan is made which is not permitted by Section 3, the recipient or beneficiary of that payment, distribution, set-off or combination will promptly pay or hand over all amounts and/or property received to the Trustee and, pending such payment or handing over, will hold those amounts or such property on trust for the Trustee.
4.2 No Senior Claim shall be deemed to have been reduced or discharged in any way or to any extent by any payment or distribution to the Trustee in accordance with Section 4.1.
4.3 All monies received by the Trustee shall, until used or applied as provided in the Indenture, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law.
Turnover of Receipts. 4.1 If before the Senior Discharge Date:
4.1.1 other than in connection with a Permitted Ordinary Distribution, any Subordinated Lender receives a payment or distribution in cash or in any other form in respect of, or on account of the Subordinated Debt from the Company or any other source;
4.1.2 any Subordinated Lender receives the proceeds of any enforcement of any security, or payment under any guarantee, for any Subordinated Debt; or
4.1.3 the Company makes any payment or distribution in cash or in any other form on account of the purchase or other acquisition of any of the Subordinated Debt, the relevant Subordinated Lender will forthwith pay any and all such amounts to the Senior Lender(s) (on a pro-rata basis, based on the proportion of the Senior Debt then outstanding to them as a proportion of the total Senior Debt then outstanding) for application against the Senior Debt and until it does so shall hold all such amounts on trust for the Lender.
4.2 If, for any reason, any of the Subordinated Debt owing to a Subordinated Lender is discharged in whole or in part by set-off, relevant Subordinated Lender will forthwith pay an amount equal to the amount of the Subordinated Debt discharged by the set-off to the Senior Lender(s) (on a pro-rata basis, based on the proportion of the Senior Debt then outstanding to them as a proportion of the total Senior Debt then outstanding) for application against the Senior Debt.
Turnover of Receipts. 5.1 Non-permitted payments If before the Senior Discharge Date:
5.1.1 the Subordinated Creditor receives a payment or distribution in cash or in any other form in respect of, or on account of the Subordinated Debt from the Borrower or any other source;
5.1.2 the Subordinated Creditor receives the proceeds of any enforcement of any security, or payment under any guarantee, for any Subordinated Debt; or
5.1.3 the Borrower makes any payment or distribution in cash or in any other form on account of the purchase or other acquisition of any of the Subordinated Debt, the Subordinated Creditor will forthwith pay any and all such amounts to the Lender for application against the Senior Debt and until it does so shall hold all such amounts on trust for the Lender.
