Common use of Turnover Clause in Contracts

Turnover. During the Subordination Period, if the Subordination Party received or recovers: (a) a payment (other than a Permitted Payment) in cash or in kind or distribution in respect of any of the Subordinated Debt from the Obligor or any other source; or (b) the proceeds of any enforcement of any Security or any guarantee or other assurance against financial loss for any Subordinated Debt, in each case, in contravention of clause 2 (Ranking) or 3 (Undertakings), the Subordinated Party shall: (i) within three (3) Business Days notify details of the receipt or recovery to the Security Agent; (ii) hold any such assets and moneys received or recovered by it (up to a maximum of an amount equal to the Secured Liabilities on trust for the Security Agent for application against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement; and (iii) within three (3) Business Days of demand by the Security Agent, pay an amount equal to such receipt or recovery (up to a maximum of an amount equal to the Secured Liabilities) to the Security Agent for application against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement.

Turnover. During the Subordination Period, if the Subordination Subordinated Party received or recovers: (a) a payment (other than a Permitted Payment) in cash or in kind or distribution in respect of any of the Subordinated Debt from the Obligor or any other source; or (b) the proceeds of any enforcement of any Security or any guarantee or other assurance against financial loss for any Subordinated Debt, in each case, in contravention of clause 2 (Ranking) or 3 (Undertakings), the Subordinated Party shall: (i) within three (3) Business Days notify details of the receipt or recovery to the Security Agent; (ii) hold any such assets and moneys received or recovered by it (up to a maximum of an amount equal to the Secured Liabilities on trust for the Security Agent for application against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement; and (iii) within three (3) Business Days of demand by the Security Agent, pay an amount equal to such receipt or recovery (up to a maximum of an amount equal to the Secured Liabilities) to the Security Agent for application against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement.

Turnover. During the Subordination Period, if the Subordination Party received or recovers: (a) a payment (other than a Permitted Payment) in cash or in kind or distribution in respect of any of the Subordinated Debt from the Obligor or any other source; orOr (b) the proceeds of any enforcement of any Security or any guarantee or other assurance against financial loss for any Subordinated Debt, in each case, in contravention of clause Clause 2 (Ranking) or 3 (Undertakings), the Subordinated Party shall: (i) within three (3) Business Days notify details of the receipt or recovery to the Security AgentTrustee; (ii) hold any such assets and moneys received or recovered by it (up to a maximum of an amount equal to the Secured Liabilities on trust for the Security Agent Trustee for application against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement; and (iii) within three (3) Business Days of demand by the Security AgentTrustee, pay an amount equal to such receipt or recovery (up to a maximum of an amount equal to the Secured Liabilities) to the Security Agent Trustee for application against the Secured Liabilities in accordance with the order and priority set forth in the Intercreditor Agreement.