Turnover Provisions definition

Turnover Provisions. Each of the Second Lien Claimholders will agree to hold in trust and promptly turn over to the First Lien Collateral Agent any payments or other distributions received in contravention of the Intercreditor Agreement regardless of their source or form. For the avoidance of doubt, no mandatory or voluntary prepayments of Second Lien Obligations will be permitted prior to the discharge in full in cash of the First Lien Obligations. If, for any reason, a Secured Party does not have a valid and perfected lien (either directly or through any applicable Collateral Agent) on any portion of the Collateral, proceeds on such portion received by the other Secured Parties will be paid over to the extent necessary to reflect the distribution provisions above as if all Secured Parties held such a lien. If any Second Lien Claimholder obtains knowledge of or is notified by the First Lien Collateral Agent that a payment or distribution made to a First Lien Claimholder is rescinded for any reason whatsoever, such Second Lien Claimholder shall promptly pay or remit to the First Lien Collateral Agent any payment or distribution received by it in respect of any Collateral subject to any First Priority Liens securing such First Lien Obligations, and the provisions set forth in the Intercreditor Agreement shall be reinstated as if such payment or distribution had not been made, until the payment and satisfaction in full of the First Lien Obligations.
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Turnover Provisions. Each of the Secured Parties will agree to turn over any payments received in contravention of the Intercreditor Agreement. If, for any reason, a Secured Party does not have a valid and perfected lien (either directly or through the Agent) on any portion of the Collateral, proceeds on such portion received by the other Secured Parties will be paid over to the extent necessary to reflect the distribution provisions above as if all Secured Parties held such a lien.
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Turnover Provisions. Until such time as the Discharge of First Lien Obligations has occurred, (x) any Term Priority Collateral or proceeds thereof (or any distribution in respect of the Term Priority Collateral, whether or not expressly characterized as such) received by any Second Lien Claimholder in connection with the exercise of any right or remedy (including set-off) relating to the Term Priority Collateral or otherwise in contravention of the Term Collateral Intercreditor Agreement shall be segregated and held in trust and forthwith paid over to the First Lien Collateral Agent (for the benefit of the First Lien Claimholders) in the same form as received, with any necessary endorsements and (y) if in any insolvency, bankruptcy or liquidation proceeding any Second Lien Claimholder shall receive any distribution of money or other property in respect of the Term Priority Collateral (including as recovery for such Second Lien Claimholders’ deficiency claim or any other claims), such money or other property shall be segregated and held in trust and forthwith paid or assigned, as applicable, over to the First Lien Collateral Agent for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements.
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Examples of Turnover Provisions in a sentence

  • The Secretary of State shall pay or procure the payment of any amount recovered by it pursuant to Clause 4.1 (General Turnover Provisions) which exceeds the amount of WTCs Debt to TNDFC within a reasonable time.

  • Application of Proceeds of Common Collateral; Dispositions and Releases of Common Collateral; Inspection and Insurance 20 4.1 Application of Proceeds; Turnover Provisions 20 4.2 Releases of Lien 22 4.3 Inspection Rights and Insurance 22 4.4 Option to Purchase ABL Secured Obligations 23 4.5 Option to Purchase New Money Term Loan Secured Obligations 24 4.6 Option to Purchase ABL Secured Obligations and New Money Term Loan Secured Obligations 26 SECTION 5.

  • Turnover Provisions: In order to enforce waterfall provisions, as is typical in other intercreditor arrangements, an AAL usually provides that payments received in respect of the credit, whether before or after an event of default or other credit event, must be held in trust and turned over for application in accordance with the waterfall.

  • In addition, the Court held a lengthy hearing on September 13, 2017, on two other, competing motions: (1) the Debtor’s motion entitled “First Day Emergency Motion for Order Directing Receiver to Turn Over All Property to Chapter 11 Debtor-in-Possession and Related Relief” (Docket # 8); and (2) the motion filed by Canyon entitled “CAN IV Packard Square LLC’S Emergency Cross-Motion To: (1) Excuse Receiver from Turnover Provisions; and (2) Suspend the Bankruptcy Case” (Docket # 28).

  • All software must be ordered by DHCS to allow for delivery to Xerox by December 15, 2016, for subsequent delivery to DHCS in accordance with the Turnover Provisions (Exhibit A, Attachment V) of the Prime Contract.

Related to Turnover Provisions

  • ESG Pricing Provisions has the meaning specified in Section 2.18.

  • Other Provisions As specified in the Preliminary Prospectus Supplement dated September 13, 2023 relating to the Securities. Securities Exchange: The Series MM Notes will not be listed on any exchange. Ratings: Baa2 by Xxxxx’x Investors Service, Inc. BBB by S&P Global Ratings Closing Date and Delivery Date: September 15, 2023 Closing Location: Xxxxxxx Xxxxxxx & Xxxxxxxx LLP 000 Xxxxxxxxx Xxx. New York, New York 10017 Address for Notices to Underwriters: BofA Securities, Inc. 000 X. 00xx Xxxxxx, XX0-000-00-00 Xxx Xxxx, Xxx Xxxx 00000 Facsimile: (000) 000-0000 Email: xx.xx_xx_xxxxxxx@xxxx.xxx Attention: High Grade Transaction Management/Legal Xxxxxxx Xxxxx & Co. LLC 000 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Facsimile: (000) 000-0000 Attention: Registration Department PNC Capital Markets LLC 000 Xxxxx Xxx, 00xx Xxxxx Xxxxxxxxxx, XX 00000 Facsimile: (000) 000-0000 Attention: Debt Capital Markets, Fixed Income Transaction Execution U.S. Bancorp Investments, Inc. 000 X. Xxxxx Street, 26th Floor Charlotte, North Carolina 28202 Facsimile: (000) 000-0000 Attention: Debt Capital Markets Final Term Sheet dated September 13, 2023 Issuer: Marriott International, Inc. (the “Company”) Anticipated Ratings (Moody’s / S&P)*: Baa2 / BBB Security: 5.450% Series LL Notes due 2026 (the “Series LL Notes”) Aggregate Principal Amount: $450,000,000 Maturity Date: September 15, 2026 Coupon: 5.450% Interest Payment Dates: March 15 and September 15, commencing on March 15, 2024 Day Count Convention: 360-day year consisting of twelve 30-day months Price to Public: 99.349% of the principal amount Benchmark Treasury: 4.375% due August 15, 2026 Benchmark Treasury Price / Yield: 99-04 3⁄4 / 4.689% Spread to Benchmark Treasury: +100 basis points Yield to Maturity: 5.689%

  • Transfer Provisions means the provisions of Section 00-00-000 of the FILOT Act, as amended or supplemented from time to time, concerning, among other things, the necessity of obtaining County consent to certain transfers.

  • former provisions means the provisions of the Petroleum Act 1936 which, by force of section 134 of the Petroleum Act are deemed to subsist and enure in their application to or in relation to the Xxxxxx Island Lease;

  • provisions means "provisions, terms, agreements, covenants and/or conditions"; (iii) "lien" shall mean "lien, charge, encumbrance, title retention agreement, pledge, security interest, mortgage and/or deed of trust"; (iv) "obligation" shall mean "obligation, duty, agreement, liability, covenant and/or condition"; (v) "any of the Leased Premises" shall mean "the Leased Premises or any part thereof or interest therein"; (vi) "any of the Land" shall mean "the Land or any part thereof or interest therein"; (vii) "any of the Improvements" shall mean "the Improvements or any part thereof or interest therein"; (viii) "any of the Equipment" shall mean "the Equipment or any part thereof or interest therein"; and (ix) "any of the Adjoining Property" shall mean "the Adjoining Property or any part thereof or interest therein".

  • Service Level Agreements means an agreement between NZX and a Market Participant and/or an Advisor setting out the terms and conditions of use of NZX technology and services;

  • Standard Terms and Conditions or “Standard Terms” means these terms and conditions for the grant of the Loan to the Borrower by ABFL.

  • Communications Provisions means the Communications Provisions in [Part 10, Chapter 4] of the General Regulations.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • Mentor-Protégé Agreement means an agreement between a prime and MBE or WBE subcontractor pursuant to MCC 2-92-535, that is approved by the City of Chicago and complies with all requirements of MCC 2-92-535 and any rules and regulations promulgated by the Chief Procurement Officer.

  • Implementation Agreement means the Implementation Agreement dated ……… by and between the GOB, PGCB and the Company in connection with the Project, and also includes any amendment of it made from time to time;

  • Applicable effluent standards and limitations means all State and Federal effluent standards and limitations to which a discharge is subject under the Act, including, but not limited to, effluent limitations, standards of performance, toxic effluent standards and prohibitions, and pretreatment standards.

  • Subordination Provisions has the meaning specified in Section 8.01(l).

  • Staff Vetting Procedures means the Authority’s procedures for the vetting of personnel and as advised to the Contractor by the Authority.

  • Web Site Accessibility Standards/Specifications means standards contained in Title 1 Texas Administrative Code Chapter 206.

  • Standard Operating Procedures or “SOP” means the procedures as specified in the Annexes or Attachments to the relevant Schedules;

  • Special Purpose Provisions has the meaning specified in Section 11.02 of the LLC Agreement.

  • Service Level Agreement or SLA means the processes, deliverables, key performance indicators and performance standards relating to the Services to be provided by the Service Provider;

  • Surviving Provisions has the meaning specified in Section 10.02.

  • Implementation Grant means payments towards Recurrent Expenditure incurred for the establishment of the Academy prior to it opening.

  • Additional Provisions shall have the meaning set forth in Section 15.01.

  • Operating Procedures means the standard internal operating procedures and compliance policies established by the Company to implement the Compliance Plan.

  • Restrictive Covenant Agreements has the meaning set forth in the Recitals.

  • Web Site Accessibility Standards/Specifications means standards contained in Title 1 Texas Administrative Code Chapter 206.

  • Business Associate Agreement means an agreement between DSHS and a contractor who is receiving Data covered under the Privacy and Security Rules of the Health Insurance Portability and Accountability Act of 1996. The agreement establishes permitted and required uses and disclosures of protected health information (PHI) in accordance with HIPAA requirements and provides obligations for business associates to safeguard the information.

  • General Provisions means those portions of the Subscription Agreement headed “General Provisions” and contained on pages 7 to 12;