Turnover Condition Clause Samples

A Turnover Condition clause defines the circumstances under which one party must transfer or "turn over" certain assets, funds, or rights to another party, typically in the context of secured transactions or intercreditor agreements. For example, if a junior creditor receives payments that should have gone to a senior creditor under the terms of their agreement, the junior creditor is required to promptly transfer those funds to the senior creditor. This clause ensures that the agreed priority of payments or asset distribution is maintained, thereby protecting the interests of the party with the superior claim and preventing disputes over entitlement.
POPULAR SAMPLE Copied 5 times
Turnover Condition. When the Base Building Work is in Turnover Condition (as defined below), subject to the remaining terms and provisions of this Section 3, Tenant shall have access to the Premises for the performance of portions of the Tenant Improvements as provided herein. Landlord shall continue to work diligently to timely achieve Substantial Completion of the remaining Base Building Work after the Turnover Condition Date (as defined below), which remaining Base Building Work may include that affecting the elevators, permanent power systems, HVAC/MEP systems, and common areas (e.g., restrooms, core areas, and electrical). For purposes of this Work Letter, (A) “Turnover Condition” means the date on which Landlord notifies Tenant in writing that the Building is in watertight condition and Tenant may (but shall not be obligated to), in the interest of time, enter the Premises to begin the performance of that portion of the Tenant Improvements (as defined in the Tenant Work Letter) consisting of MEP/Fire Protection rough-in work, and (B) “Turnover Condition Date” means the date on which Landlord notifies Tenant that the Base Building Work is in Turnover Condition. For the avoidance of doubt, the Turnover Condition Date is not synonymous with the Lease Commencement Date, i.e., the date of Substantial Completion of the Base Building Work. If Tenant so elects to enter upon the Premises on or after the Turnover Condition Date and prior to the date of Substantial Completion of the Base Building Work, Landlord and Tenant shall (and shall cause their respective agents, employees and contractors to) coordinate with each other so as to facilitate and not interfere with their respective work being performed in the Premises during such period. 21001083-v13 ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇—REGENXBIO INC.—Page 73
View Source

Related to Turnover Condition

  • SUPERIOR CONDITIONS 21.01 All existing benefits, rights, privileges, practices, terms or conditions of employment which may be considered to be superior to those contained herein and which are set out in Appendix 4 are specifically retained by this Agreement unless otherwise agreed by the local parties. The parties agree to remove from Appendix 4 those superior conditions which no longer have application. Where the parties cannot agree on whether a superior condition continues to have application, the issue will be reduced to a grievance and referred to arbitration. 21.02 The Union and the Participating Hospitals agree to establish a committee consisting of two (2) representatives of the Union and two (2) representatives of the Participating Hospitals to review the superior conditions appendices in each of the participating hospitals. This committee will report to their respective negotiating committees prior to the next round of central negotiations.

  • Other Conditions 4.1 The Bank may at any time vary, modify or amend the terms and conditions of the Program as it may, in its reasonable discretion, think fit, and the Cardholder shall be bound by such variations and amendments after such variations and amendments have been communicated to the Cardholder. 4.2 Any abuse or fraud in respect of the issuance of Points or redemption of Rewards (including any Points transfer to designated airlines’ programmes), may result in the cancellation of accrued Points and any Rewards already issued. 4.3 Without prejudice to any of the Bank’s rights and remedies, the Bank is entitled, at any time, in its reasonable discretion with reasonable notice, to terminate the Program or withdraw, cancel or invalidate any Reward and/ or Points already issued. 4.4 The Bank is not liable if it is unable to perform its obligations under these terms and conditions, due directly or indirectly to the failure of any machine or communication system, industrial dispute, war, Act of God, or anything outside the control of the Bank, its agents or any third party. The Bank shall not be responsible for any delay in the transmission to the Bank of evidence of Retail Purchases by the participating merchants or any other third party. 4.5 The Cardholder hereby authorizes the Bank to disclose information regarding himself/herself and his/her Card Account(s) to such third parties as the Bank deems necessary for the purposes of the Program. 4.6 The Bank’s records of all matters relating to this program are conclusive and binding on the Cardholder, save in the case of the Bank’s manifest or clerical error. The Bank is entitled to, for any reason and at any time, with reasonable notice, suspends the calculation or accrual of Points to rectify any errors in the calculation, or otherwise adjust such calculation. 4.7 The Bank’s decision on all matters relating to the Program shall be final and binding on the Cardholder. 4.8 Any redemption of any Reward shall be governed by the Citi ThankYou Rewards Program Terms and Conditions as amended from time to time.

  • Test conditions 6.1.1. The test shall be performed on a flat, dry concrete or asphalt surface affording good adhesion. 6.1.2. The ambient temperature shall be between 0°C and 45°C. 6.1.3. The horizontal visibility range shall allow the target to be observed throughout the test.

  • Weather Conditions In the event of temporary suspension of work or during inclement weather or whenever the OWNER shall direct, the CONSTRUCTION MANAGER will, and will cause its Subcontractors to protect carefully its and their work and material against damage or injury from the weather. If, in the opinion of the OWNER, any Work or material shall have been damaged or injured by reason of failure on the part of the CONSTRUCTION MANAGER or any of its Subcontractors so to protect his work, said materials shall be removed and replaced at the expense of the CONSTRUCTION MANAGER.

  • Adverse Weather Conditions Except in emergency conditions, the Employer shall not require an employee to work outside under extreme weather conditions.