Common use of Turnover of Proceeds Clause in Contracts

Turnover of Proceeds. If any Second Lien Secured Party obtains possession of any Shared Collateral or realizes any proceeds or payment in respect of any such Shared Collateral other than pursuant to the terms of the Second Lien Parity Intercreditor Agreement, at any time prior to the discharge of each of the Second Lien Obligations, then it will hold such Shared Collateral, proceeds or payment in trust for the other Second Lien Secured Parties and promptly transfer such Shared Collateral, proceeds or payment, as the case may be, to the Controlling Collateral Agent, to be distributed in accordance with the “Priority of Claims” provision above.

Turnover of Proceeds. If any Second First Lien Secured Party obtains possession of any Shared Collateral or realizes any proceeds or payment in respect of any such Shared Collateral other than pursuant to the terms of the Second First Lien Parity Intercreditor Agreement, at any time prior to the discharge of each of the Second First Lien Obligations, then it will hold such Shared Collateral, proceeds or payment in trust for the other Second First Lien Secured Parties and promptly transfer such Shared Collateral, proceeds or payment, as the case may be, to the Controlling Collateral Agent, to be distributed in accordance with the “Priority of Claims” provision above.