Common use of Distributions not in Cash Clause in Contracts

Distributions not in Cash. If the Grantor receives or collects any Distribution which is not in cash, the Grantor shall agree with the Participant as to how to deal with and/or dispose of such non-cash Distribution, failing which such non-cash Distribution shall become part of the Participation Assets. Where the Grantor and the Participant agree to dispose of the non-cash Distribution, the Grantor shall have no liability whatsoever to the Participant or any other person with respect to the amount of any cash realised from such disposal of any non-cash Distribution. For the avoidance of doubt however, any cash (less any applicable fees, charges and taxes) realised from the disposal of a non-cash Distribution in respect of the Participation Assets shall be promptly paid by the Grantor to the Participant in accordance with this Agreement.