ION NZ and ION US Sample Clauses

ION NZ and ION US. ION Consolidated Group’s foreign subsidiaries are located in New Zealand (4 companies), referred to in this report as ION NZ and in the USA (3 companies), referred to as ION US. None of these entities is in any form of insolvency administration. They operate under the control of their directors, with the benefit of loans from the ION Administration Group, which have been provided on a secured basis, and with a Standstill Agreement from the MOFA Lenders. The Administrators monitor the operations of ION NZ and ION US, and are facilitating sales of their businesses in conjunction with the directors of those entities. The proceeds of those sales will be distributed, in the case of ION NZ, in the manner set out in section 7.1, and in the case of ION US, as set out in section 8.2. Creditors of the Pooled Entities are expected to have access to the sale proceeds of one of the ION NZ entities (which is a party to the Deed of Cross Guarantee) via contributions expected to be made by that entity into the DOCA. ION US is not a party to the Deed of Cross Guarantee, consequently the proceeds of its sale will flow to its direct creditors, which include the Lenders to the ION Consolidated Group.
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