Liquidation of Holdings. The Reclamation Fund Manager shall by February 1, 1999 confirm that the Parties have supplied accepted Surety Instruments in the value required. By March 1, 1999, the Reclamation Fund Manager for the percentage of which Surety Instruments meeting the criteria defined in 11.(b) (iii) shall convert tht percentage of the assets held by the Reclamation fund into cash by March 1, 1999.
Liquidation of Holdings. From time to time, some or all of the Account Owner’s holdings within the Investment Account may need to be liquidated and the proceeds transferred to the Cash Account in order to facilitate distributions or for other purposes described in this Agreement, such as to replenish the Cash Account so that its balance meets the Investment Transfer Threshold. In such situations, the Account Owner authorizes and directs the Custodian to liquidate holdings in the Investment Account (including within the HSBA, if applicable) on a pro-rata basis as needed. The Account Owner agrees that the Custodian shall have no liability for any consequences that may result from the liquidation of the Account’s holdings pursuant to this Section.
Liquidation of Holdings. The liquidation analysis assumes that, absent the transaction contemplated in the Plan, that Leucadia would foreclose on the Leucadia Credit Agreement, which contains a pledge on Holdings’ membership interests in FXCM; this foreclosure would forestall any further distributions through the waterfall – The analysis further assumes that there would be a concurrent liquidation of Holdings – Holdings’ assets include Cash and Equivalents of $0.7 million, Net Intercompany Receivables in the amount of $2.5 million, prepaid expenses in the amount of $0.2 million and the membership interest in FXCM – Recovery on Cash and Equivalents was estimated at 100%, recovery on the Net Intercompany Receivables was estimated between 90% and 100% – The main sources of value at Holdings is its membership interest in FXCM, which is shown as “Investment in FXCM” and based on the estimated book value as of the Conversion Date – The liquidation value of Holdings’ membership interest was estimated at 0%, based on the foreclosure of the Leucadia Credit Facility described above – The liquidation of Holdings resulted in a liquidation value of $2.1 million to $2.4 million net of U.S. Trustee Fee and $100,000 additional professional and legal expenses associated with the wind-down of Holdings – Given that Holdings’ net liquidation value is less than $172.5 million, which is the principal amount outstanding on the Mirror Notes, for purposes of the Liquidation Analysis it is estimated that there will be no distributions on the membership interest of Holdings ($ in Thousands) Dec-17 Recovery Estimate (%) Value ($) Cash and Equivalents $682 100 % 100 % 100 % $682 $682 $682 Investment in FXCM 116,080 0 % 0 % 0 % — — — Accounts Receivable 3 70 % 75 % 80 % 2 2 2 Prepaid Expenses 203 0 % 0 % 0 % — — — Net Intercompany Receivables 2,561 90 % 95 % 100 % 2,305 2,433 2,561 Deferred Financing Fees 813 0 % 0 % 0 % — — — Intangible Assets and Goodwill 872 0 % 0 % 0 % — — —
Liquidation of Holdings. In the case of Partners’ obligation to cause the matters contemplated by this Agreement to become effective, Holdings shall have deposited (a) with Partners in escrow a duly executed Certificate of Cancellation of Holdings’ Certificate of Limited Partnership with authorization to file with the Secretary of State of the State of Delaware immediately after the Liquidation and (b) immediately after the Contributions, the New Partners Units with the Distribution Agent pursuant to Article III of this Agreement.
