Non Cash Recoveries. (a) Subject to paragraph (b) below, if, pursuant to Clause 14.1 (Order of application), a Senior Creditor or a Junior Lender receives Non-Cash Recoveries for application towards the discharge of any Liabilities, that Creditor shall apply those Non-Cash Recoveries in accordance with the relevant Note Agreement, Junior Financing Document or the Senior Loan Agreement as if they were Cash Proceeds.
(b) The Senior Creditors or a Junior Lender, as applicable, may:
(i) use any reasonably suitable method of distribution, as it may determine in its discretion, to distribute those Non-Cash Recoveries in the order of priority that would apply under the relevant Note Agreement, Junior Financing Document or the Senior Loan Agreement if those Non-Cash Recoveries were Cash Proceeds;
(ii) hold any Non-Cash Recoveries through another person.
Non Cash Recoveries. Recoveries shall include cash recoveries plus substantial non-cash recoveries, whether awarded by settlement or final judgment in any legal action. “
Non Cash Recoveries. To the extent the Relevant Designated Representative receives or recovers any Non-Cash Recoveries, it may (acting on the instructions of (x) so long as the Discharge of Senior Obligations has not occurred, the Required Senior Creditors or (y) after the Discharge of Senior Obligations, the Required Second Priority Creditors) or pursuant to the Collateral Trust Agreement if all Second Priority Debt is subject to the Collateral Trust Agreement) but without prejudice to its ability to exercise discretion under Section 4.02:
(a) distribute those Non-Cash Recoveries pursuant to Section 4.01 as if they were cash proceeds;
(b) hold, manage, exploit, collect, realize and dispose of those Non-Cash Recoveries; and
(c) hold, manage, exploit, collect, realize and distribute any resulting cash proceeds.
Non Cash Recoveries. (a) Subject to paragraph (b) below and to Clause 13.4 (Alternative to Non-Cash Consideration), if, pursuant to Clause 16.1 (Order of application), an External Creditor and/or the relevant Creditor Representative receives Non-Cash Recoveries for application towards the discharge of any Liabilities, that External Creditor and/or relevant Creditor Representative (as applicable) shall apply those Non-Cash Recoveries in accordance with the relevant Debt Documents as if they were Cash Proceeds.
(b) An External Creditor may:
(i) use any reasonably suitable method of distribution, as it may determine in its discretion, to distribute those Non-Cash Recoveries in the order of priority that would apply under the relevant Debt Document if those Non-Cash Recoveries were Cash Proceeds;
(ii) hold any Non-Cash Recoveries through another person; and
(iii) hold any amount of Non-Cash Recoveries for so long as that External Creditor shall think fit for later application pursuant to paragraph (a) above.
Non Cash Recoveries. 1Security Agent and Non-Cash Recoveries To the extent the Security Agent receives or recovers any Non-Cash Recoveries, it may (acting on the instructions of the Majority Senior Creditors) but without prejudice to its ability to exercise discretion under Clause 14.2 (Prospective liabilities)):
Non Cash Recoveries. In the event the Company receives any non-cash recoveries from the disposition of the Liquidating Assets, and subject to the direction of the Board of Directors, Wexford may (i) hold such recoveries in the name of the Company for such period as the Board of Directors deems is practical to maximize the value of such recoveries, (ii) sell such recoveries for cash as the Board of Directors deems is in the best interest of the Company, and (iii) hold and dispose of any securities received in accordance with applicable securities laws. All proceeds received from the sale of any non-cash recoveries shall be Company funds and shall be retained pending disposition by the Company.
Non Cash Recoveries
