Net Recovery Proceeds means, with respect to any Recovery Event or Extraordinary Receipts, the gross cash proceeds (net of reasonable fees, costs and taxes actually incurred and paid in connection with such Recovery Event or Extraordinary Receipt and any required permanent payment of Indebtedness (other than Indebtedness secured pursuant to the Collateral Documents) which is secured by the property that is the subject of such Recovery Event) received by the respective Person in connection with such Recovery Event or Extraordinary Receipt.
Net Recovery Proceeds means, with respect to any Recovery Event, an amount equal to the sum of the aggregate cash payments received by the Borrower or any Subsidiary of the Borrower from such Recovery Event minus the direct costs and expenses incurred in connection therewith (including, without limitation, all legal fees and other professional fees) and minus any provision for taxes in respect thereof made in accordance with GAAP. Any proceeds, costs expenses or taxes denominated in a currency other than Dollars shall, for purposes of the calculation of the amount of Net Recovery Proceeds, be in an amount equal to the Dollar Equivalent thereof as of the date of receipt of such Net Recovery Proceeds by the Borrower or any Subsidiary of the Borrower.
Net Recovery Proceeds means any cash compensation or consideration received or recovered by a member of the Borrower Group from a Governmental Agency pursuant to or in respect of the cancellation, non-issue, suspension, variation or revocation of the Casino Licence (net of related fees, discounts, commissions, charges, expenses, withholdings and transaction costs properly incurred in achieving any such recoveries).
Examples of Net Recovery Proceeds in a sentence
The Distributions to be made in Cash under the terms of this Plan shall be funded from the Debtor’s Cash on hand as of and after the Effective Date and any Net Recovery Proceeds, consistent with the terms of this Plan.
The Plan provides that if a Class 5 claimant files a proof of claim, such claimant will only be entitled to share pro rata in the Texas Storm Causes of Action Net Recovery Proceeds.
The Distributions to be made in Cash under the terms of this Plan shall be funded from the Debtor's Cash on hand as of and after the Effective Date and any Net Recovery Proceeds, consistent with the terms of this Plan.
Aebisher, N.J., Brown, A.F., Eaton, M.A., Evans, A., Gibbons, D.W., Gregory, R.D., Hearn, R., Musgrove, A.J. and Noble, D.G. (2009).
Class 4 claimants, on the other hand, share pro rata in all of the Debtor’s remaining assets, including the Texas Storm Causes of Action Net Recovery Proceeds.
More Definitions of Net Recovery Proceeds
Net Recovery Proceeds. The amount of any gross Insurance Proceeds or Liquidation Proceeds received with respect to any Mortgage Loan minus the sum of (i) all unreimbursed Servicing Advances and Delinquency Advances, if any, with respect to such Mortgage Loan, (ii) without duplication, all accrued and unpaid Servicing Fees, if any, and (iii) without duplication, liquidation expenses.
Net Recovery Proceeds means, with respect to any Recovery Event, an amount equal to the cash payments received by or on behalf of the Parent or any of the Restricted Subsidiaries from such Recovery Event, net of (i) reasonable costs and expenses associated therewith, including fees and expenses of attorneys, accountants, insurance adjusters, appraisers, environmental consultants, engineers, architects and other professionals and consultants, (ii) any tax liability arising therefrom, and (iii) amounts applied to the repayment of Permitted Debt (other than the Secured Obligations) secured by a Lien permitted under Section 6.01 on the property subject to such Recovery Event.
Net Recovery Proceeds means, with respect to any Recovery Event, the aggregate cash payments received by Company or any Subsidiary from such Recovery Event minus (a) the costs and expenses incurred in connection therewith, including in connection with the sale of assets subject to such Recovery Event (or, if such costs or expenses have not yet then been incurred or invoiced, such Person’s good faith estimates thereof), (b) the payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than Indebtedness owed hereunder) required to be repaid as a result of such Recovery Event, (c) any provision for Taxes in respect thereof (including any Taxes imposed as a result of the repatriation of any such net proceeds) made, reasonably estimated to be payable or held in reserve in accordance with GAAP or other applicable accounting rules, (d) the amount of any reasonable reserves established by Company or any Subsidiary of Company to fund purchase price adjustment, contingent liabilities and fixed indemnification payments reasonably estimated to be payable; provided that any amount by which such reserves are reduced for reasons other than payment of any such purchase price adjustment, contingent liabilities or indemnification payments shall be considered “Net Recovery Proceeds” upon such reduction, (e) any liabilities associated with such asset or assets and retained by Company or any of its Subsidiaries after such Recovery Event, including pension and other post-employment benefit liabilities and liabilities related to Environmental Claims or against any indemnification obligations associated with the transaction, (f) all distributions and other payments required to be made to minority interest holders in Subsidiaries, Unrestricted Entities or joint ventures as a result of such Recovery Event, or to any other Person (other than Company or any of its Subsidiaries) owning a beneficial interest in the assets subject to such Recovery Event, and (g) in the case of a Recovery Event under clause (ii) of such definition, the costs and expenses of putting any affected property in a safe and secure position. Any proceeds received in a currency other than Dollars shall, for purposes of the calculation of the amount of Net Recovery Proceeds, be in an amount equal to the Dollar Equivalent thereof as of the date of receipt thereof by Company or any Subsidiary of Company.
Net Recovery Proceeds means 100% of the cash proceeds actually received by the Company or any of its Restricted Subsidiaries from a Recovery Event, net of related fees, taxes and transaction costs properly incurred in achieving any such recovery.
Net Recovery Proceeds means, with respect to any Recovery Event, an amount equal to the cash payments received by the Borrower or any of the Restricted Subsidiaries from such Recovery Event, net of (i) reasonable costs and expenses associated therewith, including fees and expenses of attorneys, accountants, insurance adjusters, appraisers, environmental consultants, engineers, architects and other professionals and consultants, (ii) any tax liability arising therefrom and (iii) amounts applied to the repayment of Indebtedness permitted under Section 7.02 (other than the Obligations and the Indebtedness described in Section 7.02(b)) secured by a Lien permitted under Section 7.04 on the property subject to such Recovery Event.
Net Recovery Proceeds. The amount of any gross Property Insurance Proceeds or Liquidation Proceeds received with respect to any Mortgage Loan or REO Property minus the sum of (i) all unreimbursed Servicing Advances, if any, with respect to such Mortgage Loan, (ii) all accrued interest on such Mortgage Loan at the applicable Net Mortgage Rate from the Due Date as to which interest was last paid by the related Mortgagor through the Due Date in the calendar month preceding the month in which Net Recovery Proceeds are required to be distributed on such Mortgage Loan, (iii) all accrued and unpaid Servicing Fees, if any, and (iv) without duplication, liquidation expenses.
Net Recovery Proceeds means the Cash or other amounts received by the Debtor, if any, from the pursuit of any Cause of Action (formally or informally) not released under the Plan, net of all costs and expenses deducted therefrom, to be distributed (Pro Rata) to holders of Allowed Other General Unsecured Claims, subject to all Claims of a higher priority being paid in full or adequate reserves being set aside in accordance with the Plan. Plan Art. I § 1.67.