Common use of EXCEPTIONS TO SHARING OF RECOVERIES Clause in Contracts

EXCEPTIONS TO SHARING OF RECOVERIES. Notwithstanding the foregoing provisions of this Clause 21.1 (Pro Rata Payments), no Recovering Bank will be obliged to share any Recovery which it receives pursuant to legal proceedings taken by it to recover any sums owing to it under the Senior Finance Documents with any other party which has a legal right to, but does not, either join in such proceedings or commence and diligently pursue separate proceedings to enforce its rights in the same or another court (unless the proceedings instituted by the Recovering Bank are instituted by it without prior notice having been given to such party through the Facility Agent).

EXCEPTIONS TO SHARING OF RECOVERIES. Notwithstanding the foregoing provisions of this Clause 21.1 (Pro Rata Payments)sub-clause 23.4, no Recovering Bank will be obliged to share any Recovery which it receives pursuant to legal proceedings taken by it to recover any sums owing to it under the Senior Finance Documents with which any other party which has a legal right to, but does not, either join in such proceedings or commence and diligently pursue separate proceedings to enforce its rights in the same or another court (unless the proceedings instituted by the Recovering Bank are instituted by it without prior notice having been given to such party through the Facility Agent).