Examples of Net Recoveries in a sentence
In the event the total allowed claims against the GUC Trust are less than $125 million, the SAT’s share of Net Recoveries will be greater than 40% -- specifically, the SAT’s share of Net Recoveries will be determined by dividing $50 million into the total allowed claims against the GUC Trust.
To the extent that the Allowed CardConnect Claim is not paid in full by the Cash on Hand, Receivables, Intangibles and the Insider/Affiliate Claims and/or their respective proceeds, the Parties shall share the proceeds from any Net Recoveries (as defined in paragraph E above) from Avoidance Actions, such that the Trustee shall receive 70% of any Net Recoveries and CardConnect shall receive 30% of any Net Recoveries.
Under the GUC Trust Settlement Agreement, the SAT will be entitled to a distribution equal to at least forty percent (40%) of the Net Recoveries (as defined in the GUC Trust Settlement Agreement), if any, obtained by the GUC Trust in its action pending against certain of the Debtors’ pre-petition lenders (the “Original Lender Litigation”).