AVAILABLE TO FMP, ANY OTHER DEBTOR AND/OR
THE TRUST, THE MAGNETEK PARTIES THEREAFTER ALSO WILL RETAIN THE SAME RIGHTS AND
MAY PURSUE SIMILAR RIGHTS AGAINST THE ISSUER(S) OF SUBJECT POLICIES NOT
OTHERWISE FULLY EXHAUSTED, DISCHARGED OR RELEASED.
2.2.
PROVISION OF QUARTERLY STATUS REPORTS TO THE MAGNETEK PARTIES.
FMP AND/OR THE TRUST, AS APPLICABLE, SHALL PROVIDE THE MAGNETEK PARTIES WITH
QUARTERLY STATUS REPORTS CONCERNING THE EFFORTS OF FMP AND/OR THE TRUST TO
PURSUE RECOVERIES UNDER THE SUBJECT POLICIES UNTIL SUCH TIME AS THE MAGNETEK
PARTIES SHALL HAVE RECEIVED INSURANCE PROCEEDS IN AN AMOUNT EQUAL TO THE
SETTLEMENT LIMIT.
SUCH QUARTERLY STATUS REPORTS SHALL INCLUDE, BUT SHALL NOT
NECESSARILY BE LIMITED TO, INFORMATION CONCERNING (I) ALL SETTLEMENTS REACHED
WITH ISSUERS OF THE SUBJECT POLICIES (OR THEIR SUCCESSORS) DURING THE PRECEDING
QUARTER, (II) COLLECTION EFFORTS UNDER ANY SETTLEMENTS REACHED WITH ISSUERS OF
THE SUBJECT POLICIES (OR THEIR SUCCESSORS) PRIOR TO THE DATE OF THE QUARTERLY
STATUS REPORT, AND (III) THE STATUS OF ANY LITIGATION RELATING TO THE PURSUIT OF
INSURANCE PROCEEDS.
NOTHING IN THIS SECTION 2.2 OR ANY OTHER PROVISION OF THIS
SETTLEMENT AGREEMENT SHALL BE DEEMED TO REQUIRE FMP AND/OR THE TRUST TO DISCLOSE
TO THE MAGNETEK PARTIES, OR ANY OF THEM, ANY CONFIDENTIAL INFORMATION CONCERNING
SETTLEMENT DISCUSSIONS OR NEGOTIATIONS WITH ANY ISSUER(S) OF ANY SUBJECT
POLICIES (OR THEIR SUCCESSORS).
2.3.
IMPLEMENTATION THROUGH PLAN OR MODIFIED PLAN.
THE FEDERAL-MOGUL
PARTIES, THE ACC AND THE FCR SHALL ENSURE THAT THE PLAN OR MODIFIED PLAN (AS
APPLICABLE) IMPLEMENTS THE TERMS OF THIS SETTLEMENT AGREEMENT.
III. RELEASES AND RELATED MATTERS
3.1.
RELEASES BY THE MAGNETEK PARTIES AND LIMITED RELEASE BY MAGNETEK
NATIONAL ELECTRIC COIL.
3.1.1.
RELEASE OF CLAIMS AGAINST DEBTORS AND NON-DEBTOR AFFILIATES.
3.1.1(A).
RELEASES BY THE MAGNETEK PARTIES.
FROM AND AFTER THE APPROVAL DATE,
EACH OF THE MAGNETEK PARTIES (ON BEHALF OF THEMSELVES AND THEIR PAST AND PRESENT
AFFILIATES, EXCEPT AS IDENTIFIED BELOW) HEREBY FOREVER RELEASES AND DISCHARGES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE DEBTORS AND ALL
OF THEIR RESPECTIVE PREDECESSORS, SUCCESSORS, ASSIGNS, AND PAST AND PRESENT
AFFILIATES, AND THEIR RESPECTIVE AGENTS, OFFICERS, DIRECTORS, EQUITY HOLDERS,
CONSULTANTS, EMPLOYEES, ATTORNEYS, ACCOUNTANTS, FINANCIAL ADVISORS, AND OTHER
REPRESENTATIVES OF ANY KIND (IN THEIR CAPACITIES AS SUCH) FROM ANY AND ALL PAST,
PRESENT, OR FUTURE CLAIMS, DEMANDS, CAUSES OF ACTION, DAMAGES, LIABILITIES AND
OBLIGATIONS WHATSOEVER (WHETHER REDUCED TO JUDGMENT, LIQUIDATED, UNLIQUIDATED,
FIXED, CONTINGENT, MATURED, UNMATURED, DISPUTED, UNDISPUTED, LEGAL, EQUITABLE,
SECURED OR UNSECURED, AND WHETHER IN THE NATURE OF OR SOUNDING IN TORT, OR UNDER
CONTRACT OR ANY OTHER THEORY OF LAW, EQUITY, OR ADMIRALTY), INCLUDING ANY OF THE
FOREGOING BASED ON OR RELATED TO ACTS OR OMISSIONS THAT CONSTITUTED OR MAY HAVE
CONSTITUTED ORDINARY OR GROSS NEGLIGENCE OR RECKLESS, WILLFUL OR WANTON
MISCONDUCT, OR ANY CONDUCT WHICH MAY RESULT IN STRICT LIABILITY UNDER ANY
APPLICABLE LAW, ARISING OUT OF, RESULTING FROM OR RELATING TO, DIRECTLY OR
INDIRECTLY, THE MAGNETEK PARTIES' CLAIMS.
5
3.1.1(B).
RELEASES BY MAGNETEK NATIONAL ELECTRIC COIL, INC.
FROM AND AFTER THE
APPROVAL DATE, MAGNETEK NATIONAL ELECTRIC COIL, INC. HEREBY