General Unsecured Claims Sample Clauses
The General Unsecured Claims clause defines the treatment of claims that are not backed by collateral or given priority status in a bankruptcy or restructuring process. It typically outlines how these claims will be recognized, classified, and paid, often specifying that they will be satisfied only after secured and priority claims have been addressed, and usually on a pro rata basis among all general unsecured creditors. This clause ensures clarity regarding the rights and expectations of creditors whose claims are not otherwise secured or prioritized, helping to allocate risk and establish the order of payments in insolvency proceedings.
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General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor against which such Allowed General Unsecured Claim is asserted agree to less favorable treatment for such Holder, in full satisfaction of each Allowed General Unsecured Claim against the Debtors, each Holder thereof shall receive (i) payment in cash in an amount equal to such Allowed General Unsecured Claim in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such Claim, or (ii) such other treatment so as to render such Claim Unimpaired. Unimpaired; deemed to accept Intercompany Claims No property will be distributed to the Holders of allowed Intercompany Claims. Unless otherwise provided for under the Plan, each Intercompany Claim will either be Reinstated or canceled and released. Unimpaired or Impaired; deemed to accept or deemed to reject Intercompany Interests Intercompany Interests will receive no recovery or distribution and be Reinstated solely to the extent necessary to maintain the Debtors’ corporate structure. Unimpaired or Impaired; deemed to accept of deemed to reject Subordinated Claims All Subordinated Claims, if any, shall be discharged, cancelled, released, and extinguished as of the Plan Effective Date, and will be of no further force or effect, and Holders of Allowed Subordinated Claims will not receive any distribution on account of such Allowed Subordinated Claims. Impaired; deemed to reject Existing Equity Interests All Existing Equity Interests will be cancelled, released, and extinguished as of the Plan Effective Date, and Holders of Existing Equity Interests shall not receive or retain any property under the Plan on account of such Existing Equity Interests. Notwithstanding the foregoing, each Holder of Existing Equity Interests that consents to the Holder Releases will receive, from amounts that Holders of Loan Claims would otherwise be entitled to receive under the Plan, its pro rata share of 100% of the New Warrants, subject to the distribution considerations set forth below. For the avoidance of doubt, the Holders of Loan Claims shall, with immediate effect upon entering the RSA, relinquish all right to and/or claim in or to receive the new Warrants when issued under the Plan. The New Warrants will be issued at a ratio of approximately one (1) New Warrant for each 20,000 shares of common stock (or equivalent) of the Existing Equity Interests or such other ratio as determi...
General Unsecured Claims. Except to the extent that a holder of an allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such Claim, each holder thereof shall receive, at the option of the Plan Sponsors: (a) reinstatement of such allowed General Unsecured Claim pursuant to section 1124 of the Bankruptcy Code; (b) payment in full in cash on the later of (i) the Effective Date or as soon as reasonably practicable thereafter, or (ii) the date such payment is due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such allowed General Unsecured Claim; or (c) such other treatment rendering such general unsecured claim unimpaired in accordance with section 1124 of the Bankruptcy Code.3 Unimpaired / Deemed to Accept
General Unsecured Claims. General unsecured claims, if any, against Propco (“Propco General Unsecured Claims”), including without limitation deficiency claims of Mortgage Lenders, swap claims of Deutsche Bank AG (“Swap Counterparty”) and any allowed prepetition claims of Opco against Propco.
General Unsecured Claims. If Class 5 General Unsecured Claims votes to accept the Plan, each holder of an allowed General Unsecured Claim4 will receive its pro rata share of the Accepting Unsecured Claims Cash Pool. If Class 5 General Unsecured Claims votes to reject the Plan, each holder of an allowed General Unsecured Claim will receive its pro rata share of the Rejecting Unsecured Claims Cash Pool. Notwithstanding the foregoing, a convenience class may be established under the Plan pursuant to section 1122 of the Bankruptcy Code (with such Plan provision being acceptable to the Required First Lien Lenders) to provide distributions up to an aggregate amount of cash to be specified under the Plan.
General Unsecured Claims. The “General Unsecured Claims” consist of all Claims as of the Petition Date (other than the Unsecured Notes Claims, the RBS Guaranty Claims, the DNB Guaranty Claims, and the Intercompany Claims (as defined below)) that are neither secured nor entitled to priority under the Bankruptcy Code or any order of the Bankruptcy Court. Intercompany Claims: The “Intercompany Claims” consist of all Claims against GulfMark Parent by a wholly-owned (directly or indirectly) subsidiary of GulfMark Parent, except any DNB DIP Facility Claims (defined below). GulfMark Parent Interests: The “GulfMark Parent Interests” consist of all Interests in GulfMark Parent.
General Unsecured Claims. General Unsecured Claims" means allowed general unsecured claims against the Debtors, excluding (i) claims on account of the Cray Unsecured Debentures and (ii) any deficiency claims on account of the 6.50% Secured Notes and the 11.75%
General Unsecured Claims. On the Effective Date, except to the extent that a holder of a General Unsecured Claim agrees to different treatment, the Company or Reorganized Company, as applicable, will continue to pay or dispute each General Unsecured Claim in the ordinary course of business as if the Chapter 11 Cases had never been commenced; provided, however, that if the Unsecured Note Claims is a Rejecting Class then the distributions to be received by the General Unsecured Claims shall be modified so as to comply with section 1129(b) of the Bankruptcy Code, subject to the Consenting Third Lien Noteholders’ rights under Section 9 of the Restructuring Support Agreement. Unimpaired – Presumed to Accept (subject to the proviso above and in Footnote 2 relating to the Unsecured Note Claims being a Rejected Class) Intercompany Claims: All Intercompany Claims will be paid, adjusted, reinstated or discharged as determined by the Company, subject to the consent of the Requisite Third Lien Noteholders and Requisite Unsecured Noteholders, which consent shall not be unreasonably withheld. Unimpaired – Presumed to Accept
General Unsecured Claims. In full satisfaction of each Allowed General Unsecured Claim, each Holder thereof shall receive: (a) payment in Cash in an amount equal to such Allowed General Unsecured Claim on the later of (i) the Effective Date, or (ii) the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction or agreement giving rise to such Allowed General Unsecured Claim; or (b) such other treatment as may be required so as to render such Allowed General Unsecured Claim Unimpaired. Unimpaired; deemed to accept.
General Unsecured Claims. Each holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of such Allowed General Unsecured Claim, payment in full in cash in the ordinary course of business, as and when due and payable, or such other treatment as may be required to allow such Allowed General Unsecured Claim to “ride through” the Chapter 11 Cases. Unimpaired - Deemed to Accept
General Unsecured Claims. Each holder of a general unsecured claim (the “General Unsecured Claims”) (if and to the extent any such General Unsecured Claim has not been paid, including in connection with any “critical vendor” or “first day” orders of the Bankruptcy Court) shall receive cash in an amount equal to such General Unsecured Claim on the later of: (a) the Effective Date; or (b) the date due in the ordinary course of business in accordance with the terms and conditions of the particular transaction, contract or other arrangement giving rise to such General Unsecured Claim.