Proposal for the Subclass of Local Noteholders Unsecured Creditors Sample Clauses

Proposal for the Subclass of Local Noteholders Unsecured Creditors. In the event of compliance with the Conditions (as defined below), the claims of the Local Noteholders will be restructured under the terms set forth in this letter A. of Section IX. The maturity of the Notes will be extended for a maximum period of 90 days from the date on which the Deliberative Meeting is held (hereinafter, the “Extension of the Local Notes”), unless prior to that date it becomes certain that the Conditions will not be verified, in which period the Extension of the Local Notes will expire on the day on which said conditions have failed, unless the Creditors Committee resolves to maintain the Extension of the Local Notes as provided in Section XVII of this Agreement. While the Local Note Extension is in effect, Local Noteholders agree not to initiate or continue, individually or collectively, any enforcement proceeding, to the extent the Conditions are pending. As long as the Conditions are not satisfied, the Local Notes will remain in force under their original terms (including interest accrued after the reorganization request). Once the Conditions have been met, the Local Notes will be fixed as if they had been rescheduled on the day of the Deliberative Meeting, according to the balance of unpaid principal and interest accrued up to that date. The conventional interest and those that have accrued during the moratorium period (i.e. until the date on which the Deliberative Meeting is held) will be calculated in accordance with the rate originally agreed therein, excluding the payment of penal interest, fines and collection expenses which, if any, will be expressly forgiven. Interest accrued up to the date of the Deliberative Meeting will be capitalized on that date. In the event that stamp tax is to be paid for this concept, if applicable, these shall be the sole responsibility of the Debtor Company, and shall be paid in a timely manner at the request of any Creditor. Once the Conditions have been satisfied, the provisions of this point A shall apply.
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