Common use of Special Provisions Regarding Insured Claims Clause in Contracts

Special Provisions Regarding Insured Claims. Plan Distributions to each holder of an allowed Insured Claim against any Debtor shall be in accordance with the treatment provided under the Plan for the Class in which such Allowed Insured Claim is classified; provided, however, that for purposes of calculating the Allowed amount of such Claim entitled to Plan Distribution there shall be deducted from such Claim: (i) the amount of any insurance proceeds actually received by such holder in respect of such Allowed Insured Claim and (ii) with respect to any Section 510(b) Claim any payment by a Debtor to the holder of such claim from the Debtors’ self insured retention amount. The Debtors shall be authorized to pay from cash an amount up to an aggregate cap of $300,000, the self-insured portion of any settlement of the Securities Class Action. Nothing in this Section 13.3 shall constitute a waiver of any claim, right, or Cause of Action the Debtors or their Estates may hold against any Person, including any insurer. Pursuant to section 524(e) of the Bankruptcy Code, nothing in the Plan shall release or discharge any insurer from any obligations to any Person under applicable law or any policy of insurance under which a Debtor is an insured or beneficiary.

Special Provisions Regarding Insured Claims. Plan Distributions to each holder of an allowed Insured Claim against any Debtor shall be in accordance with the treatment provided under the Plan for the Class in which such Allowed Insured Claim is classified; provided, however, that there shall be deducted from any Plan Distribution on account of an Insured Claim, for purposes of calculating the Allowed amount of such Claim entitled to Plan Distribution there shall be deducted from such Claim: (i) , the amount of any insurance proceeds actually received by such holder in respect of such Allowed Insured Claim and (ii) with respect to any Section 510(b) Claim any payment by a Debtor to the holder of such claim from the Debtors’ self insured retention amount. The Debtors shall be authorized to pay from cash an amount up to an aggregate cap of $300,000, the self-insured portion of any settlement of the Securities Class ActionClaim. Nothing in this Section 13.3 shall constitute a waiver of any claim, right, or Cause of Action the Debtors or their Estates may hold against any Person, including any insurer. Pursuant to section 524(e) of the Bankruptcy Code, nothing in the Plan shall release or discharge any insurer from any obligations to any Person under applicable law or any policy of insurance under which a Debtor is an insured or beneficiary.