Common use of TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN Clause in Contracts

TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. Administrative Expense Claims Holders of an administrative expense claim shall be paid in full, in cash, on the Effective Date; provided, that, (a) administrative expense claims incurred in the ordinary course will be paid in accordance with their terms and (b) fees and expenses of professionals retained under section 327 or 1103 of the Bankruptcy Code will be paid in accordance with the procedures established by the Bankruptcy Court. Priority Tax Claims Holders of priority tax claims shall be paid in full, in cash, on the Effective Date or treated in an alternative manner consistent with the Bankruptcy Code and determined by the Debtors and the Supporting Noteholders, acting reasonably and in good faith. Other Priority Claims Holders of other priority claim shall be paid in full, in cash, on the Effective Date or treated in an alternative manner consistent with the Bankruptcy Code and determined by the Debtors and the Supporting Noteholders, acting reasonably and in good faith. Other Secured Claims On the Effective Date, to the extent there exist any claims against the Debtors secured by liens other than as set forth in this Restructuring Term Sheet, all such secured claims allowed as of the Effective Date will be satisfied at the option of the Debtors, with the consent of the Supporting Noteholders, by either (a) payment in full in cash, (b) reinstatement pursuant to section 1124 of the Bankruptcy Code, or (c) such other recovery necessary to satisfy section 1129 of the Bankruptcy Code.

TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN. Administrative Expense Claims Holders of an All administrative expense claim shall claims will be paid in full, in cash, on the Effective Date; provided, provided that, (ai) administrative expense claims incurred in the ordinary course will be paid in accordance with their terms and (bii) fees and expenses of professionals retained under section 327 or 1103 of the Bankruptcy Code will be paid in accordance with the procedures established by the Bankruptcy Court. Priority Tax Claims Holders of All priority tax claims shall will be paid in full, in cash, on the Effective Date or treated in an alternative manner consistent with the Bankruptcy Code and determined by the Debtors and the Supporting Majority Noteholders, acting reasonably and in good faith. Other Unsecured Priority Claims Holders of other All unsecured priority claim shall claims will be paid in full, in cash, on the Effective Date or treated in an alternative manner consistent with the Bankruptcy Code and determined by the Debtors and the Supporting Majority Noteholders, acting reasonably and in good faith. Other Secured Claims DIP Facility On the Effective Date, all outstanding amounts under the DIP Facility shall be converted into New Common Stock at a 20% discount to the extent there exist any claims against the Debtors secured by liens other than Plan value with such Plan value determined as set forth above. Revolving Credit Facility On the Effective Date, the $50 million in this Restructuring Term Sheet, all such secured claims allowed as outstanding revolving loans plus any accrued interest(1) shall be satisfied in full with proceeds of the Effective Date Exit Facility, or will be satisfied at the option of the Debtors, with the consent of the Supporting Noteholders, by either (a) payment in full in cash, (b) reinstatement pursuant to section 1124 of the Bankruptcy Code, or (c) afforded such other recovery necessary to satisfy section 1129 of treatment as agreed by the Bankruptcy CodeRevolving Lenders and the Majority Noteholders.