Unsecured Claims. On or as soon as reasonably practicable after the Effective Date, each holder of Unsecured Claims will receive at its option, subject to the Cash Cap as hereinafter defined, (x) its pro rata share of New Common Stock or Special Warrants exercisable for Warrant Shares, with such New Common Stock and Warrant Shares constituting 10% of the New Common Stock of Reorganized Citadel issued on the Effective Date, subject to the allocation mechanism described on Annex I hereto and dilution for the Equity Incentive Program described herein; provided that for any holder of an Unsecured Claim to receive New Common Stock, it must deliver to the Debtors and the Agent a completed FCC Worksheet by a date certain to be specified by the Agent (but no earlier than the deadline fixed by the Bankruptcy Court for creditors to vote to accept or reject the Plan and no later than 30 days before the anticipated Effective Date of the Plan); or (y) cash in an amount equal to 5% of the allowed amount of its Unsecured Claim, provided that the aggregate amount of cash distributed pursuant to this clause (y) shall not exceed $2,000,000 the (“Cash Cap”) and such cash shall be distributed among electing holders in inverse order of the respective dollar amounts of their allowed claims (i.e., first to the smallest in dollar amount of any such claim and last to the largest in dollar amount of any such claim); provided, further, that once the Cash Cap is exhausted, any electing holders that did not receive cash shall be treated like all non-electing holders and receive their pro rata share of the Unsecured Claims Equity Distribution pursuant to clause (x) above. If the holders of Convertible Subordinated Notes vote to accept the Plan and do not object to, or otherwise oppose, confirmation of the Plan, the Agent and the Lenders will not enforce their contractual rights to compel Debtors to turn the distribution to such holders over to the Agent for pro rata distribution to the Lenders.
Unsecured Claims. General Unsecured Amount payable on general unsecured claims to be agreed between the Debtors and the Steering Committee, but not to exceed $100,000 unless the Debtors and the Steering Committee in their judgment conclude that it would be cost effective to agree to a higher number. • Insured Claims A holder of an allowed claim that is an insured claim shall be paid in the ordinary course of the business of the Reorganized Debtors from the proceeds of any insurance policy covering such claims maintained by or for the benefit of the Debtors or the Reorganized Debtors. • USSP Prepetition Equity Interests On the Effective Date, all USSP Prepetition Equity Interests shall be deemed cancelled and extinguished and the holders of USSP Prepetition Equity Interests shall not be entitled to, and shall not receive or retain, any property or interest in property on account of such Prepetition Equity Interests under the Plan. Holders of USSP Prepetition Equity Interests shall not be required to surrender their certificates or other interests evidencing ownership of such Prepetition Equity Interests. • GP Prepetition Equity Interests On the Effective Date, all prepetition equity interests in USSGP (“GP Prepetition Equity Interests”) shall be deemed cancelled and extinguished and the holders of GP Prepetition Equity Interests shall not be entitled to, and shall not receive or retain, any property or interest in property on account of such Prepetition Equity Interests under the Plan. Holders of GP Prepetition Equity Interests shall not be required to surrender their certificates or other interests evidencing ownership of such Prepetition Equity Interests.
Unsecured Claims. To obtain the determination that the Xxxxxx Funds Claims are FX/Unsecured Claims, the RCM Trustee shall take such action as may be necessary or advisable including obtaining a termination of the stay relating to the adversary proceeding brought by the holders of the Xxxxxx Funds Claims.
Unsecured Claims. The Company will determine the value of any unsecured claims each Signatory has against the Company (which claims will principally arise from: (i) the value of the Signatory’s rehypothecated long positions; (ii) the Signatory’s cash balances (for those clients that were not entitled to client money protection under FSA rules); and (iii) amounts owed to the Signatory under financial contracts, such as derivatives). The Agreement provides for rehypothecated long positions to be valued as of the last business day prior to the date of administration (i.e., 12 September 2008) (based on the rationale that the Company used the value of the rehypothecated long positions to obtain financing that was then provided to clients as margin debt). Financial contracts that have been closed out will be valued based on the close-out amounts determined in the manner set out in the contracts. Open financial contracts will be automatically closed out on the last business day of the month in which the Signatory enters into the Agreement. The Agreement sets out different methodologies to be used in determining the value of the close-out amounts under these financial contracts.
Unsecured Claims. General Unsecured On the Effective Date, the Plan Administrator shall be provided with an amount to be agreed upon by the Term Lenders (the “General Unsecured Claims Fund”) to pay holders of allowed general unsecured claims. On the Effective Date, each holder of an allowed unsecured claim shall receive its pro rata share of the General Unsecured Claims Fund. The Plan shall provide a mechanism for delaying distribution to holders of general unsecured claims pending a resolution of disputed general unsecured claims. The Plan will provide a release of all Chapter 5 causes of action against any person who provided goods and services in the ordinary course of business.2 _________________________ 2 Subject to review of potential claims by Term Loan Lenders. Equity Interests Holders of equity interests in the Company will not receive or retain any property or interest on account of their interests, and all such interests will be cancelled and extinguished.
Unsecured Claims. Claims arising out of interest on unsecured claims accruing after the opening of the insolvency proceedings.
Unsecured Claims. The Bank shall not be obligated to reserve or otherwise set aside funds for the payment of its obligations hereunder, and the rights of Executive under this -7- Agreement shall be an unsecured claim against the general assets of the Bank. All amounts due Executive or Beneficiaries under this Agreement shall be paid out of the general assets of the Bank.
Unsecured Claims. No provision of this Amendment will be construed as an agreement by AVSA to limit any unsecured claim it may have against Northwest or any of its Affiliates.
Unsecured Claims. SunTrust, as Trustee for the Series 2001A-1 Bonds, and HSBC, as Trustee for the 2001A-2 Bonds, shall have, for the benefit of the Holders thereof, an allowed general unsecured claim equal to the principal balance outstanding of the Series 2001A-1 Bonds and Series 2001A-2 Bonds (referred to collectively herein as the "Series 0000X Xxxxx"), respectively, plus interest computed at the rate and in the amount provided for in the applicable Bond Agreements after a default for the period commencing on the date of the last pre-petition payment on the respective Bonds and continuing through and including the Effective Date (hereinafter defined) of the Plan (respectively, the "Series 2001A-1 Unsecured Claim" and the "Series 2001A-2 Unsecured Claim").
Unsecured Claims. U.S. Bank, as Trustee for the Series 2000A Bonds, shall have, for the benefit of the Holders thereof, an allowed general unsecured claim equal to the principal balance outstanding of the Series 2000A Bonds plus interest computed at the rate and in the amount provided for in the Series 2000A Bond Agreements after a default for the period commencing on the date of the last pre-petition payment and continuing through and including the Effective Date of the Plan (the "Series 2000A Unsecured Claim").
