Composition Claim definition

Composition Claim means a 113 Claim against the Issuer, as defined in Article 29 paragraph one, cf. Article 28
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Composition Claim means a 113 Claim against the Issuer, as defined in Article 29 paragraph one, cf. Article 28(6) of the Bankruptcy Act, of an amount greater than ISK1,700,000, being a de-minimis payment.
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Composition Claim means an unsecured claim against the Company, cf. the definition in the first paragraph of Art. 29, cf. also the first paragraph of Art. 28, of the Act on Bankruptcy etc., in an amount exceeding ISK 11,821,975;
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Examples of Composition Claim in a sentence

  • This Creditor would therefore receive a proportionate amount of Bonds and Shares pursuant to the Composition Proposal even though the transferred part of the relevant Composition Claim would not exceed the Securities Distribution Threshold.

  • Upon the conversion of any Bonds into Shares as described in Section 6.6.2(c) below, Shares will not (at the time of conversion) be issued to the holder of any Composition Claim which remains a Contingent Claim or a Disputed Claim at such time.

  • Conditional upon the Composition Proposal being approved by the requisite majority of Composition Creditors and confirmed by the Courts, and subject always to the application of the aforementioned provisions of the Bankruptcy Act, after the Effective Date has occurred, a De minimis Payment shall be made to each holder of a recognized Composition Claim, equivalent to the lesser of (i) ISK 1,700,000 or (ii) the full amount of such Creditor’s 113 Claim.

  • In the event that the court rejects the right of set-off and the Claim has no other priority awarded to it, the Claim in question may be regarded as a Composition Claim to the extent the general requirements of Chapter XVIII of the Bankruptcy Act are met.

  • This Agreement shall provide that to the extent such Disputed Claim or Contingent Claim is resolved and becomes a recognized Composition Claim, the Securities Escrow Agent shall transfer the number of Bonds that such Composition Creditor is entitled to receive in respect of such resolved Composition Claim.

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  • Payment of a Composition Claim in accordance with the provisions of the Composition shall be a full and final settlement of the Composition Claim as if though it had been fully paid in accordance with its original terms.

  • As set out in Sections 6.2.1 and 6.3, to the extent a Disputed Claim is disallowed by final court order or a Contingency Claim does not become a Composition Claim, LBI may cancel the Bonds held with the Securities Escrow Agent corresponding to the number of Bonds to which the relevant Creditor would have been entitled if such disallowed Claim had instead become a Composition Claim.

  • In the event that it becomes certain that a Contingent Claim or a Disputed Claim will not be recognized as a Composition Claim, in part or in whole, any Contingent Subscription Rights relating to the finally rejected Contingent Claim or Disputed Claim (or portion thereof) will be cancelled and no Shares will be issued in respect thereof.

  • Obligations hereunder shall at all times be guaranteed by Fostxx Xxxxxxx XXX Corporation, Fostxx Xxxxxxx Xxxrgy International, Inc.


More Definitions of Composition Claim

Composition Claim means a 113 Claim against LBI, as defined in Article 29
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Related to Composition Claim

  • Rejection Claim means a Claim arising from the rejection of an Executory Contract or Unexpired Lease pursuant to section 365 of the Bankruptcy Code.

  • Proven Claim means (a) a Claim of a Creditor, Finally Determined as an Allowed Claim for voting, distribution and payment purposes under the Plan, (b) in the case of the Participating CCAA Parties in respect of their CCAA Party Pre-Filing Interco Claims, and in the case of the Non-Filed Affiliates in respect of their Non-Filed Affiliate Unsecured Interco Claims and Non- Filed Affiliate Secured Interco Claims, as such Claims are declared, solely for the purposes of the Plan, to be Proven Claims pursuant to and in the amounts set out in the Amended and Restated Meetings Order, and (c) in the case of Employee Priority Claims and Government Priority Claims, as Finally Determined to be a valid post-Filing Date claim against a Participating CCAA Party;

  • Litigation Claims means the claims, rights of action, suits or proceedings, whether in law or in equity, whether known or unknown, that any Debtor or any Estate may hold against any Person or Entity, including, without limitation, the Causes of Action of the Debtors or their Estates, in each case solely to the extent of the Debtors’ or their Estates’ interest therein. A non-exclusive list of the Litigation Claims held by the Debtors as of the Effective Date will be Filed with the Plan Supplement, which will be deemed to include any derivative actions filed against any Debtor as of the Effective Date.

  • Asbestos claim means any claim, wherever or whenever made, for damages, losses, indemnification, contribution, or other relief arising out of, based on, or in any way related to asbestos, including:

  • Third Person Claim has the meaning specified in Section 11.4(a).

  • Clean Claim means a claim that:

  • IPR Claim means any claim of infringement or alleged infringement (including the defence of such infringement or alleged infringement) of any IPR, used to provide the Services or as otherwise provided and/or licensed by the Supplier (or to which the Supplier has provided access) to the Authority in the fulfilment of its obligations under this Framework Agreement;

  • Cure Claim means a Claim (unless waived or modified by the applicable counterparty) based upon a Debtor’s defaults under an Executory Contract or an Unexpired Lease assumed by such Debtor under section 365 of the Bankruptcy Code, other than a default that is not required to be cured pursuant to section 365(b)(2) of the Bankruptcy Code.

  • AWR Claim means any complaint or claim to a tribunal or court made by or on behalf of the Agency Worker against the Hirer and/or the Employment Business for any breach of the AWR;

  • Other Priority Claim means any Claim other than an Administrative Claim or a Priority Tax Claim entitled to priority in right of payment under section 507(a) of the Bankruptcy Code.

  • Priority Claim means a Claim that is entitled to priority in payment pursuant to section 507(a) of the Bankruptcy Code that is not an Administrative Claim or a Priority Tax Claim.

  • 503(b)(9) Claim means a Claim or any portion thereof entitled to administrative expense priority pursuant to section 503(b)(9) of the Bankruptcy Code.

  • Third Party Claim has the meaning set forth in Section 8.3.

  • Third party claimant means any individual, corporation, association, partnership, or other legal entity asserting a claim against any individual, corporation, association, partnership, or other legal entity insured under an insurance policy or insurance contract.

  • Opposing Party means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Xxxxxxxx has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in default if any action or proceeding, whether civil or criminal, is begun that, in Xxxxxx’s judgment, could result in forfeiture of the Property or other material impairment of Xxxxxx’s interest in the Property or rights under this Security Instrument. Borrower can cure such a default and, if acceleration has occurred, reinstate as provided in Section 19, by causing the action or proceeding to be dismissed with a ruling that, in Xxxxxx’s judgment, precludes forfeiture of the Property or other material impairment of Xxxxxx’s interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Xxxxxx’s interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2.

  • Disputed Claim means any Claim that is not Allowed.

  • Superpriority Claim means a claim against the Borrower and any Guarantor in any of the Cases which is an administrative expense claim having priority over any or all administrative expenses of the kind specified in Sections 503(b) or 507(b) of the Bankruptcy Code.

  • Tax Claim has the meaning set forth in Section 6.05.

  • Infringement Claim has the meaning set forth in Section 8.2(a).

  • Third Party IP Claim has the meaning given to it in clause E8.7 (Intellectual Property Rights).

  • Secured Claim means a Claim: (a) secured by a valid, perfected, and enforceable Lien on collateral to the extent of the value of such collateral, as determined in accordance with section 506(a) of the Bankruptcy Code or (b) subject to a valid right of setoff pursuant to section 553 of the Bankruptcy Code.

  • Compound means the taking of two or more ingredients and fabricating them into a single

  • DIP Claim means a Claim of the DIP Agent or DIP Lenders arising under the DIP Credit Agreement or any of the DIP Orders, including Claims for payment of DIP Expenses.

  • Infringement Action has the meaning set forth in Section 9.6(b).

  • Other Priority Claims means any Claim, other than an Administrative Claim or a Priority Tax Claim, entitled to priority in right of payment under section 507(a) of the Bankruptcy Code.

  • DIP Facility Claim means a Claim arising under or as a result of the DIP Facility.