Examples of Convenience Class Creditor in a sentence
Each Convenience Class Creditor with a Proven Voting Claim shall be deemed to vote in favour of the Plan in respect of its Convenience Class Claim as a member of the Ordinary Creditors Class, which vote shall have a dollar value equal to the lesser of $5,000 and the actual dollar value of such Convenience Class Creditor’s Proven Voting Claim.
Thereafter, such transferee or assignee shall, for all purposes in accordance with the Claims Procedure Order, the Meeting Order, the CCAA and the Plan constitute an Ordinary Creditor or a Convenience Class Creditor, as applicable, and shall be bound by any and all notices previously given to the transferor or assignor in respect of such Claim.
For greater certainty, a Convenience Class Creditor shall not be entitled to transfer or assign its Convenience Class Claim after delivering to the Monitor its Convenience Class Claim Declaration.
On the Implementation Date and in accordance with this Plan, each Convenience Class Creditor who has complied with the terms of this Plan shall be entitled to receive a distribution of the lesser of (i) the amount of the Cash Elected Amount and (ii) the amount of such Convenience Class Creditor’s Proven Claim from the Unsecured Creditor Pool.
If a distribution to an Ordinary Creditor, or a Convenience Class Creditor, in respect of its Proven Distribution Claim is returned as undeliverable (each, an ―Undeliverable Distribution‖), no further delivery will be required unless and until the Monitor is notified in writing of such Affected Creditor’s then current address.
If a former employee of VON Canada has received payment from the Wage Earner Protection Program on account of amounts owing to such former employee by VON Canada, such former employee’s recovery under this Plan, whether as a Convenience Class Creditor or otherwise, will be adjusted so that such former employee’s claim for distribution purposes excludes the amount received from the Wage Earner Protection Program by such former employee on account of amounts owing to such former employee by VON Canada.
On the Distribution Date, each Creditor that is a Convenience Class Creditor shall receive a distribution in the amount of its Convenience Class Claim by cheque sent by pre-paid ordinary mail to the address set out in such Convenience Class Creditor’s proof of claim and shall not be entitled to receive any further distribution under the Plan.
If a distribution to an Ordinary Creditor, or a Convenience Class Creditor, in respect of its Proven Distribution Claim is returned as undeliverable (each, an “Undeliverable Distribution”), no further delivery will be required unless and until the Monitor is notified in writing of such Affected Creditor’s then current address.
A creditor (other than a Convenience Class Creditor) may transfer or assign its claim in accordance with, and subject to the restrictions in, the Plan.
If a Convenience Class Creditor wishes to opt out and elect Class 7A-2 treatment, it may do so.