Examples of Convenience Class Distribution in a sentence
The undersigned acknowledges that if the undersigned selects Convenience Class Distribution Election, the undersigned will be deemed to vote in favour of the CCAA Plan.
The undersigned acknowledges that, in delivering this election, it is making a Distribution Election in respect of all and not part of its Accepted Claim.C-3The undersigned acknowledges that if the undersigned selects Convenience Class Distribution Election, the undersigned will be deemed to vote in favour of the CCAA Plan.
Under the Plan, Allowed Convenience Class Claims are entitled to receive a pro rata recovery from a $700,000 Convenience Class Distribution Amount.
Holders of a Convenience Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such Holder’s rights with respect to and under such Allowed Convenience Claim, the Convenience Class Distribution.
For the avoidance of doubt, the Global Unsecured Settlement Distribution Amount shall be funded from the Additional SoftBank Consideration, and any portion of the Convenience Class Distribution Amount not required to make payments on account of Allowed Convenience Class Claims shall be reallocated to the other distributions and payments contemplated by the definition of the Global Unsecured Settlement Distribution Amount.
Each holder of an Allowed Claim in LCPI Class 3 shall receive Cash in an amount equal to the applicable Convenience Class Distribution Percentage set forth on Exhibit 13 hereto multiplied by the amount of such Claim, in full and complete satisfaction of such Allowed Claim on the later of the Effective Date and the date such Claim becomes an Allowed Claim, or as soon thereafter as is practicable.
For the avoidance of doubt, any portion of the Convenience Class Distribution Amount not required to make payments on account of Allowed Convenience Class Claims shall be reallocated to the General Unsecured Claims Settlement Distribution.
On the Effective Date, each holder of an Allowed Convenience Claim shall receive (a) the principal amount of its Allowed Convenience Claim, if the Convenience Class Pool is less than the amount of the Convenience Class Distribution, or (b) its Pro Rata Share of the Convenience Class Distribution, if the Convenience Class Pool is greater than the amount of the Convenience Class Distribution.
Second, the remainder to the GUC Distribution, to be distributed to holders of Allowed Claims in Classes 3A through 3D – Allowed General Unsecured Claims in accordance with Section 3.2(c)(iii) of the Plan.To the extent there is less than $500,000 of funds available in the Excess Cash Reserve, the remaining funds shall be distributed on a 3.5:1 ratio between the GUC Distribution and the Convenience Class Distribution, consistent with the foregoing.
The Amended Plan treats Class 10 as follows: Except to the extent that a holder of an Allowed Convenience Class Claim agrees to a less favorable treatment of such Claim, such holder shall receive its pro rata share of the Convenience Class Distribution Amount on the later of the Effective Date and the date that is ten (10) business days after the date such Convenience Class Claim becomes an Allowed Claim.