Examples of Convenience Creditors in a sentence
Upon implementation of the Plan, LIM distributed all of the shares of RoyaltyCo to creditors of LIM and SMI, other than Convenience Creditors, on a pro rata basis in partial satisfaction of their claims against LIM and SMI.
Convenience Creditors shall be deemed to vote in favour of the Plan.
Each Affected Creditor with an Allowed Affected Claim, other than the Convenience Creditors, shall become entitled to its Affected Creditor Entitlement on the Plan Implementation Date without any further steps or actions by the Applicant, such Affected Creditor or any other Person.
Convenience Creditors, being creditors with claims of less than or equal to $5,000 or those who elect to receive such treatment, will receive the lesser of $5,000 or the amount of their claim.
On the First Entitlement Date, the Applicant shall distribute to each Affected Creditor with an Allowed Affected Claim (other than Convenience Creditors who, for greater certainty, shall have no Affected Creditor Entitlement) sixty percent of such Affected Creditors’ Affected Creditor Entitlement by way of direct deposit, wire transfer, credit card payment or cheque sent by prepaid ordinary mail to the address as shown on the Claims Schedule.
Convenience Creditors, being Creditors with Affected Unsecured Claims that, in the aggregate: i) are less than or equal to $5,000; or ii) exceed $5,000, but elect to value their claims at $5,000 for both voting and distribution purposes under the Plan, are to receive a cash distribution of the lesser of their claim amount or $5,000 (“Cash Elected Amount”).
On the Plan Implementation Date, in the sequence set forth in Section 5.3 and under the supervision of the Monitor, the Applicant shall pay the applicable amounts to the Convenience Creditors with Allowed Affected Claims that are Convenience Claims and reserve the applicable amounts into the Disputed Distribution Claims Reserve in respect of Convenience Creditors with Disputed Distribution Claims, in each case in the manner and in the amounts set forth in the Plan.
On the Plan Implementation Date, under the supervision of the Monitor, an amount equal to each Disputed Distribution Claim of the Convenience Creditors shall be reserved and held by the Applicant, in the Disputed Distribution Claims Reserve, for the benefit of the Convenience Creditors with Allowed Affected Claims that are Convenience Claims, pending the final determination of the Disputed Distribution Claim in accordance with the Claims Procedure Order and the Plan.
Notwithstanding the foregoing, all Convenience Creditors are irrevocably deemed to have voted the full amount of their Proven Claims in favour of the approval of the Resolution.
Non-controlling interest represents the 49% equity share of LIMH’s subsidiary LIM that was distributed to creditors of LIM and SMI, other than Convenience Creditors, under the Plan of Arrangement on December 19, 2016.