Creditor Trust Beneficiaries definition

Creditor Trust Beneficiaries means (a) prior to the Excess Recovery Trigger Date, holders of Allowed (i) Class 7-A (except the holders of the Deficiency Claims on account of the Senior Secured Claims and the Bridge Loan Claims), (ii) Class 7-C (except the Senior/Bridge Guarantee Claims), (iii) Class 7-D (except the Senior/Bridge Deficiency Claims) and (iv) subject to the satisfaction of the 2015 Notes Plan Conditions, the holders of Allowed Class 8 Claims and (b), subject to Section 5.8 hereof, after the Excess Recovery Trigger Date, including the holders of the Deficiency Claims on account of the Senior Secured Claims and Bridge Loan Claims.
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Creditor Trust Beneficiaries means Holders of Allowed Class 5 Claims
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Creditor Trust Beneficiaries means those holders of Allowed Claims against or Allowed Equity Interests in a Debtor to the extent such holders receive Creditor Trust Interests.
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Examples of Creditor Trust Beneficiaries in a sentence

  • The Creditor Trust Beneficiaries shall be bound by such election, if made by the Creditor Trustee, and, as such, shall, forU.S. federal income tax purposes (and, to the extent permitted by law, for state and local income tax purposes), report consistently therewith.

  • Notwithstanding the foregoing, the Creditor Trustee must reimburse the Reorganized Debtors for any statutory fees due relating to any distributions made to Creditor Trust Beneficiaries and professionals retained by the Creditor Trust.

  • Upon dissolution of the Creditor Trust, any Cash on hand and other assets will be distributed to the Creditor Trust Beneficiaries in accordance with the Creditor Trust Agreement.

  • The interests of the Creditor Trust Beneficiaries in the Creditor Trust shall be uncertificated and nontransferable.

  • In no event shall the Creditor Trust Beneficiaries be entitled to receive in-kind distributions from the Creditor Trust.

  • The Creditor Trust Agreement will require all parties (i) to treat the transfer of the Creditor Trust Assets to the Creditor Trust as a transfer of such assets directly from the Creditor Trust Beneficiaries to the Creditor Trust, and(ii) consistent therewith, to treat the Creditor Trust as a grantor trust of which the Creditor Trust Beneficiaries are the owners and grantors.

  • As stated in the Creditor Trust Agreement, the Creditor Trust (i) will be established for the sole purpose of taking title to, protecting, conserving and distributing any recoveries from the State Law Avoidance Claims, inaccordance with Treasury Regulation section 301.7701-4(a) for the Creditor Trust Beneficiaries, with no objective to continue or engage in the conduct of a trade or business and (ii) is intended to qualify as a grantor trust for U.S. federal income tax purposes.

  • Accordingly, for federal income tax purposes, it is intended that the Creditor Trust Beneficiaries be treated as if they had received a distribution from the Debtors’ Estates of an undivided interest in each of the Creditor Trust Assets (to the extent of the value of their respective shares in the applicable assets) and then contributed such interests to the Creditor Trust, and the Creditor Trust Beneficiaries will be treated as grantors and owners thereof.

  • Each such extension must be approved by the Bankruptcy Court not less than thirty (30) days prior to the lapse of the term, or extended term, with notice thereof to all of the unpaid Creditor Trust Beneficiaries.

  • The Unsecured Creditor Trust shall be established for the primary purpose of administering the Unsecured Creditor Trust Assets and making all distributions to the Unsecured Creditor Trust Beneficiaries, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the purpose of the Unsecured Creditor Trust.


More Definitions of Creditor Trust Beneficiaries

Creditor Trust Beneficiaries means collectively, Holders of Allowed Priority Tax Claims (other than Allowed Priority Tax Claims arising pursuant to Bankruptcy Code Section 507(a)(8)(B)) and General Unsecured Trust Beneficiaries.
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Creditor Trust Beneficiaries means (i) the holders of Units and (ii) any holder of a Disputed General Unsecured Claim that may in the future be entitled to receive a distribution of Class A Units from the Disputed Claims Reserve.
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Creditor Trust Beneficiaries means the Holders of Allowed General Unsecured Claims, in their capacity as beneficiaries of the Creditor Trust, and their permitted assignees and transferees in accordance with the Creditor Trust Agreement.
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Creditor Trust Beneficiaries means the beneficiaries of the Creditor Trust, and include Holders of Allowed Claims in Class 6A, subject to the limitations on OCM POF II's and Whippoorwill's right to participate in the Creditor Trust's proceeds, which limitations are set forth in Article III.B.7 hereof.
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Related to Creditor Trust Beneficiaries

  • Liquidating Trust Assets means the assets of a Debtor or Debtor-Controlled Entity to be transferred to a Liquidating Trust as may be determined by the Plan Administrator, which shall be described in a Liquidating Trust Agreement.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Liquidating Trust Agreement means an agreement evidencing the terms and provisions governing a Liquidating Trust that shall be entered into prior to the establishment of such Liquidating Trust and pursuant to which a Liquidating Trustee shall manage and administer Liquidating Trust Assets.

  • Grantor Trust means a Trust other than a RIC.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Grantor Trust Provisions Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

  • Liquidating Trust means the liquidating trust maintained by the Trustee holding the Trust Assets of the Partnership, identified as the "PLM Equipment Growth Fund III Liquidating Trust"; also referred to herein as the "Trust."

  • Certificateholders shall reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository and participating members thereof, except as otherwise specified herein; provided, however, that the Trustee shall be required to recognize as a "Holder" or "Certificateholder" only the Person in whose name a Certificate is registered in the Certificate Register.

  • Liquidation Trust Agreement means the Liquidation Trust Agreement to be dated as of the Effective Date establishing the terms and conditions of the Liquidation Trust, substantially in the form attached hereto as Exhibit B.

  • Liquidation Trustee means the trustee appointed jointly by the Debtors and the Creditors’ Committee, and identified in the Plan Supplement, to serve as the liquidation trustee under the Liquidation Trust Agreement, or any successor appointed in accordance with the terms of the Plan and Liquidation Trust Agreement.

  • Liquidating Trustee has the meaning set forth in Section 6.2(a).

  • Beneficiaries means any Person to whom the Issuer is or hereafter becomes indebted or liable.

  • Liquidation Trust means the trust created pursuant to the Liquidation Trust Agreement on the Effective Date in accordance with the Plan, the Confirmation Order and the Liquidation Trust Agreement.

  • Note A-4 Trust Fund means the trust formed pursuant to the Note A-4 PSA.

  • Noteholders means the holders of the Notes.

  • Note A-2 Trust Fund means the trust formed pursuant to the Note A-2 PSA.

  • Alternate Payee means any spouse, former spouse, child, or other dependent of a Participant who is recognized by a qualified domestic relations order as having a right to receive all, or a portion of, the benefits payable under a Plan with respect to such Participant.

  • Charitable Trustee means each Person, unaffiliated with the Trust and a Prohibited Owner, that is appointed by the Trust from time to time to serve as a trustee of a Charitable Trust as provided by Section 8.3(a).

  • Unit Holders means all Unit Holders.

  • Note A-1 Trust Fund means the trust formed pursuant to the Note A-1 PSA.

  • Property Trustee Account has the meaning set forth in Section 3.8(c).

  • Grantor Trust Certificates Any class of commercial mortgage pass-through certificates issued under this Agreement that is designated as evidencing an interest in the Grantor Trust. The Class S Certificates and the Class VRR Certificates shall be the only Classes of Grantor Trust Certificates issued under this Agreement.

  • Litigation Trust Agreement means the trust agreement dated as of the Plan Implementation Date, between SFC and the Litigation Trustee, establishing the Litigation Trust.

  • Trust Assets means, with respect to the Appointments and to the extent held, deposited or invested by any Seller for the benefit of others (whether or not constituting all or a portion of the corpus of any trust) as collateral, trust assets or otherwise by the applicable Corporate Trust Contracts or any other applicable legal obligation, (a) all cash on hand or held in bank accounts (including the Deposits) or in money market funds, and (b) all shares, stock, bonds, debentures, notes, mortgages, guarantees, letters of credit, certificates of indebtedness, warrants, treasuries or other securities or financial instruments or property of any type or description.

  • Charitable Beneficiary means one (1) or more beneficiaries of the Trust as determined pursuant to Section 5.9(iii)(f), provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.