Unsecured Creditors. Each Subordinating Creditor hereby acknowledges and agrees that the Subordinated Debt and all obligations arising under or in connection with the Subordinated Agreements are and shall remain unsecured at all times while this Agreement is in effect. Notwithstanding anything to the contrary contained herein, each Subordinating Creditor shall have no fewer rights than those available to an unsecured creditor of the Borrower, arising under the Bankruptcy Code or other applicable non-bankruptcy law.
Unsecured Creditors. This class includes those creditors whose claims correspond to unsecured claims (the “Unsecured Creditors”) and who, consequently, are not secured by pledges or mortgages. The class of Unsecured Creditors will be divided into the following subclasses, subject to the provisions of Article 64 of Law No. 20,720:
Unsecured Creditors. 5.13 The Unsecured Creditors shall receive 70% of their pre-petition debts, as set out in respect of the Unsecured Creditors in Appendix 6, within 30 days after the Effective Date. Accordingly, the Unsecured Creditors are impaired by these Proposals. Contingent Decommissioning Creditor
Unsecured Creditors. A plan is fair and equitable as to a class of unsecured claims that rejects the plan if the plan provides that: (i) each holder of a claim included in the rejecting class receives or retains on account of such claim property of a value, as of the effective date of the plan, equal to the amount of its allowed claim; or (ii) the holders of claims and interests that are junior to the claims of the rejecting class will not receive or retain under the plan on account of such junior claims or interests any property.
Unsecured Creditors. No Unsecured Creditor or Unsecured Notes Trustee will, unless the prior consent of the Collateral Agent is obtained, take, accept or receive from any member of the Group the benefit of any Security in respect of any of the Liabilities owed to the Unsecured Creditors (or applicable class thereof) or any Unsecured Notes Trustee, other than as permitted under the Debt Documents (such Security, “Permitted Security” ).
Unsecured Creditors. In acting pursuant to this Agreement and the relevant Unsecured Finance Documents, no Unsecured Notes Trustee is required to have any regard to the interests of any Creditor other than the Unsecured Creditors for which it is any Unsecured Notes Trustee.
Unsecured Creditors. As outlined above, the directors’ RATAs indicate total unsecured liabilities of the ION Administration Group of $1,051 million, including intercompany loans. Intercompany loans were stated at $685.3 million. The ION Administration Group does not have any secured creditors other than in respect of leased assets. Lenders hold guarantees from all entities within the ION Consolidated Group in respect of group indebtedness but these guarantees are not secured against group assets. The unsecured liabilities of the ION Administration Group as at 6 December 2004 are reported by the directors as follows: Summary of ION Administration Group RATA unsecured creditors as at 6 December 2004 $m Trade and other creditors 96 Lenders' debt 259 Intercompany loans: Pooled Entities owing to Non-pooled Entities 67 Non-pooled Entities owing to Pooled Entities 58 Pooled Entities owing to Pooled Entities 560 Other ION Consolidated Group inter-company loans 11 1,051 Trade and other creditors On balance the Administrators consider the directors' estimate of trade and other creditors to reflect fairly the operational liabilities of the ION Administration Group as at 6 December 2004. $9.7 million of unsecured creditors of ION Energy Services Group were paid after 7 December 2004 ($2.7 million representing payments to subcontractors and lessors and $7.0 million paid to critical suppliers as part of the sale process), reducing the estimated liability to trade creditors as at 6 December 2004 to approximately $90 million. Trade and other creditors above include taxation liabilities of $6.9 million which may offset tax receivables. McN+ has commenced a review of the net tax position of the ION Administration Group.
Unsecured Creditors the scheme liabilities detailed in Section 2.5(c) below; and - secondly, to distribute equitably and rateably any monies remaining, after settlement of the abovementioned net shortfall, to the other creditors of the respective borrower companies based on the creditors' respective claims on the said companies. It is proposed that the unsecured Scheme Creditors ("Unsecured Creditors") which are owed in aggregate RM142.5 million (as set out in Table 7) as at the Cut- off Date be settled in the following manner:
