Allocation of Beneficial Interests to Credit Facility Beneficiaries and Non-Credit Facility Beneficiaries Sample Clauses

Allocation of Beneficial Interests to Credit Facility Beneficiaries and Non-Credit Facility Beneficiaries. (a) The Litigation Trustee shall allocate to each of the Beneficiaries a beneficial interest ("Beneficial Interest") in the Trust equal to the ratio that the amount of each Beneficiary's Allowed Claim bears to the aggregate amount of the Allowed Claims held by the Beneficiaries in Class 4 under the Plan (the "Beneficiary Sharing Ratio"); provided that for the purposes of the Initial Distribution Amount set forth in Section 7.2(b) herein, the Beneficiary Sharing Ratio for each Non-Credit Facility Beneficiary shall equal the ratio that the amount of such Non-Credit Facility Beneficiary's Allowed Claim bears to the aggregate amount of the Allowed Claims held by the Non-Credit Facility Beneficiaries in Class 4 under the Plan (the "Non-Credit Facility Beneficiary Sharing Ratio"). The Debtors shall cause (i) a fully complete Claims Register to be delivered to the Litigation Trustee within ten (10) days of the effective date of this Litigation Trust Agreement, and (ii) an updated Claims Register with respect to subsequently allowed claims of holders of Allowed General Unsecured Claims that are Non- Credit Facility Beneficiaries within ten (10) days of the date of the allowance of such claims under the Plan.
Sample 1
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Allocation of Beneficial Interests to Credit Facility Beneficiaries and Non-Credit Facility Beneficiaries. (a) The Litigation Trustee shall allocate to each of the Beneficiaries a beneficial interest (“Beneficial Interest”) in the Trust equal to the ratio that the amount of each Beneficiary’s Allowed Claim bears to the aggregate amount of the Allowed Claims held by the Beneficiaries in Class 4 under the Plan (the “Beneficiary Sharing Ratio”); provided that for the purposes of the Initial Distribution Amount set forth in Section 7.2(b) herein, the Beneficiary Sharing Ratio for each Non-Credit Facility Beneficiary shall equal the ratio that the amount of such Non-Credit Facility Beneficiary’s Allowed Claim bears to the aggregate amount of the Allowed Claims held by the Non-Credit Facility Beneficiaries in Class 4 under the Plan (the “
Sample 1

Related to Allocation of Beneficial Interests to Credit Facility Beneficiaries and Non-Credit Facility Beneficiaries

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named:

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

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