Common use of DIP Facility Claims Clause in Contracts

DIP Facility Claims. On the Plan Effective Date, all DIP Claims shall (i) be paid in full in cash, or (ii) receive such other treatment as may be consented to by the holders of DIP Claims. Administrative, Priority Tax, and Other Priority Claims Each holder of an allowed administrative, priority tax, or other priority claim (the “Administrative and Priority Claims”) shall be paid in full in cash on the Plan Effective Date or in the ordinary course of business as and when due, or otherwise receive treatment consistent with the provisions of section 1129(a) of the Bankruptcy Code. Other Secured Claims On or as soon as practicable after the Plan Effective Date, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for any secured claim that is not an Administrative and Priority Claim (an “Other Secured Claim”), the holder of such Other Secured Claim shall receive (i) payment in cash in an amount equal to such Other Secured Claim, (ii) the collateral securing such Other Secured Claim, or (iii) such other treatment so as to render such Other Secured Claim unimpaired pursuant to section 1124 of the Bankruptcy Code. Credit Facility Claims On the Plan Effective Date, each holder of an allowed Credit Facility Claim shall receive its pro rata share of 32.5% of Newco Valaris Equity. Pride Bond Claims On the Plan Effective Date, each holder of an allowed Pride Bond Claim shall receive its pro rata share of (x) 8.8% of (i) the Senior Note Equity Pool,3 (ii) the Subscription Rights, and (y) an aggregate $1.25 million payment in cash. Ensco International Bond Claims On the Plan Effective Date, each holder of an allowed Ensco International Bond Claim shall receive its pro rata share of 1.5% of (i) the Senior Note Equity Pool and (ii) the Subscription Rights. Jersey Bond Claims On the Plan Effective Date, each holder of an allowed Jersey Bond Claim shall receive its pro rata share of 20.2% of (i) the Senior Note Equity Pool and (ii) the Subscription Rights. V▇▇▇▇▇▇ ▇▇▇▇ Claims On the Plan Effective Date, each holder of an allowed V▇▇▇▇▇▇ ▇▇▇▇ Claim shall receive its pro rata share of 36.8% of (i) the Senior Note Equity Pool and (ii) the Subscription Rights. Legacy R▇▇▇▇ ▇▇▇▇ Claims On the Plan Effective Date, each holder of an allowed Legacy R▇▇▇▇ ▇▇▇▇ Claim shall receive its pro rata share of (x) 32.6% of (i) the Senior Note Equity Pool, (ii) the Subscription Rights, and (y) an aggregate $23.75 million payment in cash.

DIP Facility Claims. On the Plan Effective Date, all DIP Claims shall (i) be paid in full in cash, or (ii) receive such other treatment as may be consented to by the holders of DIP Claims. Administrative, Priority Tax, and Other Priority Claims Each holder of an allowed administrative, priority tax, or other priority claim (the “Administrative and Priority Claims”) shall be paid in full in cash on the Plan Effective Date or in the ordinary course of business as and when due, or otherwise receive treatment consistent with the provisions of section 1129(a) of the Bankruptcy Code. Other Secured Claims On or as soon as practicable after the Plan Effective Date, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for any secured claim that is not an Administrative and Priority Claim (an “Other Secured Claim”), the holder of such Other Secured Claim shall receive (i) payment in cash in an amount equal to such Other Secured Claim, (ii) the collateral securing such Other Secured Claim, or (iii) such other treatment so as to render such Other Secured Claim unimpaired pursuant to section 1124 of the Bankruptcy Code. Credit Facility Claims On the Plan Effective Date, each holder of an allowed Credit Facility Claim shall receive its pro rata share of 32.5% of Newco Valaris Equity. Pride Bond Claims On the Plan Effective Date, each holder of an allowed Pride Bond Claim shall receive its pro rata share of (x) 8.8% of (i) the Senior Note Equity Pool,3 (ii) the Subscription Rights, and (y) an aggregate $1.25 million payment in cash. Ensco International Bond Claims On the Plan Effective Date, each holder of an allowed Ensco International Bond Claim shall receive its pro rata share of 1.5% of (i) the Senior Note Equity Pool and (ii) the Subscription Rights. Jersey Bond Claims On the Plan Effective Date, each holder of an allowed Jersey Bond Claim shall receive its pro rata share of 20.2% of (i) the Senior Note Equity Pool and (ii) the Subscription Rights. V▇▇▇▇▇▇▇ ▇▇▇▇ Claims On the Plan Effective Date, each holder of an allowed V▇▇▇▇▇▇▇ ▇▇▇▇ Claim shall receive its pro rata share of 36.8% of (i) the Senior Note Equity Pool and (ii) the Subscription Rights. Legacy R▇▇▇▇▇ ▇▇▇▇ Claims On the Plan Effective Date, each holder of an allowed Legacy R▇▇▇▇▇ ▇▇▇▇ Claim shall receive its pro rata share of (x) 32.6% of (i) the Senior Note Equity Pool, (ii) the Subscription Rights, and (y) an aggregate $23.75 million payment in cash.