Common use of Undeliverable Distributions and Unclaimed Property Clause in Contracts

Undeliverable Distributions and Unclaimed Property. In the event that either (a) a distribution to any Holder is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distribution, no distribution to such Holder shall be made unless and until the Disbursing Agent has determined the then-current address of such Holder or received the necessary information to facilitate a particular distribution, at which time such distribution shall be made to such Holder without interest; provided that such distributions shall be deemed unclaimed property under section 347(b) of the Bankruptcy Code at the expiration of six (6) months from the Effective Date. After such date, all unclaimed property or interests in property shall revert to the Reorganized Debtors automatically and without need for a further order by the Bankruptcy Court (notwithstanding any applicable federal, provincial, or state escheat, abandoned, or unclaimed property laws to the contrary), and the Claim or Interest of any Holder to such property or interest in property shall be discharged and forever barred; provided, however, that to the extent any such property or interests in property consist of New Debt, New Interests, New CEC Convertible Notes, and/or New CEC Common Equity, such New Debt, New Interests, the New CEC Convertible Notes, and New CEC Common Equity (as well as any payments or distributions in respect thereof) shall revert to the entity that issued such New Debt, New Interest, the New CEC Convertible Note, and/or the New CEC Common Equity.

Appears in 4 contracts

Samples: Call Right Agreement (CAESARS ENTERTAINMENT Corp), Agreement (CAESARS ENTERTAINMENT Corp), Agreement (CAESARS ENTERTAINMENT Corp)

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Undeliverable Distributions and Unclaimed Property. In If the event that either (a) a distribution Distribution to any Holder Beneficiary is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distributionundeliverable, no distribution to such Holder additional Distributions shall be made to such Beneficiary unless and until the Disbursing Agent has determined the then-current address GUC Trustee is notified in writing of such Holder or received the necessary information to facilitate a particular distributionBeneficiaries’ then- current address, at which time such distribution Distribution shall be made to such Holder without interest; provided , provided, however, that unless a Beneficiary asserts a claim for an undeliverable Distribution within 120 days after such distributions Distribution is returned undelivered such Distribution shall be deemed unclaimed property under section 347(b) of and all title to and beneficial interest in the Bankruptcy Code at the expiration of six (6) months from the Effective Date. After Assets represented by any such date, all unclaimed property or interests in property undeliverable Distributions shall be cancelled and revert to and/or remain in the Reorganized Debtors GUC Trust automatically and without need for a further order by the Bankruptcy Court (notwithstanding any applicable federal, provincial, state or state other escheat, abandoned, abandoned or unclaimed property laws to the contrary), and such undeliverable Distributions shall be distributed to other Beneficiaries on account of their Allowed Claims. Nothing contained in this GUC Trust Agreement shall require the Claim or Interest of GUC Trustee to attempt to locate any Holder Beneficiary. In the event any check sent to a Beneficiary respecting a Distribution has not been cashed within six (6) months after the Distribution Date, the GUC Trustee may cancel such check and such Distribution shall be deemed unclaimed property or and all title to and beneficial interest in property the Assets represented by any such undeliverable Distributions shall be discharged cancelled and forever barred; providedrevert to and/or remain in the GUC Trust automatically and without need for further order by the Bankruptcy Court (notwithstanding any applicable federal, howeverstate or other escheat, that abandoned or unclaimed property laws to the extent any such property or interests in property consist of New Debt, New Interests, New CEC Convertible Notes, and/or New CEC Common Equity, such New Debt, New Interests, the New CEC Convertible Notes, and New CEC Common Equity (as well as any payments or distributions in respect thereof) shall revert to the entity that issued such New Debt, New Interest, the New CEC Convertible Note, and/or the New CEC Common Equitycontrary).

Appears in 1 contract

Samples: Guc Trust Agreement

Undeliverable Distributions and Unclaimed Property. In the event that either (a) a any distribution to any Holder is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distributionundeliverable, no distribution to such Holder shall be made unless and until the Disbursing Agent has Reorganized Debtors have determined the then-current address of such Holder or received the necessary information to facilitate a particular distributionHolder, at which time such distribution shall be made to such Holder without interest; provided provided, that such distributions shall be deemed unclaimed property under section 347(b) of the Bankruptcy Code at the expiration of six (6) months one year from the Effective Datetime of such distribution. After such date, all unclaimed property or interests in property shall be redistributed Pro Rata as provided under the Plan (it being understood that, for purposes of this Article VI.D.2.d.5, “Pro Rata” shall be determined as if the Claim underlying such unclaimed distribution had been Disallowed) and all other unclaimed property or interests in property shall revert to the Reorganized Debtors automatically and without need for a further order by the Bankruptcy Court (notwithstanding any applicable federal, provincial, state, or state other jurisdiction’s escheat, abandoned, or unclaimed property laws to the contrary), and the Claim or Interest of any Holder to such property or interest Interest in property shall be discharged and forever barred. A distribution shall be deemed unclaimed if a Holder has not (i) accepted a particular distribution or, in the case of distributions made by check, negotiated such check; provided, however, that (ii) given notice to the extent any such property or interests in property consist Reorganized Debtors of New Debt, New Interests, New CEC Convertible Notes, and/or New CEC Common Equity, such New Debt, New Interests, the New CEC Convertible Notes, and New CEC Common Equity an intent to accept a particular distribution; (as well as any payments or distributions in respect thereofiii) shall revert responded to the entity that issued Debtors’ or Reorganized Debtors’ requests for information necessary to facilitate a particular distribution; or (iv) taken any other action necessary to facilitate such New Debt, New Interest, the New CEC Convertible Note, and/or the New CEC Common Equitydistribution.

Appears in 1 contract

Samples: Plan Support Agreement (Hertz Corp)

Undeliverable Distributions and Unclaimed Property. In the event that either (a) a any distribution to any Holder of Allowed Claims (or its Permitted Designee, as applicable) is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distributionundeliverable, no distribution to such Holder (or its Permitted Designee, as applicable) shall be made unless and until the Disbursing Agent has determined the then-current address of such Holder (or received the necessary information to facilitate a particular distributionits Permitted Designee, as applicable), at which time such distribution shall be made to such Holder without interest; provided that such distributions shall be deemed unclaimed property under section 347(b) of the Bankruptcy Code at the expiration of six (6) months from the Effective Date. After such date, all unclaimed property or interests in property shall revert to the Reorganized Debtors automatically and without need for a further order by the Bankruptcy Court (notwithstanding any applicable federal, provincial, provincial or state escheat, abandoned, or unclaimed property laws to the contrary)) and, and to the extent such unclaimed distribution comprises New Common Stock, such New Common Stock shall be canceled. Upon such revesting, the Claim of the Holder or Interest of any Holder its successors with respect to such property or interest in property shall be discharged canceled, discharged, and forever barred; providedbarred notwithstanding any applicable federal or state escheat, howeverabandoned, or unclaimed property laws, or any provisions in any document governing the distribution that is an Unclaimed Distribution, to the extent any such property or interests in property consist contrary. The Disbursing Agent shall adjust the number of shares of New Debt, Common Stock outstanding as of the date of such cancelation to ensure that the distributions of New Interests, New CEC Convertible Notes, and/or New CEC Common Equity, such New Debt, New Interests, Stock contemplated under the New CEC Convertible Notes, Plan are given full force and New CEC Common Equity (as well as any payments or distributions in respect thereof) shall revert to the entity that issued such New Debt, New Interest, the New CEC Convertible Note, and/or the New CEC Common Equityeffect.

Appears in 1 contract

Samples: Restructuring Support Agreement (Lannett Co Inc)

Undeliverable Distributions and Unclaimed Property. In If the event that either (a) a distribution Distribution to any Holder Beneficiary is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distributionundeliverable, no distribution to such Holder additional Distributions shall be made to such Beneficiary unless and until the Disbursing Agent has determined the Liquidating Trustee is notified in writing of such Beneficiaries’ then-current address of such Holder or received the necessary information to facilitate a particular distributionaddress, at which time such distribution Distribution shall be made to such Holder without interest; provided , provided, however, that unless a Beneficiary asserts a claim for an undeliverable Distribution within 30 days after such distributions Distribution is returned undelivered such Distribution shall be deemed unclaimed property under section 347(b) of and all title to and beneficial interest in the Bankruptcy Code at the expiration of six (6) months from the Effective Date. After Assets represented by any such date, all unclaimed property or interests in property undeliverable Distributions shall be cancelled and revert to and/or remain in the Reorganized Debtors Liquidating Trust automatically and without need for a further order by the Bankruptcy Court (notwithstanding any applicable federal, provincial, state or state other escheat, abandoned, abandoned or unclaimed property laws to the contrary), and such undeliverable Distributions shall be distributed to other Beneficiaries on account of their Allowed Claims. Nothing contained in this Liquidating Trust Agreement shall require the Claim or Interest of Liquidating Trustee to attempt to locate any Holder Beneficiary. In the event any check sent to a Beneficiary respecting a Distribution has not been cashed within sixty (60) days after the Distribution Date, the Liquidating Trustee may cancel such check and such Distribution shall be deemed unclaimed property or and all title to and beneficial interest in property the Assets represented by any such undeliverable Distributions shall be discharged cancelled and forever barred; providedrevert to and/or remain in the Liquidating Trust automatically and without need for further order by the Bankruptcy Court (notwithstanding any applicable federal, howeverstate or other escheat, that abandoned or unclaimed property laws to the extent any such property or interests in property consist of New Debt, New Interests, New CEC Convertible Notes, and/or New CEC Common Equity, such New Debt, New Interests, the New CEC Convertible Notes, and New CEC Common Equity (as well as any payments or distributions in respect thereof) shall revert to the entity that issued such New Debt, New Interest, the New CEC Convertible Note, and/or the New CEC Common Equitycontrary).

Appears in 1 contract

Samples: Liquidating Trust Agreement

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Undeliverable Distributions and Unclaimed Property. In the event that either (a) a any distribution to any Holder of Allowed Claims or Allowed Interests (as applicable) is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distributionundeliverable, no distribution to such Holder holder shall be made unless and until the Disbursing Agent has determined the then-current address of such Holder or received the necessary information to facilitate a particular distributionholder, at which time such distribution all currently-due, missed distributions shall be made to such Holder without interest; provided . Undeliverable distributions shall remain in the possession of the Reorganized Debtors or Post-Effective Date Debtors, as applicable, until such time as a distribution becomes deliverable, or such distribution reverts to the Reorganized Debtors or Post-Effective Date Debtors, as applicable or is cancelled pursuant to this Article VI, and shall not be supplemented with any interest, dividends, or other accruals of any kind. Any distribution under the Prepackaged Plan that such distributions is an unclaimed distribution or remains undeliverable (as reasonably deemed unclaimed or undeliverable by the Reorganized Debtors, the Post-Effective Date Debtors, or the Disbursing Agent) for a period of ninety (90) days after distribution shall be deemed unclaimed property under section 347(b) of the Bankruptcy Code at and such unclaimed distribution or undeliverable distribution shall revest in the expiration of six applicable Reorganized Debtor or Post-Effective Date Debtor automatically (6) months from the Effective Date. After such date, all unclaimed property or interests in property shall revert to the Reorganized Debtors automatically and without need for a further order by the Bankruptcy Court (Court, notwithstanding any applicable federal, provincial, or estate escheat, abandoned, or unclaimed property Laws to the contrary) and, to the extent such unclaimed distribution is comprised of New Common Stock, New Notes, or CVRs, then such New Common Stock, New Notes, or CVRs shall be cancelled. Upon such revesting, the Claim of the Holder or its successors with respect to such property shall be cancelled, released, discharged, and forever barred notwithstanding any applicable federal or state escheat, abandoned, or unclaimed property laws Laws, or any provisions in any document governing the distribution that is an unclaimed distribution, to the contrary), and the Claim or Interest of any Holder of Claims and Interests to such property or interest Interest in property shall be discharged and forever barred. The Disbursing Agent shall adjust the distributions of the New Common Stock, New Notes or the CVRs to reflect any such cancellation; provided, however, that for the avoidance of doubt, additional Securities shall not be issued to the extent other Holders of Claims due to any such property or interests in property consist of New Debt, New Interests, New CEC Convertible Notes, and/or New CEC Common Equity, such New Debt, New Interests, the New CEC Convertible Notes, and New CEC Common Equity (as well as any payments or distributions in respect thereof) shall revert to the entity that issued such New Debt, New Interest, the New CEC Convertible Note, and/or the New CEC Common Equitycancellations.

Appears in 1 contract

Samples: Contingent Value Rights Agreement (Akumin Inc.)

Undeliverable Distributions and Unclaimed Property. In the event that either (a) a any distribution to any Holder of Allowed Claims or Allowed Interests (as applicable) is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distributionundeliverable, no distribution to such Holder shall be made unless and until the Disbursing Distribution Agent has determined the then-current address of such Holder or received the necessary information to facilitate a particular distributionHolder, at which time such distribution shall be made to such Holder without interest; provided provided, however, that such distributions shall be deemed unclaimed property under section 347(b) of the Bankruptcy Code at the expiration of six (6) months from the Effective Date. After such date, all unclaimed property or interests Unclaimed Distributions shall revest in property shall revert to the applicable Reorganized Debtors Debtor automatically and without need for a further order by the Bankruptcy Court (notwithstanding any applicable federal, provincial, provincial or state escheat, abandoned, or unclaimed property laws to the contrary)) and, and the Claim or Interest of any Holder to such property or interest in property shall be discharged and forever barred; provided, however, that to the extent any such property or interests in property consist Unclaimed Distribution is comprised of New Debt, New Interests, New CEC Convertible Notes, and/or New CEC Common DNR Equity, such New Debt, New InterestsDNR Equity shall be canceled. Upon such revesting, the New CEC Convertible NotesClaim of the Holder or its successors with respect to such property shall be canceled, discharged, and New CEC Common Equity (as well as forever barred notwithstanding any payments applicable federal or distributions state escheat, abandoned, or unclaimed property laws, or any provisions in respect thereof) shall revert any document governing the distribution that is an Unclaimed Distribution, to the entity that issued contrary. If any distribution to a Holder of an Allowed Claim is returned to the Distribution Agent as undeliverable, no further distributions shall be made to such New DebtHolder unless and until the Distribution Agent is notified in writing of such Holder’s then-current address or other necessary information for delivery, New Interestat which time all currently due missed distributions shall be made to such Holder on the next Distribution Date. Undeliverable distributions shall remain in the possession of the Reorganized Debtors until such time as a distribution becomes deliverable, or such distribution reverts to the New CEC Convertible NoteReorganized Debtors or is canceled pursuant to this Article VI.D.5 of the Plan, and/or the New CEC Common Equityand shall not be supplemented with any interest, dividends, or other accruals of any kind.

Appears in 1 contract

Samples: Restructuring Support Agreement (Denbury Resources Inc)

Undeliverable Distributions and Unclaimed Property. In the event that either (a) a any distribution to any Holder is returned as undeliverable or (b) the Holder of an Allowed Claim or Allowed Interest does not respond to a request by the Debtors or the Disbursing Agent for information necessary to facilitate a particular distributionis returned as undeliverable, no distribution to such Holder shall be made unless and until the Disbursing Agent has determined the is notified in writing of such Holder’s then-current address of such Holder or received the other necessary information to facilitate a particular distributionfor delivery, at which time such distribution shall be made to such Holder on the next Distribution Date without interest; provided . Undeliverable distributions shall remain in the possession of the Reorganized Debtors until such time as a distribution becomes deliverable, or such distribution reverts to the Reorganized Debtors or is cancelled pursuant to this Article VI.D.4, and shall not be supplemented with any interest, dividends, or other accruals of any kind. Any distribution under this Plan that such distributions is an Unclaimed Distribution or remains undeliverable for a period of six months after distribution shall be deemed unclaimed property under section 347(b) of the Bankruptcy Code at and such Unclaimed Distribution or undeliverable distribution shall revest in the expiration of six applicable Reorganized Debtor automatically (6) months from the Effective Date. After such date, all unclaimed property or interests in property shall revert to the Reorganized Debtors automatically and without need for a further order by the Bankruptcy Court (Court, notwithstanding any applicable federal, provincial, or state estate escheat, abandoned, or unclaimed property laws Laws to the contrary)) and, and to the extent such Unclaimed Distribution is comprised of New Equity Interests, such New Equity Interests shall be cancelled. Upon such revesting, the Claim of the Holder or Interest of any Holder its successors with respect to such property or interest in property shall be discharged cancelled, released, discharged, and forever barred; providedbarred notwithstanding any applicable federal or state escheat, howeverabandoned, that to the extent any such property or interests in property consist of New Debt, New Interests, New CEC Convertible Notes, and/or New CEC Common Equity, such New Debt, New Interests, the New CEC Convertible Notes, and New CEC Common Equity (as well as any payments or distributions in respect thereof) shall revert to the entity that issued such New Debt, New Interest, the New CEC Convertible Note, and/or the New CEC Common Equity.unclaimed

Appears in 1 contract

Samples: Appgate, Inc.

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