Examples of Diminution Claim in a sentence
The Liquidation Trust is obligated under the Plan to make a payment in the amount of $10 million on the Effective Date to the Post- Consummation Trust in satisfaction of the Diminution Claim.
The Diminution Claim payment and the Committee Settlement Payment may be satisfied by means of a net $4 million payment from the Liquidation Trust to the Post-Consummation Trust in satisfaction of both the Diminution Claim and the Committee Settlement Payment.
On the Effective Date, and in accordance with and pursuant to the terms of the Plan, sections 1123(a)(5)(B) and 1123(b)(3)(B) of the Bankruptcy Code, and Bankruptcy Rule 9019, (a) the Liquidation Trust will transfer to the Post-Consummation Trust the Diminution Claim payment and (b) the Debtors will transfer to the Post-Consummation Trust all of their rights, title, and interests in all of the Post-Confirmation Trust Assets.
In accordance with section 1129(a)(9) of the Bankruptcy Code, the Term Loan Agent and the Term Loan Lenders have agreed to the foregoing treatment of the Term Loan Diminution Claim, even though the holders of the Term Loan Diminution Claim may not receive payment in cash equal to the allowed amount of the Term Loan Diminution Claim.
On May 16, 2016, the Debtors announced the global settlement of all outstanding disputed issues in these chapter 11 cases, including the causes of action in the Committee’s complaint that remained unresolved, the amount of the Second Lien Diminution Claim and the amount of the Second Lien Deficiency Claim, and the allocation of sale proceeds from all sales of the Debtors’ assets (the “ 9019 Settlement”).
Pursuant to paragraph 6 of this Order, as further adequate protection for the Prepetition Senior Lender Diminution Claim, the Prepetition First Lien Administrative Agent and the Prepetition Secured Parties shall receive monthly reimbursement of professional fees and expenses, including fees and expenses of counsel.
As further adequate protection for the Prepetition First Lien Diminution Claim, the Debtors shall pay interest on the Prepetition First Lien Obligations in cash, as andwhen such interest is payable under the Prepetition First Lien Loan Documents, at the non- default rate until such time as the Prepetition First Lien Obligations are either (i) indefeasibly paid in full in cash or (ii) converted into a post-petition Term Loan.
The Liquidation Trust Administrator shall enforce the Liquidation Trust’s rights with respect to the Committee Settlement Payment and is authorized and directed to make a payment from the Trust Proceeds to the Post-Consummation Trust in satisfaction of the Diminution Claim on the Effective Date as required by Article IV.B.1 of the Plan.
The Plan Administrator shall enforce the Post-Consummation Trust’s rights with respect to the Diminution Claim Proceeds and is authorized and directed to make a payment from the Trust Proceeds to the Liquidation Trust in satisfaction of the Committee Settlement Payment on the Effective Date as required by Article IV.C.1 of the Plan.
Subject to Section 1.3(b), in no event shall any part of the Post-Consummation Trust Assets or the Trust Proceeds revert to or be distributed to any of the Debtors or, in the case of the Diminution Claim Proceeds, to the Liquidation Trust.