Priority Scheme definition

Priority Scheme means the following priority of payments of and from the Orchids Investment Settlement Payment and all Available Trust Cash by the Trust and/or Liquidating Trustee2: (a) The Orchids Investment Settlement Payment shall be used to fund the following payments in the following order of priority: (i) First, fees due to the U.S. Trustee pursuant to 28 U.S.C. § 1930(a)(6) that are incurred after the Effective Date of the Plan; 2 Nothing set forth in the Priority Scheme is intended to limit, restrict and/or prohibit (i) the Trust from operating in accordance with the term of this Agreement; and (ii) the Liquidating Trustee from fulfilling his or her obligations and duties as set forth in this Agreement. (ii) Second, all operating and administrative expense of the Trust including all Liquidating Trustee’s fees and expenses (including the fees and expenses of the Liquidating Trustee’s counsel and other professionals (other than Contingency Counsel); and (iii) Third, after all payments set forth in Section 1.1.10(a)(i)-(ii) above are made, a pro rata Distribution to (a) Holders of Allowed General Unsecured Claims under the Plan, or any successors to such Holders; or (b) their interests in the Trust, whether said Claims are Allowed before or after the Effective Date. (b) All recoveries or proceeds of or from the Avoidance Actions, Estate Claims and/or Causes of Action and any other Available Trust Cash (not including the Orchids Investment Settlement Payment) shall be used to fund the following payments in the following order of priority: (i) First, any fees and expenses of any Contingency Counsel engaged by the Trust or Liquidating Trustee to pursue Avoidance Actions, Estate Claims and/or Causes of Action; (ii) Second, provided such Holder consents to the treatment set forth in this Section 1.1.10(b)(ii), a pro rata Distribution to Holders of any Allowed Administrative Claims, including Allowed Professional Fee Claims, Allowed Priority Tax Claims and/or Allowed Priority Claims which remain outstanding and unpaid on the Effective Date of the Plan and which are not otherwise paid pursuant to the terms of the APA and the Sale Order; (iii) Third, any operating and administrative expenses of the Trust and any Liquidating Trustee’s fees and expenses (including fees and expenses of the Liquidating Trustee’s counsel and other professionals (other than Contingency Counsel) that are not paid pursuant to Section 1.1.10(a)(ii) above; and (iv) Fourth, after all payments set forth...
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Examples of Priority Scheme in a sentence

  • The Settlement Administrator shall make the Class Counsel Fee Payments to the Class Counsel in accordance with the Disbursement Schedule and subject to the Disbursement Priority Scheme.

  • On and after the Effective Date, the Trustee shall make Distributions as and when required under the terms of the Plan, and as applicable, solely in accordance with the Priority Scheme.

  • The Settlement Administrator shall make the Service Payments to the Customer Class Representatives in accordance with the Disbursement Schedule and subject to the Disbursement Priority Scheme.

  • All payments to be made by the Trustee to or for the benefit of any Beneficiary shall be made only from the Assets or proceeds from Causes of Action, Estate Claims or Avoidance Actions and, as applicable, in accordance with the Priority Scheme.