Stub Claim definition
Stub Claim means the amount of an Asbestos Claim settled pursuant to the Master Settlement Agreement that remains unpaid or unsatisfied pursuant to the Master Settlement Agreement. “Trust Distribution Procedures” means the trust distribution procedures for the MCC Section 524(g) Trust approved by the Future Claimants Representative. “Unsecured Creditors Committee” means the official committee of unsecured creditors, if any, appointed in the MCC Chapter 11 Case by the U.S. Trustee pursuant to section 1102 of the Bankruptcy Code.
Examples of Stub Claim in a sentence
Such Stub Claim will begin to share pro-rata with other claims against the MCC Section 524(g) Trust at such time and to the extent that the Payment Percentage first exceeds 75% (thus, if the Payment Percentage is 80%, then the claimant shall be entitled to recover 5% of the amount of such claim, i.e., $3,250).
However, if that current claimant has been paid $55,250 of such claim (i.e., 85%), such current claimant has a Stub Claim of $9,750 and shall not begin to share pro-rata with other claims against the MCC Section 524(g) Trust until the Payment Percentage exceeds 85% (thus, if the Payment Percentage equals 90%, then the claimant shall be entitled to recover 5% of such claim, i.e., $3,250).