General Unsecured Claims. Except to the extent that a holder of an allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such Claim, each holder thereof shall receive, at the option of the Plan Sponsors: (a) reinstatement of such allowed General Unsecured Claim pursuant to section 1124 of the Bankruptcy Code; (b) payment in full in cash on the later of (i) the Effective Date or as soon as reasonably practicable thereafter, or (ii) the date such payment is due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such allowed General Unsecured Claim; or (c) such other treatment rendering such general unsecured claim unimpaired in accordance with section 1124 of the Bankruptcy Code.3 Unimpaired / Deemed to Accept
General Unsecured Claims. General unsecured claims, if any, against Propco (“Propco General Unsecured Claims”), including without limitation deficiency claims of Mortgage Lenders, swap claims of Deutsche Bank AG (“Swap Counterparty”) and any allowed prepetition claims of Opco against Propco.
General Unsecured Claims. Allowed General Unsecured Claims will receive treatment consistent with the provisions of the Bankruptcy Code; provided that trade claims of up to $3 million may be unimpaired.other than Encana Claims may elect to either (i) participate in the general unsecured claim cash pool (the “GUC Cash Pool”) or (ii) receive (x) their pro rata share of the general unsecured creditor equity pool (the “GUC Equity Pool”) and (y) for certain holders of Allowed General Unsecured Claims (the “GUC Eligible Holders”), the opportunity to participate in a rights offering (the “GUC Rights Offering”). The GUC Cash Pool will consist of $3.75 million in cash, and holders of Allowed General Unsecured Claims that elect to participate in the GUC Cash Pool will receive cash equal to 12% of the amount of their Allowed General Unsecured Claim upon the Allowance of such Claim; provided, however, that if the GUC Cash Pool has been exhausted, Holders of Allowed General Unsecured Claims will no longer be able to elect to participate in the GUC Cash Pool, and all such Holders will receive their pro rata share of the GUC Equity Pool and, for such Holders that are also GUC Eligible Holders, the opportunity to participate in the GUC Rights Offering. The GUC Equity Pool will consist of a number of New Equity Interests (subject to dilution by (a) the Warrant Equity, (b) the Management Incentive Plan, (c) the GUC Rights Offering, and (d) New Equity Interests issued to Encana) equal to (x) 0.00000000000000% multiplied by (y) the total amount of Allowed General Unsecured Claims multiplied by (z) the number of New Equity Interests as of the Effective Date; provided that in no event shall the GUC Equity Pool exceed 0.22% of the New Equity Interests as of the Effective Date.
General Unsecured Claims. Except to the extent that a Holder of an allowed General Unsecured Claim and the Debtor against which such allowed General Unsecured Claim is asserted agree to less favorable treatment for such Holder (including, without limitation, with respect to the Consenting Sponsor Claim Settlement), in full satisfaction of each allowed General Unsecured Claim against the Debtors, each Holder thereof shall receive payment in cash in an amount equal to such allowed General Unsecured Claim in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such Claim. Unimpaired; deemed to accept Subordinated Securities Claims No recovery Imparied; deemed to reject Intercompany Claims No property will be distributed to the Holders of allowed Intercompany Claims. Unless otherwise provided for under the Plan, each Intercompany Claim will either be Reinstated or canceled and released at the option of the Debtors with the consent of the Required Consenting Noteholders. Unimpaired; deemed to accept; or Impaired deemed to reject Intercompany Interests Intercompany Interests shall receive no recovery or distribution and be Reinstated solely to the extent necessary to maintain the Debtors’ corporate structure. Unimpaired; deemed to accept; or Impaired; deemed to reject Existing Equity Interests Each Holder of Existing Equity Interests shall receive no distribution on account of such Existing Equity Interests. Impaired; deemed to reject.
General Unsecured Claims. The “General Unsecured Claims” consist of all Claims as of the Petition Date (other than the Unsecured Notes Claims, the RBS Guaranty Claims, the DNB Guaranty Claims, and the Intercompany Claims (as defined below)) that are neither secured nor entitled to priority under the Bankruptcy Code or any order of the Bankruptcy Court. Intercompany Claims: The “Intercompany Claims” consist of all Claims against GulfMark Parent by a wholly-owned (directly or indirectly) subsidiary of GulfMark Parent, except any DNB DIP Facility Claims (defined below). GulfMark Parent Interests: The “GulfMark Parent Interests” consist of all Interests in GulfMark Parent.
General Unsecured Claims. If Class 5 General Unsecured Claims votes to accept the Plan, each holder of an allowed General Unsecured Claim4 will receive its pro rata share of the Accepting Unsecured Claims Cash Pool. If Class 5 General Unsecured Claims votes to reject the Plan, each holder of an allowed General Unsecured Claim will receive its pro rata share of the Rejecting Unsecured Claims Cash Pool. Notwithstanding the foregoing, a convenience class may be established under the Plan pursuant to section 1122 of the Bankruptcy Code (with such Plan provision being acceptable to the Required First Lien Lenders) to provide distributions up to an aggregate amount of cash to be specified under the Plan.
General Unsecured Claims. Unless otherwise agreed to by the Debtor and the Requisite Noteholders, on the Effective Date, except to the extent that a holder of a General Unsecured Claim agrees to different treatment, the Debtor or Reorganized Debtor, as applicable, will continue to pay or dispute each General Unsecured Claim in the ordinary course of business as if the Chapter 11 Case had never been commenced. Unimpaired –
General Unsecured Claims. Unimpaired – Deemed to Accept Each holder of an allowed General Unsecured Claim, to the extent such holder’s claim has not been previously paid in the ordinary course of business pursuant to an order of the Bankruptcy Court, or otherwise, shall receive payment in full in cash on the later of (a) the Effective Date and (b) the date upon which such claim becomes due and owing. EXECUTION VERSION
General Unsecured Claims. Consisting of any Claim against the Company (other than the Senior Notes Claims, the Convertible Notes Claims or any Intercompany Claims) as of the Commencement Date that is neither secured by collateral nor entitled to priority under the Bankruptcy Code or any order of the Bankruptcy Court (the “General Unsecured Claims”).
General Unsecured Claims. Except as otherwise provided herein or in any Security Instrument from the date hereof until the occurrence of the Facility Termination Date, each Guarantor shall ensure that at all times the claims of the Guaranteed Parties hereunder against such Guarantor will rank at least pari passu with the claims of all its other creditors save those whose claims are preferred by any bankruptcy, insolvency or other similar laws of general application.
