Examples of Bank Claim in a sentence
The Class 6 claim of MSBCH will either be paid on the same basis as the Class 7 creditors or will be converted as partial consideration for equity depending on whether any MSBCRP acquire the MidSouth Bank Claim.
Unsecured creditors will be paid a pro-rata portion of $1,000,000.00 over five (5) years plus any additional consideration set forth in this Plan, which may include recoveries from claims against insiders, if any, if the insiders do not acquire the MidSouth Bank Claim.
By contrast, Class 1 (Other Priority Claims), Class 2 (the PNC Bank Claim), Class 3 (the Sharp Claim), and Class 4 (General Unsecured Convenience Claims) are each unimpaired under the Plan and cannot vote because they are deemed to accept the Plan.
Each holder of an Allowed Secured Bank Claim is conclusively presumed to have accepted the Plan and is not entitled to vote to accept or reject the Plan.
For the avoidance of doubt, to the extent any portion of a Reduction Amount includes amounts that would otherwise be payable under this Plan on account of a Bank Claim and the holder of a Bank Claim elects to reduce the Judgment Amount thereby, the distributions to be made to the respective holder of a Bank Claim pursuant to Section 5.2(c) of this Plan shall be reduced by such amount as applicable.