Class 6 General Unsecured Claims Clause Samples

The 'Class 6 – General Unsecured Claims' clause defines the treatment of claims that are not secured by collateral and do not have priority status in a bankruptcy or restructuring plan. This class typically includes debts such as trade payables, credit card balances, or other obligations that are not backed by specific assets. The clause outlines how these creditors will be paid, often on a pro rata basis from available funds after higher-priority claims are satisfied. Its core function is to ensure an orderly and equitable distribution of remaining assets among general unsecured creditors, providing clarity and predictability in the claims resolution process.
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Class 6 General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim agrees to a less favorable treatment or has been paid prior to the Effective Date, each Allowed General Unsecured Claim in Class 6 (General Unsecured Claims) shall be paid in full in Cash on the Effective Date, or, otherwise rendered Unimpaired. Without limiting the generality of the foregoing, if a General Unsecured Claim arises (i) based on liabilities incurred in, or to be paid in, the ordinary course of business or (ii) pursuant to an executory contract or unexpired lease that has not been rejected, the holder of such General Unsecured Claim shall be paid in Cash pursuant to the terms and conditions of the particular transaction and/or agreement giving rise to such General Unsecured Claim. Notwithstanding the provisions of section 5.6 of the Plan, the Debtor reserves the right to dispute in the Bankruptcy Court, or any other court with jurisdiction, the validity of any General Unsecured Claim at any time prior to the date fixed pursuant to section 8.2 of the Plan. On the Effective Date, any guarantees of the Debtor and Intercompany Claims will be reinstated in accordance with their terms and shall not be discharged, satisfied nor released. After the Effective Date, Intercompany Claims shall be treated in the ordinary course of business or eliminated in the ordinary course of business.
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Class 6 General Unsecured Claims. (a) Classification: Class 6 consists of all General Unsecured Claims.
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Class 6 General Unsecured Claims. Class 6 shall consist of all General Unsecured Claims.
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Class 6 General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim agrees to a less favorable treatment or has been paid prior to the Effective Date, each Allowed General Unsecured Claim in Class 6 (General
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Class 6 General Unsecured Claims. Class 6 consists of all General Unsecured Claims, including Note Claims.
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Class 6 General Unsecured Claims. Except to the extent a holder of an Allowed General Unsecured Claim and the Debtors or the Reorganized Debtors, as applicable, agree to less favorable treatment, each holder of an Allowed General Unsecured Claim shall receive, on the Initial Distribution Date and Final Distribution Date, as applicable, in full satisfaction of such Claim, its Pro Rata share of the GUC Cash Pool (such Pro Rata Share to be calculated taking into account any Claims in Class 6 that receive New Permian Corp. Shares as provided below); provided, that, any holder of an Allowed General Unsecured Claim in Class 6 with an Allowed Claim equal to or more than $1 million who is able to hold New Permian Corp. Shares through the facilities of DTC shall have the right to elect on its Ballot to receive on the Initial Distribution Date and Final Distribution Date a distribution of New Permian Corp. Shares through DTC having a value, based on the Permian Stock Value, equal to 4.5% of its Allowed General Unsecured Claim (any such electing holder, a “Receiving GUC Holder”); provided, further, that the aggregate amount of such New Permian Corp. Shares distributed to Receiving GUC Holders shall not exceed in the aggregate New Permian Corp. Shares having a Permian Stock Value of $817,240 (the “GUC Stock Cap”). To the extent that the New Permian Corp. Shares that would otherwise be issued under this Section 4.6 of the Plan exceeds the GUC Stock Cap, the distribution to those receiving New Permian Corp. Shares under this Section 4.6 shall be reduced ratably so as to eliminate such excess. The amount of Cash from the GUC Cash Pool that otherwise would have been distributed to any such holder of a General Unsecured Claim that elects to receive New Permian Corp. Shares shall be distributed to New Permian Corp. Any New Permian Corp. Shares issued to holders of Allowed General Unsecured Claims shall be issued through DTC. New Permian Corp. Shares issued pursuant to Section 4.6 of the Plan shall dilute all other New Permian Corp. Shares issued pursuant to the Plan, but are subject to dilution from any New Permian Corp. Shares issued on (other than pursuant to the Plan) or after the Effective Date, including pursuant to any New Permian Corp. Management Incentive Plan or similar arrangement.
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Class 6 General Unsecured Claims 
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Related to Class 6 General Unsecured Claims

  • Tax Claims Notwithstanding any other provision of this Agreement, the control of any claim, assertion, event or proceeding in respect of Taxes of the Company (including, but not limited to, any such claim in respect of a breach of the representations and warranties in Section 3.22 hereof or any breach or violation of or failure to fully perform any covenant, agreement, undertaking or obligation in Article VI) shall be governed exclusively by Article VI hereof.

  • Rights as Unsecured Creditors Notwithstanding anything to the contrary in this Agreement, the Second Priority Representatives and the Second Priority Debt Parties may exercise rights and remedies as unsecured creditors against the Company and any other Grantor in accordance with the terms of the Second Priority Debt Documents and applicable law so long as such rights and remedies do not violate any express provision of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Representative or any Second Priority Debt Party of the required payments of principal, premium, interest, fees and other amounts due under the Second Priority Debt Documents so long as such receipt is not the direct or indirect result of the exercise by a Second Priority Representative or any Second Priority Debt Party of rights or remedies as a secured creditor in respect of Shared Collateral. In the event any Second Priority Representative or any Second Priority Debt Party becomes a judgment lien creditor in respect of Shared Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Debt Obligations, such judgment lien shall be subordinated to the Liens securing Senior Obligations on the same basis as the other Liens securing the Second Priority Debt Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement. Nothing in this Agreement shall impair or otherwise adversely affect any rights or remedies the Senior Representatives or the Senior Secured Parties may have with respect to the Senior Collateral.

  • Class Size GRADE LOADING RATIO MAXIMUM CLASS SIZE 7.01 Students shall not be assigned to any class which has reached the maximum class size except as provided within this article. 7.02 The site/program administrator is required to discuss class size at a member’s request if the member’s class exceeds the loading ratio. 7.03 Instrumental and choral music classes may exceed the maximums by 1.5 times. Physical education classes may exceed the maximum by 1.35. 7.04 The site/program administrator shall make a reasonable effort to schedule English composition classes in grades 9-12 with a maximum of 29 students. 7.05 The site/program administrator shall make a reasonable effort to schedule combination classes in which students are assigned to more than one grade level K-3 or 3-4 with a maximum of 29 students and 4-6 with a maximum of 30 students. 7.06 The District will make a reasonable effort, within the financial constraints of the District, to reduce class size maximums in those classes into which special education students are integrated, in remedial classes, and in high school composition classes. 7.07 Special Education Classes shall not exceed the maximum cited in the law. 7.07.1 SDC Class Size SDC 7-12 non-severe caseload maximum shall be 26 beginning July 2002; RSP caseload shall be 28; a. The District shall make a reasonable effort to equalize class sizes as determined by the class roster throughout the District within the grade levels and programs consistent with the needs of the students as set forth in his/her IEP and the unique features of each group. “Reasonable effort” may include, but is not limited to include, busing students on a voluntary basis to other sites, moving students to other classes at that site, or adding an instructional aide. b. Except for Hearing Impaired, Visually Handicapped Preschool, SED, and ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Center classes, average class size within the SDC program in the District shall not exceed 12 students. The class size for any specific class shall not exceed 17 students. In Hearing Impaired, Visually Handicapped Preschool, SED, and ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Center classes, the District class size average shall not exceed 10, and any individual class shall not exceed 14. c. The District and the Association agree to establish a Special Education/General Education Oversight Committee composed of seven members of which a majority are teachers. The committee shall recognize that consensus is the preferable decision making process. In cases where consensus is not achievable, all decisions and recommendations shall require five (5) votes. The oversight committee shall be established to oversee, guide, and facilitate the following initiatives: i. Two-year K-12 pilot program that shall include no more than six

  • Unsecured General Creditor The Company shall neither reserve nor specifically set aside funds for the payment of its obligations under this Agreement, and such obligations shall be paid solely from the general assets of the Company.

  • Derivative Claims No Shareholder shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust or any series or class of Shares without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the plaintiff makes a specific showing that irreparable nonmonetary injury to the Trust or series or class of Shares would otherwise result. Such demand shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 45 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or a series or class of Shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be binding upon the Shareholders. Any decision by the Trustees to bring or maintain a court action, proceeding or suit on behalf of the Trust or a series or class of Shares shall be subject to the right of the Shareholders under Article V hereof to vote on whether or not such court action, proceeding or suit should or should not be brought or maintained.