Unsecured Creditors Sample Clauses

The 'Unsecured Creditors' clause defines the rights and status of creditors whose claims are not backed by specific collateral. In practice, this clause outlines how such creditors are treated in the event of insolvency or liquidation, typically ranking their claims below those of secured creditors and specifying the order in which they may receive payment from remaining assets. Its core function is to clarify the priority of payment and manage expectations regarding recovery, thereby ensuring transparency and fairness in the distribution of assets among different classes of creditors.
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Unsecured Creditors. Each Subordinating Creditor hereby acknowledges and agrees that the Subordinated Debt and all obligations arising under or in connection with the Subordinated Agreements are and shall remain unsecured at all times while this Agreement is in effect. Notwithstanding anything to the contrary contained herein, each Subordinating Creditor shall have no fewer rights than those available to an unsecured creditor of the Borrower, arising under the Bankruptcy Code or other applicable non-bankruptcy law.
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Unsecured Creditors. This class includes those creditors whose claims correspond to unsecured claims (the “Unsecured Creditors”) and who, consequently, are not secured by pledges or mortgages. The class of Unsecured Creditors will be divided into the following subclasses, subject to the provisions of Article 64 of Law No. 20,720:
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Unsecured Creditors. As outlined above, the directors’ RATAs indicate total unsecured liabilities of the ION Administration Group of $1,051 million, including intercompany loans. Intercompany loans were stated at $685.3 million. The ION Administration Group does not have any secured creditors other than in respect of leased assets. Lenders hold guarantees from all entities within the ION Consolidated Group in respect of group indebtedness but these guarantees are not secured against group assets. The unsecured liabilities of the ION Administration Group as at 6 December 2004 are reported by the directors as follows: Trade and other creditors 96 Lenders' debt 259 Intercompany loans: Pooled Entities owing to Non-pooled Entities 67 Non-pooled Entities owing to Pooled Entities 58 Pooled Entities owing to Pooled Entities 560 Other ION Consolidated Group inter-company loans 11 On balance the Administrators consider the directors' estimate of trade and other creditors to reflect fairly the operational liabilities of the ION Administration Group as at 6 December 2004. $9.7 million of unsecured creditors of ION Energy Services Group were paid after 7 December 2004 ($2.7 million representing payments to subcontractors and lessors and $7.0 million paid to critical suppliers as part of the sale process), reducing the estimated liability to trade creditors as at 6 December 2004 to approximately $90 million. Trade and other creditors above include taxation liabilities of $6.9 million which may offset tax receivables. McN+ has commenced a review of the net tax position of the ION Administration Group.
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Unsecured Creditors. This class includes those creditors whose claims correspond to unsecured claims (the “Unsecured Creditors”) and who, consequently, are 1 After the exchange of the International Notes for the New International Notes, the "International Noteholders" shall mean the holders of the New International Notes. not secured by pledges or mortgages. The class of Unsecured Creditors will be divided into the following subclasses, subject to the provisions of Article 64 of Law No. 20,720:
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Unsecured Creditors. No Unsecured Creditor or Unsecured Notes Trustee will, unless the prior consent of the Collateral Agent is obtained, take, accept or receive from any member of the Group the benefit of any Security in respect of any of the Liabilities owed to the Unsecured Creditors (or applicable class thereof) or any Unsecured Notes Trustee, other than as permitted under the Debt Documents (such Security, “Permitted Security” ).
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Unsecured Creditors the scheme liabilities detailed in Section 2.5(c) below; and - secondly, to distribute equitably and rateably any monies remaining, after settlement of the abovementioned net shortfall, to the other creditors of the respective borrower companies based on the creditors' respective claims on the said companies. It is proposed that the unsecured Scheme Creditors ("Unsecured Creditors") which are owed in aggregate RM142.5 million (as set out in Table 7) as at the Cut- off Date be settled in the following manner: (i) Accrued interest, if any, (only in with respect of regular interest) up to 31 December 2005 shall be capitalized together with the principal outstanding amount as total debts to be settled. (ii) All interest, if any, (regular or otherwise), penalties, costs, fees and other charges or accruing or incurred after 31 December 2005 shall be waived. (iii) The outstanding amount due to the Unsecured Creditors (after taking into consideration (i) and (ii) above), shall be settled by way of issuance of up to 12,250,789 NewCo Shares and proceeds from realization of other surplus assets. The proceeds from these surplus assets shall be net of operational and administrative expenses of Antah and all other incidental charges as may be incurred pursuant to the day to day running of the business operations of Antah and the implementation of the Proposed Restructuring Scheme. Included in the Unsecured Creditors is an amount of approximately RM8.2 million owing to contingent creditors that have been crystallized from corporate guarantees given by Antah. On prudence grounds, ▇▇▇▇▇ has included these contingent creditors into the Proposed Scheme of Arrangement with Creditors.
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Unsecured Creditors. A plan is fair and equitable as to a class of unsecured claims that rejects the plan if the plan provides that: (i) each holder of a claim included in the rejecting class receives or retains on account of such claim property of a value, as of the effective date of the plan, equal to the amount of its allowed claim; or (ii) the holders of claims and interests that are junior to the claims of the rejecting class will not receive or retain under the plan on account of such junior claims or interests any property.
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Unsecured Creditors. In acting pursuant to this Agreement and the relevant Unsecured Finance Documents, no Unsecured Notes Trustee is required to have any regard to the interests of any Creditor other than the Unsecured Creditors for which it is any Unsecured Notes Trustee.
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Unsecured Creditors. The Unsecured Creditors shall receive 70% of their pre-petition debts, as set out in respect of the Unsecured Creditors in Appendix 6, within 30 days after the Effective Date. Accordingly, the Unsecured Creditors are impaired by these Proposals.
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Related to Unsecured Creditors

  • 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.

  • 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.

  • Unsecured Obligations The obligations of the Company to the Purchasers under the Subordinated Notes shall be unsecured.

  • Unsecured Obligation Your Award is unfunded, and as a holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Agreement. You shall not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

  • Secured Cash Management Agreements and Secured Hedge Agreements Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.