Is it just me or does this mean the 2nd lien are equal to the dip in priority?
B. Second Lien Noteholders Superpriority Adequate Protection Claim. On the later to occur
of (i) 90 days after the Effective Date and (ii) the date on which such Claim shall become an
Allowed Claim, on account of the Second Lien Noteholders Superpriority Adequate Protection
Claim, the Liquidating Trustee shall either (a) pay to the Indenture Trustee, on behalf of the
Second Lien Noteholders, the amount of available cash in the Claim Fund, after the
establishment of an appropriate reserve from the Claim Fund for Disputed Claims, and thereafter
make periodic cash payments as set forth in the next sentence, or (b) satisfy and discharge such
Second Lien Noteholders Superpriority Adequate Protection Claim in accordance with such
other terms as may be agreed upon by and between the Indenture Trustee and the Liquidating
Trustee (acting with consent of the Oversight Committee). As often as reasonably practicable
thereafter, in the sole discretion of the Liquidating Trustee, after the establishment or
maintenance of an appropriate reserve from the Claim Fund for Disputed Claims, the Liquidating
Trustee shall make additional periodic cash distributions to the Indenture Trustee on account of
Case 12-36187 Document 3084 Filed in TXSB on 05/12/14 Page 16 of 37-11-
the Second Lien Noteholders Superpriority Adequate Protection Claim until the earlier of the
date that (i) such Claims are paid in full and (ii) the Claim Fund has been exhausted.
Class 2 - Other Secured Claims.
(a) Classification. Class 2 consists of all Other Secured Claims. For purposes
of voting and distribution, each Holder of an Other Secured Claim shall be deemed to be
classified in a separate subclass of Class 2.
(b) Treatment. Each Holder, if any, of an allowed Other Secured Claim will
(i) be paid such Holder’s Allowed Other Secured Claim in full in cash; (ii) be paid the sale or
disposition proceeds of the property securing such Allowed Other Secured Claim, to the extent
of the value of the Debtor’ interest in such property; (iii) receive the property securing such
Claim; or (iv) be paid such other distributions as necessary to satisfy the requirements of the
Bankruptcy Code. The election of the treatment for each such Holder will be made by the
Liquidating Trustee (acting with the consent of the Oversight Committee).
(c) Voting. Class 2 is impaired. Holders of Other Secured Claims in Class 2
are deemed to reject the Plan, and are therefore, not entitled to vote to accept or reject the Plan. |
