1994-06-27_GENERAL DOCUMENTS - C1981017 (2)

Home Browse Search

ARTICLE III TREATMENT OF CLASSES WHICH ARE NOT IMPAIRED UNDER THE PLAN 3. 1 Class 1 . The Plan leaves unaltered the legal, equitable, and contractual rights of the Class 1 claims (property taxes) . 3 .2 Class 3 . The Class 3 claim (Caterpillar) shall be paid by the Debtor in full and in cash on the Effective Date. 3.3 Class 7 . Each Allowed Claim in Class 7 (general unsecured claims not exceeding $200) shall be paid by the Debtor in full and in cash on the Effective Date. ARTICLE IV TREATMENT OF CLASSES WHICH ARE IMPAIRED UNDER THE PLAN 4 . 1 Class 2 . The Class 2 claim (Patsantaras) shall be paid in full and in cash upon sale of the real property securing her claim, or on the third anniversary of the Effective Date, whichever occurs first. The claim shall accrue interest at the contract rate until the Effective Date, and thereafter shall accrue interest at the rate of 6% per annum until payment. Pending payment, the Class 2 claimant shall retain her lien on the Debtor's real property. 4 .2 Class 4 . The Class 4 claim (Sanwa) shall be voluntarily subordinated to tax priority claims and Allowed Claims in Classes 5, 6, 7 , 8 and 9 to the extent expressly provided by Section 6 . 3 of the Plan. Sanwa shall not participate as a Class 9 (general unsecured) creditor with respect to any portion of its Allowed Claim which exceeds the value of its interest in the Debtor's property. 4 . 3 Class 5. 4 .3. 1 Disposition of Pledged Assets. The MLRB, on behalf of the DMG and the OSM, shall receive the following with respect to assets pledged by the Debtor to secure reclamation of the Mine Site, the Mid-Continent Quarry, and the Marblehead Quarry: (i) the Net Proceeds from the Rockdust Plant, which shall be sold by the Creditors' Trustee. Alternatively, at the election of the claimants, the claimants may foreclose on the Rockdust Plant; 7