Res 1993-185 - Laserfiche WebLink

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I~r Bankruptcy Court approving such award pursuant to Bankruptcy Code §§ 330, 503(b) (2)-(6). The estimated amoWlt of the Administrative Expense Claims is $288,000. Many of these are ongoing operational expenses which will be repaid in the ordinary course of Debtor's business. 3. Treatment of Othe r Allowed Priority Claims: All other Allowed Priori ty Claims (other than Administrative Expense Claims) shall be paid (a) in full and in Cash on the Effective Date or as soon as is practicable after such Claim is Allowed, 0::' (b) as the holder of the Allowed Priority Claim and Reorganized The Oaks may otherwise agree. The Proponents do not believe that there are significant Other Allowed Priority Claims. 4. Treatment of Allowed Priority Tax Claims a. Allowed Priority Tax Claims Other Than The Allowed Prioritv Tax Claim of IRS: Allowed Priority Tax Claims shall be paid, at the option of Reorganized San Marcos, (i) in full in Cash, or (ii) in equal quarterly installments of principal over a period of six (6) years from the earlier of the Effective Da1:e or the date of assessment of such Allowed Priority -Tax Claim, plus interest at the rate of eight (8%) per annum from and after the Effective Date, payable quarterly. The fi~st such installment shall be paid on the first day of the calendar quarter (i) next following the Effective Date or (ii) next following the Priority Tax Claim becoming an Allowed Claim, whichever occurs last; and subsequent installments shall. be paid quarterly thereafter (the "Tax Payment Dates"); provided, however, Reorganized San Marcos from and after the Effective Date shall have an option to prepay any Allowed Priority Tax Claim at any time during said six year period. b. Treatment of Allowed Priority Tax Claim of IRS: The Allowed Priority Tax Claim of the IRS against HII and its Affiliates, including Debtor, shall be in the Allowed AmOWlt of $5,000,000, which shall be paid as follows: (i) $2,000,000 Cash from Healthcare and the Terminated Subsidiaries on the Effective Date; and , (ii) $3,000,000 jointly from Reorganized HII and the Reorganized Operating Debtors, including San Ma rcos , payable in twenty-four (24) equal quarterly payments of principal and interest calculated at the rate of eight percent (8%) per annum. The first payment will be made on April 1, 1994. Under the San Marcos Plan, the IRS agrees that the treatment provided herein will constitute full and complete satisfaction of the IRS's Priori ty Tax Claims against HI!, the Debtor and any of the other Affiliates. The - 21 - a-ZeISS