Acceptance by Impaired Classes Sample Clauses

Acceptance by Impaired Classes. Bankruptcy Code Section 1129(a) requires that each class of claims or interests that is impaired under a plan accept the plan (subject to the "cramdown" exception contained in Bankruptcy Code Section 1129(b)). A class of claims under a plan accepts the plan if the plan is accepted by creditors that hold at least two-thirds in amount and more than one-half in number of the allowed claims in the class that actually vote on the plan. A class of interests accepts the plan if the plan is accepted by holders of interests that hold at least two-thirds in amount of the allowed interests in the class that actually vote on a plan. A class that is not "impaired" under a plan is conclusively presumed to have accepted the plan. Solicitation of acceptances from such a class is not required. A class is "impaired" unless (i) the legal, equitable and contractual rights to which a claim or interest in the class entitles the holder are not modified or (ii) the effect of any default is cured and the original terms of the obligation are reinstated. Under the Plan, Class 1 (Priority Claims), Class 3a (the Truck Secured Claim), Class 3b, (the Van Secured Claim) and Class 3c (the Crow Secured Claims) and Class 6 (General Unsecured Claims) are not impaired and are deemed to accept the Plan. All other Classes of Claims and Interests under the Plan are impaired under the Plan. The Debtor believes that all impaired Classes will vote to accept the Plan, and, therefore, the Plan will comply with this requirement for confirmation. Nonetheless, if an impaired Class votes to reject the Plan, the Debtor reserves its right to seek confirmation of the Plan pursuant to Bankruptcy Code Section 1129(b), and will provide an analysis of the Plan's compliance with the cramdown provisions in a memorandum of law in support of confirmation of the Plan.

Acceptance by Impaired Classes. An Impaired Class of Claims or Interests shall have accepted the Plan if (a) the Holders of at least two-thirds in amount of the Allowed Claims actually voting in the Class have voted to accept the Plan, and (b) the Holders of more than one-half in number of the Allowed Claims actually voting in the Class have voted to accept the Plan, in each case not counting the vote of any Holder designated under section 1126(e) of the Bankruptcy Code. An Impaired Class of Interests shall have accepted the Plan if the Holders of at least two thirds in amount of the Allowed Interests have voted to accept the Plan, not counting the vote of any Holder designated under section 1126(e).

Acceptance by Impaired Classes. The Bankruptcy Code requires, as a condition to confirmation, except as described in the following section, that each class of claims or equity interests impaired under a plan, accept the plan. A class that is not “impaired” under a plan is deemed to have accepted the plan and, therefore, solicitation of acceptances with respect to such a class is not required.4 Section 1126(c) of the Bankruptcy Code defines acceptance of a plan by a class of impaired claims as acceptance by holders of at least two-thirds in a dollar amount and more than one-half in a number of allowed claims in that class, counting only those claims that have actually voted to accept or to reject the plan. Thus, a class of claims will have voted to accept the plan only if two-thirds in amount and a majority in number actually cast their ballots in favor of acceptance.

Acceptance by Impaired Classes. An Impaired Class of Claims shall have accepted this Plan if, not counting the vote of any Holder designated under section 1126(e) of the Bankruptcy Code or any insider under section 1010(31) of the Bankruptcy Code, (i) the Holders of at least two-thirds in amount of the Allowed Claims actually voting in the Class have voted to accept this Plan, and (ii) the Holders of more than one-half in number of the Allowed Claims actually voting in the Class have voted to accept this Plan.

Acceptance by Impaired Classes. 60 XII. CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 EXHIBITS TO DISCLOSURE STATEMENT EXHIBIT 1 - Debtor's Third Amended Plan of Reorganization Dated July 23, 1997 EXHIBIT 2 - 1995 and 1996 Financial Statement EXHIBIT 3 - January through March 1997 Cash Flow from Operations EXHIBIT 4 - April 1997, May 1997 and June 1997 Cash Flow from Operations (Budgeted to Actual) EXHIBIT 5 - June 1997 through September 1997 Projected Cash Flow EXHIBIT 6 - September 1997 through August 2002 Projected Cash Flow

Acceptance by Impaired Classes. Pursuant to section 1126(c) of the Bankruptcy Code, and except as otherwise provided in section 1126(e) of the Bankruptcy Code, an Impaired Class of Claims shall have accepted the Plan if the holders of at least two-thirds in dollar amount and more than one-half in number of the Claims of such Class entitled to vote that actually vote on the Plan have voted to accept the Plan. RBL Credit Facility Secured Claims and General Unsecured Claims (Classes 1C-7C and 1D-7D) are Impaired, and the votes of holders of Claims in such Classes will be solicited. If holders of Claims in a particular Impaired Class of Claims were given the opportunity to vote to accept or reject the Plan, but no holders of Claims in such Impaired Class of Claims voted to accept or reject the Plan, then such Class of Claims shall be deemed to have accepted the Plan.