Aircraft Secured Claim definition

Aircraft Secured Claim means a Secured Claim secured by a valid, perfected, and enforceable Lien on any of the Debtors’ Aircraft Equipment.
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Aircraft Secured Claim means a Claim that is secured by a security interest in or a lien on any of the Aircraft Equipment set forth on Exhibit K hereto (to the extent the Debtors have not abandoned, or rejected leases with respect to, such Aircraft Equipment on or prior to the Effective Date) in which a Debtor’s Estate has an interest or that is subject to setoff under section 553 of the Bankruptcy Code, to the extent of the value, as of the Effective Date or such other date as is established by the Bankruptcy Court, of such Claimholder’s interest in the applicable Estate’s interest in such Aircraft Equipment or to the extent of the amount subject to setoff, as applicable, as determined by a
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Aircraft Secured Claim means a Claim that is secured by a valid, duly perfected, non-avoidable security interest in the interest of a Debtor in Aircraft Equipment, to the extent of the value, as of the Effective Date or such other date as is established by the Bankruptcy Court, of such Claimholder’s interest in the applicable Debtor’s interest in such Aircraft Equipment, as determined by a Final Order of the Bankruptcy Court pursuant to section 506(a) of the Bankruptcy Code or as otherwise agreed upon in writing by the Debtors and the Claimholder.
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Examples of Aircraft Secured Claim in a sentence

  • A holder whose Aircraft Secured Claim or Other Secured Claim is reinstated pursuant to the Plan will not realize income, gain or loss unless either (i) such holder is treated as having received interest, damages or other income in connection with the reinstatement, or (ii) such reinstatement is considered a “significant modification” of the Claim.

  • A holder who receives Cash or other property in exchange for its Aircraft Secured Claim or Other Secured Claim pursuant to the Plan will generally recognize income, gain or loss for U.S. federal income tax purposes in an amount equal to the difference between (i) the amount of Cash or fair market value of the other property received in exchange for such holder’s Claim, and (ii) the holder’s adjusted tax basis in its Claim.

  • A holder of an Aircraft Secured Claim (including Restructured Aircraft Secured Claims) or Other Secured Claim may recognize income, gain or loss for U.S. federal income tax purposes with respect to the settlement of such Claim, depending on whether the Claim is reinstated or, if not reinstated, on the outcome of negotiations with the Debtors.


More Definitions of Aircraft Secured Claim

Aircraft Secured Claim means a Claim, other than a GEAE Claim, GECC Claim or an Airbus Claim, that is secured by a security interest in or a lien on, or that is for amounts due under a conditional sale contract of, any of the Aircraft Equipment set forth on Exhibit B to this Plan, in which a Debtor’s Estate has an interest, but does not include any Claim to the extent that, on or prior to the Effective Date, the Debtors have abandoned, returned to the Claimholder that holds a lien on or security interest in such Aircraft Equipment. Nothing in this Section 1.8 shall prejudice the Debtors’ right to seek a determination as to the extent of a Claimholder’s secured status in accordance with section 506(a) of the Bankruptcy Code.
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Related to Aircraft Secured Claim

  • Secured Claim means a Claim that is secured by a Lien on property in which any of the Debtors’ Estates have an interest or that is subject to setoff under section 553 of the Bankruptcy Code, to the extent of the value of the Claim holder’s interest in such Estate’s interest in such property or to the extent of the amount subject to setoff, as applicable, as determined pursuant to section 506(a) of the Bankruptcy Code or, in the case of setoff, pursuant to section 553 of the Bankruptcy Code.

  • Other Secured Claim means any Secured Claim other than an Administrative Claim, Secured Tax Claim, DIP Facility Claim, or Prepetition Credit Agreement Claim.

  • Other Priority Claim means any Claim other than an Administrative Claim or a Priority Tax Claim entitled to priority in right of payment under section 507(a) of the Bankruptcy Code.

  • Unsecured Claim means any Claim that is not a Secured Claim.

  • DIP Facility Claim means a Claim arising under or as a result of the DIP Facility.

  • DIP Claim means all Claims held by the DIP Lender under the DIP Facility Term Sheet, the DIP Facility, or the Financing Orders, which includes Claims for all principal amounts outstanding of up to $9,000,000 (subject to increase pursuant to the Financing Final Order), plus interest pursuant to the terms of the DIP Facility Term Sheet and the Financing Orders.

  • Subordinated Claim means a Claim of the kind described in sections 726(a)(3) or 726(a)(4) of the Bankruptcy Code and/or Claims subordinated under sections 510(b) or 510(c) of the Bankruptcy Code.

  • General Unsecured Claim means any Claim that is not a/an: Administrative Claim; DIP Facility Claim; Professional Fee Claim; Priority Tax Claim; Secured Tax Claim; Other Priority Claim; Other Secured Claim; Intercompany Claim; Prepetition Debt Claim; or 510(b) Equity Claim.

  • Preferred claim means a claim with respect to which the terms of this chapter accord priority of payment from the general assets of the insurer.

  • Intercompany Claim means any Claim held by a Debtor against another Debtor.

  • Administrative Claim means a Claim for costs and expenses of administration of the Estates under sections 503(b), 507(a)(2), 507(b), or 1114(e)(2) of the Bankruptcy Code, including: (a) the actual and necessary costs and expenses incurred on or after the Petition Date of preserving the Estates and operating the businesses of the Debtors; (b) Allowed Professional Fee Claims in the Chapter 11 Cases; and (c) all fees and charges assessed against the Estates under chapter 123 of title 28 of the United States Code, 28 U.S.C. §§ 1911-1930.