Convenience Class Election definition

Convenience Class Election means an irrevocable election made on the Ballot by the Holder of a Claim against Tribune that would otherwise be a General Unsecured Claim in an amount greater than $1,000 to reduce such Claim to $1,000.

Convenience Class Election means an election by a Holder of a General Unsecured Claim(s) in Class 5(a) on its Ballot, and within the time fixed by the Bankruptcy Court, to have the aggregate amount of such Holder’s Allowed Claim(s) in Class 5(a) treated as Convenience Claims.

Convenience Class Election means the timely and proper election by the Holder of a General Unsecured Claim (other than a Royalty Payment Litigation Claim) with a Face Amount in excess of$100,000 to nonetheless be treated in the same manner as a Convenience Class Claim, which election shall be made on the Ballot of such applicable Holder.

Examples of Convenience Class Election in a sentence

• If the Convenience Class Election is made, then such Holder shall receive, in lieu of the Distribution provided to Holders of Claims in Class 4, Distribution as if the Allowed Claim is a Class 5 Convenience Class Claim.

• The sole method of exercising the Convenience Class Election is to timely submit a “Ballot for Claim in Class 5 (Convenience Class) Against American LaFrance, LLC” included in the solicitation package containing this Plan.

• For purposes of this summary description, the Debtors have assumed that (i) all holders of Allowed General Unsecured Claims against Arcapita Bank in the amount of approximately $175,000 or less will opt to participate in the Convenience Class Election, and (ii) the Bankruptcy Court has not entered a final order avoiding the AIHL guarantee of the Arcsukuk Facility and disallowing the corresponding Class 4(b) Claims of the Holders of Arcsukuk Claims.

• Notwithstanding the foregoing, if the Holder of an Allowed General Unsecured Claim makes the Convenience Class Election, then such Holder shall receive, in lieu of the above and in full satisfaction, settlement, discharge and release of, and in exchange for, such Allowed Class 6 Claim, payment in cash equal to and capped at $100,000, and such Holder shall not be entitled to receive New Equity Interests or to participate in the Rights Offerings on account of such Claim.

• The ballot distributed to each eligible Holder of a Claim or Interest, on which ballot such Holder may, among other things, vote to accept or reject the Plan and/or make the Convenience Class Election.

More Definitions of Convenience Class Election

Convenience Class Election means an election by a holder of a Trade Vendor/Lease Rejection Claim or Other Unsecured Claim on its Ballot to be treated as a General Unsecured Convenience Claim.

Convenience Class Election means the election pursuant to which the holder of a qualifying General Unsecured Claim against the Debtor(s) timely elects to be treated as a General Unsecured Convenience Claim.

Convenience Class Election means the timely election by the holder of a General

Convenience Class Election means an irrevocable election made on the Ballot by the holder of a Claim against the Debtors that would otherwise be a General Unsecured Claim in an amount greater than $10,000 to reduce such Claim to $10,000 in order to be treated as a Convenience Claim. Subject to the occurrence of the Effective Date, such election shall be deemed to amend such General Unsecured Claim to reduce the amount of such Claim to $10,000.

Convenience Class Election means the election on the ballot for voting to accept this Plan by a single holder of General Unsecured Claims that are greater than$1,000 in the aggregate (for Claims in Classes 2.A or 2.B) or $100 in the aggregate (for Claims in Classes 2.C, 2.D, 2.E or 2.F) to have such General Unsecured Claims treated as a Convenience Class Unsecured Claim.

Convenience Class Election means an irrevocable election made by the Holder of a Claim that would otherwise be a General Unsecured Claim in an amount greater than five thousand dollars ($5,000) but less than or equal to twenty thousand dollars ($20,000) to reduce such Claim to $5,000, and such election shall be made either, (i) on the Ballot, (ii) for any non- Debtor contract counterparty whose executory contract or lease is rejected by an order of the Bankruptcy Court, by an executed notice that is received by the Debtors or Reorganized Debtors (as applicable) no later than 30 days from the date on which the underlying contract is deemed rejected by the Debtors, or (iii) in the sole discretion of the Debtors or Reorganized Debtors (as applicable, after consulting with the Kayne Supporting Creditors), by written agreement with such Holder.

Convenience Class Election means the election available on the Ballot to a Holder of an Allowed Unsecured Claim asserted in an amount greater than $10,000 to opt to receive its Pro Rata share of the Convenience Class Distribution in full and complete satisfaction, discharge, and release of such Allowed Unsecured Claim; provided, that in making such election, the holder of such Allowed Unsecured Claim shall be deemed to have agreed to reduce the amount of such Allowed Unsecured Claim for purposes of voting and distributions under the Plan to $10,000.