Unsecured Deficiency Claim definition

Unsecured Deficiency Claim means, with reference to a Claim secured by a Lien against Collateral, an amount equal to the difference between (a) the aggregate amount of such Claim after giving effect to the operation of section 1111(b)(1)(A) of the Bankruptcy Code and (b) the amount of such Claim that is a Secured Claim; provided, however, that, in the event that the Class in which such Secured Claim is classified makes the election under section 1111(b)(2) of the Bankruptcy Code in accordance with Rule 3014 of the Bankruptcy Rules, the Unsecured Deficiency Claim otherwise relating to such Secured Claim shall be extinguished. An Unsecured Deficiency Claim is an Unsecured Claim.

Unsecured Deficiency Claim means, with respect to a Claim that is secured by a Lien on property in which any Debtor’s Estate has an interest or that is subject to setoff under section 553 of the Bankruptcy Code, the amount by which the Face Amount of such Claim exceeds the value of the Claim holder’s interest in such Estate’s interest in such property or 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.

Unsecured Deficiency Claim means the portion of any Secured Debt Claim that is not Secured.

Examples of Unsecured Deficiency Claim in a sentence

• The Bankruptcy Code § 1111(b)(2) Election converts an Unsecured Deficiency Claim into a Claim secured by the collateral of the electing Creditor.

• On the Effective Date, the Hillside Unsecured Deficiency Claim shall be deemed an Allowed General Unsecured Claim in the amount of $41.7 million, for the purposes of the Plan and these Reorganization Cases.

• Any Unsecured Deficiency Claim asserted by a holder of an Allowed Secured Claim in Class 4 shall be filed with the Bankruptcy Court within 30 days following the date of the surrender or abandonment of such Creditor's Collateral.

• To the extent that the value of such interest is less than the amount of the Claim which has the benefit of such security, such Claim is an Unsecured Deficiency Claim unless, in any such case, a secured claimant makes a valid and timely election under section 1111(b) of the Bankruptcy Code to have its Claim treated as a Secured Claim to the extent Allowed.

• Any such Allowed Unsecured Deficiency Claim shall be treated in accordance with Section 5.6 of the Plan.

More Definitions of Unsecured Deficiency Claim

Unsecured Deficiency Claim means any portion of a Claim to the extent that the value of the Creditor's interest in the Estate's interest in any property securing the Claim is less than the amount of the Claim, or to the extent that the amount of any Claim subject to setoff is less than the amount of such Claim, as determined pursuant to section 506(a) of the Bankruptcy Code.

Unsecured Deficiency Claim means any portion of an Other Secured Claim to the extent that the value of the Collateral securing the Other Secured Claim is less than the amount of such Other Secured Claim, or to the extent that the amount of any such Other Secured Claim subject to a setoff is less than the amount of such Other Secured Claim, as determined pursuant to Section 506(a) of the Bankruptcy Code.

Unsecured Deficiency Claim means any Claim by a Person holding a Secured Claim to the extent the value of such Creditor's collateral, as determined in accordance with Section 506(a) of the Bankruptcy Code, is less than the Allowed amount of such Creditor's Claims as of the Petition Date, after taking into account any elections made pursuant to Section 1111(b) of the Bankruptcy Code.

Unsecured Deficiency Claim means the portion of any Secured Debt Claim that is not

Unsecured Deficiency Claim means an unsecured Claim in an amount equal to the difference, if any, between the holder of a Class 1 Claim’s pro rata share of the Allowed Bank Secured Claim and such holder’s pro rata share of the Allowed Bank Claim.

Unsecured Deficiency Claim means a Claim by a Person holding a Secured

Unsecured Deficiency Claim means the unsecured claim of the Prepetition Secured Lenders representing the difference between the Face Amount of their Claim against the Debtors and the amount of their Allowed Secured Claim.