Cram Down definition

Cram Down. Requirements—Section 1129(b).
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Cram Down. With respect to any Mortgage Loan involved in a bankruptcy proceeding, the reduction by the bankruptcy court of either the Unpaid Principal Balance of the Note, accrued interest on the Note or the Note Rate.
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Cram Down means Confirmation of the Plan, notwithstanding the existence of a non-accepting Class, pursuant to the provisions of Section 1129(b) of the Bankruptcy Code.
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Examples of Cram Down in a sentence

  • In no event shall the principal balance of a Receivable be reduced, except in connection with a settlement in the event the Receivable becomes a Defaulted Receivable or a Cram Down Loss occurs.

  • Capitalization is not permitted, except as provided by the terms of any Mortgage Loan that provides for negative amortization or pursuant to a Modification Agreement or as may be required by law in connection with a Bankruptcy "Cram Down" or otherwise.

  • Notwithstanding anything to the contrary contained herein, the Servicer shall not agree to any alteration of the interest rate on any Auto Loan or of the amount of any Scheduled Payment, except in connection with a Cram Down Loss.

  • Cram Down Notes repurchased by the Issuer will not be deemed cancelled and may be resold.

  • No New Third Lien Notes or Cram Down Notes shall be distributed under the Plan in increments of less than $1,000.

  • Security: Third-priority liens on (a) substantially all the present and after-acquired material assets of the Issuer and the Guarantors (other than LBI NV) that guarantee the Cram Down Notes, (b) 66% of the voting stock of first-tier foreign subsidiaries of LBI NV, and (c) all other collateral, if any, that secures the First Lien Senior Secured Notes (the “Collateral”).

  • A Cram-Down Contribution shall be deemed an Additional Capital Contribution by the Non-Defaulting Member making (or deemed making) such Cram-Down Contribution as of the date such Cram- Down Contribution is made or the date on which such Contribution Default Loan is converted to a Cram-Down Contribution.

  • To the extent that the requisite majority of holders (in both number and amount of claims) of Allowed DIP Roll Up Claims cause Class 3 to accept the Plan, all holders of Allowed DIP Roll-Up Claims shall receive New Third Lien Notes in the same principal amount as such Allowed Claims, no holder of an Allowed DIP Roll Up Claim shall receive any Cram Down Notes, and the Debtors shall not issue the Cram Down Notes.

  • The guarantees of the Cram Down Notes:  are senior third-priority secured obligations of the Guarantors; and  are equal in right of payment to all existing and future senior indebtedness of the Guarantors.

  • Modification of the Indenture: Such issues as require consent of each holder under the Trust Indenture Act, which will require the consent of each holder; otherwise votes of a majority shall be required for amendments that typically require holders’ consent; provided that the Issuer shall be entitled to vote any of the Cram Down Notes repurchased and held by the Issuer.