Agreed Administrative Expense Priorities means that administrative expenses with respect to the Loan Parties and, with respect to sub-clause (ii) of clause “first”, any official committee appointed by the Bankruptcy Court, shall have the following order of priority: first, (i) amounts payable pursuant to 28 U.S.C. § 1930(a)(6) and (ii) all amounts payable in respect of Carve-Out Expenses, provided that the amount entitled to priority under this sub-clause (ii) of this clause first (“Priority Professional Expenses”) shall not exceed the then effective Priority Professional Expenses Reserve; provided, (A) to the extent the Carve Out Expense Reduction Period commences prior to the Final Facility Effective Date, such Priority Professional Expenses will be equal to an amount not exceeding the amount of Priority Professional Expenses that were accrued but not paid prior to the commencement of such Carve-Out Expense Reduction Period and the amount of the then effective Priority Professional Expenses Reserve and (B) to the extent the Carve Out Expense Reduction Period commences on and after the Final Facility Effective Date, not more than $750,000 in Priority Professional Expenses may be incurred plus the amount of Priority Professional Expenses that were accrued but not paid prior to the commencement of the Carve-Out Expense Reduction Period in an amount not exceeding the then effective Priority Professional Expenses Reserve (together, the “Professional Expense Cap”); provided, however, that (1) during any Carve-Out Expense Reduction Period, any payments actually made in respect of Carve-Out Expenses shall reduce the Professional Expense Cap on a dollar-for-dollar basis, and Priority Professional Expenses accrued prior to the commencement of the Carve Out Expense Reduction Period but paid during the Carve Out Expense Reduction Period shall continue to reduce the Priority Professional Expenses Reserve, and (2) for the avoidance of doubt, so long as no Carve-Out Expense Reduction Period shall be continuing, the payment of Carve-Out Expenses shall not reduce the Professional Expense Cap (but will reduce the Priority Professional Expenses Reserve); provided, further, that to the extent the Professional Expense Cap is reduced by any such payments, and thereafter the applicable Event of Default or default by any Loan Party in any of its obligations under any of the Bankruptcy Court Orders, in either case, that caused the Carve-Out Expense Reduction Period to commence is cured (to the extent such cure is permi...
Agreed Administrative Expense Priorities means that administrative expenses with respect to the Issuer and, with respect to sub-clause (ii) of clause “first”, any official committee appointed by the Bankruptcy Court, shall have the following order of priority: first, (i) amounts payable pursuant to 28 U.S.C. § 1930(a)(6) and (ii) allowed fees and expenses of attorneys, accountants and other professionals retained in the Chapter 11 Case pursuant to Sections 327, 328, 330 and 331 of the Bankruptcy Code, to the extent that the amount entitled to priority under this sub-clause (ii) of this clause first (“Priority Professional Expenses”) does not exceed $2,000,000 outstanding in the aggregate at any time (inclusive of any holdbacks required by the Bankruptcy Court) (the “Professional Expense Cap”); provided, however, that (A) during the continuance of an Event of Default hereunder or a default by the Issuer in any of its obligations under the Bankruptcy Court Orders, any payments actually made to such professionals during such continuance, under Sections 327, 328, 330 and 331 of the Bankruptcy Code or otherwise, shall reduce the Professional Expense Cap on a dollar-for-dollar basis, and (B) for the avoidance of doubt, so long as no Event of Default or a default by the Issuer in any of its obligations under the Bankruptcy Court Orders shall have occurred and be continuing, the payment of administrative expenses allowed and payable under Sections 327, 328, 330 and 331 of the Bankruptcy Code or otherwise shall not reduce the Professional Expense Cap, second, all Obligations in accordance with Section 4.02, and third, all other allowed administrative expenses.
Agreed Administrative Expense Priorities means that administrative expenses with respect to the Loan Parties and, with respect to sub-clause (ii) of clause "first", any official committee appointed by the Bankruptcy Court, shall have the following order of priority: first, (i) amounts payable pursuant to 28 U.S.C. § 1930(a)(6) and (ii) amounts payable in respect of Carve-Out Expenses, provided that the amount entitled to priority under this sub-clause (ii) of this clause first ("Priority Professional Expenses") shall not exceed the sum of (A) the aggregate amount of professional fees, costs and disbursements accrued and not paid immediately prior to the commencement of a Carve-Out Expense Reduction Period, but solely if, as and to the extent such professional fees, costs and disbursements are or have been provided for in, and are consistent with, the Initial Budget and are ultimately allowed by the Bankruptcy Court pursuant to Section 330 of the Bankruptcy Code and (B) $1,000,000 (the "Professional Expense Cap"); provided, however, that (1) during any Carve-Out Expense Reduction Period, any payments actually made in respect of Carve-Out Expenses other than the Carve-Out Expenses described in subclause (A) of this clause (ii), shall reduce the Professional Expense Cap on a dollar-for-dollar basis, and (2) for the avoidance of doubt, so long as no Carve-Out Expense Reduction Period shall be continuing, the payment of Carve-Out Expenses shall not reduce the Professional Expense Cap; second, all Pre-Petition Revolving Loans and the Obligations, and third, all other allowed administrative expenses.
Examples of Agreed Administrative Expense Priorities in a sentence
Specifically, “The DIP Credit Agreement shall constitute allowed administrative expenses in the Bankruptcy Case, pursuant to section 364(b) and 503(b)(1) of the Bankruptcy Code, and subject only to the prior payment of Agreed Administrative Expense Priorities, as and to the extent set forth in the Final DIP Order or any subsequent order of the Bankruptcy Court.” DIP Motion at5.
Priority: The DIP Credit Agreement shall constitute allowed administrative expenses in the Bankruptcy Case, pursuant to section 364(b) and 503(b)(1) of the Bankruptcy Code, and subject only to the prior payment of Agreed Administrative Expense Priorities, as and to the extent set forth in the Final DIP Order or any subsequent order of the Bankruptcy Court.Remedies: Upon the occurrence of an Event of Default, the DIP Lender shall have customary remedies.
The proceeds of the Revolving Loans shall be used for general corporate purposes (including, without limitation, payments of fees and expenses to professionals under Sections 330 and 331 of the Bankruptcy Code and administrative expenses of the kind specified in Section 503(b) of the Bankruptcy Code incurred in the ordinary course of business of the Companies and the other Receivable Grantors, subject to the priorities set forth in the definition of "Agreed Administrative Expense Priorities" herein).
More Definitions of Agreed Administrative Expense Priorities
Agreed Administrative Expense Priorities means that administrative expenses with respect to the Loan Parties shall have the following order of priority:
Agreed Administrative Expense Priorities means that administrative expenses with respect to the Borrower and the Guarantor and, with respect to sub-clause (ii) of clause "first", any official committee appointed by the Bankruptcy Court, shall have the following order of priority: first, (i) amounts payable pursuant to 28 U.S.C. Section 1930(a)(6) and fees payable to the Clerk of the Bankruptcy Court and (ii) allowed fees and expenses of attorneys, accountants and other professionals retained in the Chapter 11 Cases pursuant to Sections 327 and 1103 of the Bankruptcy Code (except to the extent that such fees and expenses were incurred in the prosecution of actions, claims or causes of action seeking to invalidate, avoid, subordinate or otherwise impair any claims of the Agent or the Lenders under the Loan Documents or the claims of the Pre-Petition Lenders under the Pre-Petition Agreements or any Liens created by the Loan Documents or the Pre-Petition Agreements or which seeks to recover any transfer made to the Agent, the Lenders or the Pre-Petition Lenders); provided, however, that after the occurrence and during the continuance of an Event of Default hereunder or under the Interim Bankruptcy Court Order or the Final Bankruptcy Court Order (x) the amount entitled to priority under sub-clause (ii) of this clause first ("Priority Professional Expenses") shall not exceed $575,000 outstanding in the aggregate at any time (inclusive of any holdbacks required by the Bankruptcy Court) (the "Professional Expense Cap"), provided that after (1) payment in full of all obligations under the Greenwich DIP Facility, (2) the termination of all commitments under the Greenwich DIP Facility and (3) the release of all of Greenwich's Liens on the Collateral, the Professional Expense Cap shall be increased by the unused portion of the professional expense cap provided under the Greenwich DIP Facility but shall in no event exceed $1,150,000, and (y) any payments actually made to such professionals after such occurrence or during such continuance, under Sections 330 and 331 of the Bankruptcy Code or otherwise, shall reduce the Professional Expense Cap on a dollar-for-dollar basis, second, all Obligations and, subject to the terms of the Intercreditor Agreement, all obligations of the Borrower and the Guarantor under the Greenwich DIP Facility, and
Agreed Administrative Expense Priorities means that administrative expenses with respect to the Borrower and the Guarantors, which shall have the following order of priority: first, (i) amounts payable pursuant to 28 U.S.C. § 1930(a)(6) and all fees required to be paid to the Clerk of the Bankruptcy Court and (ii) only upon the occurrence and continuance of an Event of Default, allowed fees, expenses and costs of attorneys, accountants and other professionals retained in the Chapter 11 Cases by the Debtors or any official committee of unsecured creditors pursuant to Bankruptcy Code sections 327, 328, 330, 331, 503 or 1103 and owed pursuant to the terms of such profesionals’ respective engagement letters (other than any success fee, transaction fee, or other similar fee set forth in such professionals’ respective engagement letters), provided that the amount entitled to priority under this sub-clause (ii) (“Priority Professional Expenses”) shall not exceed $ 1,250,000 minus any retainers held by the professionals at the time of the occurrence of an Event of Default outstanding in the aggregate at any time (such Priority Professional Expenses to be inclusive of any holdbacks required by the Bankruptcy Court) (the “Professional Expense Cap”); second, GECC Superpriority Claim and GECC Adequate Protection Priority Claims; third, all Obligations in accordance with subsection 10.2; and fourth, all other allowed administrative expenses.
Agreed Administrative Expense Priorities means that administrative expenses with respect to the Companies and, with respect to sub-clause (ii) of clause "first", any official committee appointed by the Bankruptcy Court shall have the following order of priority: first, (i) amounts payable pursuant to 28 U.S.C. Section 1930(a)(6) and (ii) allowed fees and expenses of attorneys, accountants and other professionals retained in the Chapter 11 Cases pursuant to Sections 327 and 1103 of the Bankruptcy Code ("Priority Professional Expenses"), but the amount entitled to priority under sub-clause (ii) of this clause first shall not exceed $1,500,000 outstanding in the aggregate at any time (inclusive of any holdbacks required by the Bankruptcy Court but exclusive of fees and expenses paid to such professionals prior to such time) (the "Professional Expense Cap"); provided, however, that after the occurrence and during the continuance of an Event of Default or a default by the Borrower in any of its obligations under the Interim Bankruptcy Court Order or the Final Bankruptcy Court Order, any payments actually made to such professionals (other than payments made out of pre-Filing Date retainers) after such occurrence or during such continuance, under Sections 330 and 331 of the Bankruptcy Code or otherwise, shall reduce the Professional Expense Cap on a dollar-for-dollar basis, second, all Obligations, and third, all other allowed administrative expenses.
Agreed Administrative Expense Priorities means those administrative expenses with respect to the Borrowers and the Guarantors and, with respect to sub-clause (ii) of clause "first", any official committee appointed by the Bankruptcy Court, shall have the following order of priority: first, (i) amounts payable pursuant to 28 U.S.C. Section 1930(a)(6) and any fees payable to the Clerk of the Bankruptcy Court and (ii) the Carve-Out Expenses, provided, that the amount entitled to priority under this sub-clause (ii) of this clause first ("Priority Professional Expenses") is funded with the proceeds of the Carve-Out Term Loan B (inclusive of (a) any holdbacks required by the Bankruptcy Court, (b) actual, documented reasonable fees and expenses of a trustee payable under Section 726(b) of the Bankruptcy Code, as required by the Guidelines, and (c) reasonable and actual, documented expenses of the members of the statutory creditors' committee, if any); second, all Obligations in accordance with Section 4.05, and third, all other allowed administrative expenses.
Agreed Administrative Expense Priorities means the unpaid fees of the Clerk of the Bankruptcy Court and the U.S. Trustee pursuant to 28 U.S.C. § 1930(a).
Agreed Administrative Expense Priorities means those administrative expenses with respect to the Borrowers, Syntax Groups Corporation and, with respect to sub-clause (ii) of clause “first”, an official unsecured creditors committee (if any) appointed by the Bankruptcy Court, which shall have the following order of priority: first, (i) the unpaid fees of the Clerk of the Bankruptcy Court and the U.S. Trustee pursuant to 28 U.S.C. § 1930(a), and (ii) amounts in respect of Carve-Out Expenses, second, all Obligations then due and payable, third, all Adequate Protection Obligations (as defined in the Bankruptcy Court Orders); and fourth, all other allowed administrative expenses to the extent then due and payable and not otherwise paid.