Professional Fee Claim Reserve definition

Professional Fee Claim Reserve means the reserve established by the Debtors and maintained pursuant to the terms of this Plan and the Confirmation Order to be distributed to holders of Allowed Professional Fee Claims.

Professional Fee Claim Reserve means the reserve established and maintained by the Reorganized Debtors from Cash on hand existing immediately prior to the Effective Date to pay in full in Cash the Professional Fee Claims incurred on or prior to the Effective Date, as and when such claims become Allowed.

Professional Fee Claim Reserve means the reserve established and maintained in an amount reasonably determined by the Reorganized Debtors, in consultation with the Required Consenting Noteholders, from Cash on hand existing immediately prior to the Effective Date to pay in full in Cash the Professional Fee Claims incurred on or prior to the Effective Date, as and when such claims become Allowed; provided, however, that the Required Consenting Noteholders shall have the right to challenge the reasonableness of any such amount.

Examples of Professional Fee Claim Reserve in a sentence

• The Professional Fee Claim Reserve shall be maintained in trust for the Professionals and shall not be considered property of the Debtors’ Estates; provided that the Reorganized Debtors shall have a reversionary interest in the Unused Cash Reserve Amount.

• SROs are primarily responsible for establishing the rules under which their members conduct business and for monitoring the ways their members conduct business.

• On the Effective Date, the Professional Fee Claim Reserve shall be transferred by the Debtors to Landis Rath & Cobb LLP’s IOLTA account to be held for the distribution of Allowed Professional Fee Claims.

• Upon entry of a Final Order approving any such application for such Professional Fee Claim, Landis Rath & Cobb LLP shall promptly distribute from the Professional Fee Claim Reserve any unpaid portion of such Allowed Professional Fee Claim.

• The Reorganized Debtors shall not commingle any funds contained in the Professional Fee Claim Reserve and shall use such funds to pay only the Professional Fee Claims, as and when allowed by order of the Bankruptcy Court.

More Definitions of Professional Fee Claim Reserve

Professional Fee Claim Reserve means the reserve established by the Debtor and maintained by the Debtor or Reorganized Debtor pursuant to the terms of this Plan and the Confirmation Order to be distributed to Holders of Allowed Professional Fee Claims.

Professional Fee Claim Reserve means the reserve established under the Confirmation Order and maintained pursuant to the terms of this Plan and the Confirmation Order to be distributed to holders of allowed Professional Fee and Expense Claims and estimated Post- Confirmation Administrative Claims, including Post-Confirmation Professional Fee Claims.

Professional Fee Claim Reserve means the reserve established under the Confirmation Order and maintained pursuant to the terms of this Plan and the Confirmation Order

Professional Fee Claim Reserve means an account to be established by the NRH Debtor on the Effective Date for the payment of Allowed Professional Fee Claims.

Professional Fee Claim Reserve means a reserve in the amount of $1,810,000 established for the payment of Professional Fee Claims pursuant to the Post-Closing Fee Budget (as defined in the Settlement Agreement); provided however, for the avoidance of doubt and notwithstanding the Professional Fee Claim reserve, all Allowed Professional Fee Claims will be paid in full pursuant to the terms of the Settlement Agreement and this Plan.

Professional Fee Claim Reserve means the reserve established and funded by the Plan Administrator pursuant to Section 4.2 of the Plan to provide sufficient funds to satisfy in full all unpaid Allowed Professional Fee Claims.

Professional Fee Claim Reserve means the reserve established by the Debtors and maintained pursuant to the terms of this Plan and the Confirmation Order to be distributed to holders of Professional Fee Claims pursuant to the Interim Compensation Order or Order(s) of the Bankruptcy Court approving Professional Fee Claims.