Professional Fee Reserve definition

Professional Fee Reserve means the reserve for Fee Review Professional Fees established pursuant to Section IV.J.

Professional Fee Reserve means a segregated account funded from Unrestricted Cash and Investments on hand of the Debtors as of the Effective Date in an amount equal to the Professional Fee Reserve Amount as of such date, solely for the purpose of paying all Allowed Professional Fee Claims.

Professional Fee Reserve means the reserve of Cash established and maintained by the Debtor or the Reorganized Debtor to pay Allowed Professional Fee Claims.

Examples of Professional Fee Reserve in a sentence

• Any Cash remaining after facilitating all distributions pursuant to the Plan or any other order of the Bankruptcy Court (including, for the avoidance of doubt, amounts distributed on account of the Professional Fee Reserve Amount and the Wind-Down Amount) shall be paid to Holders of Allowed First Lien Claims on a Pro Rata basis until such time as Holders of Allowed First Lien Claims have been paid in full.

• From the funds held in the Professional Fee Reserve Account, the Escrow Holder shall release to the Debtor Professionals solely such amounts as are payable from time to time pursuant to the DIP Budget and an applicable order of the Bankruptcy Court, including an order approving interim compensation procedures in the Chapter 11 Case and any order granting interim or final fee applications for Professionals (each, a “ Fee Order”).

• The Professional Fee Reserve Account shall be funded on a weekly basis in accordance with the DIP Budget and ending on the date upon which a Carve-Out Trigger Notice is delivered, plus any amounts provided for in the DIP Budget, if any, since the most recent funding of the Professional Fee Reserve Account through the delivery of the Carve-Out Trigger Notice, in accordance with the DIP Budget.

• The Professional Fee Reserve shall be funded in an amount sufficient to pay the Fee Review Professional Fees that remain unpaid as of the Effective Date.

• After the delivery of a Carve-Out Trigger Notice, notwithstanding anything herein to the contrary, the Debtor shall be authorized to deposit any cash on hand into the Professional Fee Reserve Account up to the amount of any remaining unpaid professional fees for each of the Professionals set forth in the DIP Budget for the period until delivery of the Carve-Out Trigger Notice plus an amount equal to the Post Carve-Out Trigger Notice Cap.

More Definitions of Professional Fee Reserve

Professional Fee Reserve means the reserve established and maintained by the Debtor and the Reorganized Debtor from Cash on hand existing immediately prior to the Effective Date or from the Exit Facility Loans pursuant to and in accordance with Article V.N of this Plan.

Professional Fee Reserve means the reserve of Cash in the amount of the Professional Fee Estimate initially funded by the Debtors and maintained by the Plan Administrator, on behalf of the Liquidating Debtors (or the Liquidating Trust, if established), in an amount sufficient to fund (a) all Professional Fee Claims of Professionals employed by the Debtors or the Committee, including but not limited to an amount sufficient to pay (i) all unpaid Professional Fee Holdback Amounts and other expenses billed by Professionals of the Debtors or the Committee prior to the Effective Date; (ii) all outstanding fee applications of Professionals of the Debtors or the Committee not ruled upon by the Court as of the Effective Date; and (iii) the estimated aggregate amount of all reasonable fees and expenses due to Professionals of the Debtors or the Committee for periods that have not been billed as of the Effective Date; (b) the Supporting Noteholders Professionals Fee Estimate; (c) the Allowed Deerfield Substantial Contribution Claim; (d) the Allowed Committee Member Substantial Contribution Claims; and (e) the 2016 Notes Trustee Fee Claims.

Professional Fee Reserve means the Cash to be reserved in an amount sufficient to fund (a) all Professional Fee Claims of Professionals employed by the Debtors, including but not limited to an amount sufficient to pay (i) all unpaid Professional Fee Holdback Amounts and other expenses billed by Professionals of the Debtors prior to the Effective Date; (ii) all outstanding fee applications of Professionals of the Debtors not ruled upon by the Court as of the Effective Date; and (iii) the estimated aggregate amount of all reasonable fees and expenses due to Professionals of the Debtors for periods that have not been billed as of the Effective Date; and (b) all accrued and unpaid fees and expenses of Committee Professionals as of the Effective Date, in an amount not exceeding the amounts set forth in the Final Cash Collateral Budget (Accrual Budget) for “UCC Advisors”; provided, however, that the amount of the Professional Fee Reserve shall be consistent with and shall not exceed the amounts set forth in the Final Cash Collateral Budget.

Professional Fee Reserve means an account funded by the Plan Debtors with Cash as soon as possible after Confirmation and not later than the Effective Date in an amount equal to the Professional Fee Escrow Amount.

Professional Fee Reserve means the reserve account to be established by the Plan Administrator from the Net Proceeds in an amount necessary to satisfy in full any estimated outstanding Professional Fee Claim and PCO Professional Fee Claims.

Professional Fee Reserve means the reserves of Cash established and maintained by the Debtor or, following the Effective Date, counsel to the Debtor, to satisfy Allowed Professional Fee Claims. For the avoidance of doubt and without limiting the foregoing, the Professional Fee Reserve shall include the Initial Cash and the Supplemental Cash, in each case to the extent not disbursed in satisfaction of Professional Fee Claims in accordance with applicable orders of the Bankruptcy Court prior to the Effective Date, and in the case of the Initial Cash, excepting an amount of $972,000 to be transferred from the Debtor to the Distribution Trust as part of the Distribution Trust Assets.

Professional Fee Reserve means the reserve of cash funded on the Effective Date (as agreed to by the Noteholder Agent and Winning Bidder) to an account maintained by the Disbursing Agent in an amount sufficient to fund all Professional Fee Claims of Professionals (other than Professional Fee Claims of the Professionals employed by the Committee, which shall be paid out of the GUC Fund to the extent not previously funded out of the DIP Facility prior to the Effective Date), including but not limited to an amount sufficient to pay (i) all unpaid holdback amounts and other expenses billed by such Professionals prior to theEffective Date; and (ii) all outstanding fee applications of such Professionals not ruled upon by the Bankruptcy Court as of the Effective Date.