Common use of Adequate Protection Payments Clause in Contracts

Adequate Protection Payments. As such term is used in this Interim Order, “Adequate Protection Payments” means payments made by the Borrower or the Guarantor subject only to the right of any interested party other than the Debtors to later assert that such payments should be reallocated to principal pursuant to section 506 of the Bankruptcy Code (and reallocation of such payments to principal upon entry of a final, non-appealable order directing such reallocation), to (i) pay accrued and unpaid interest on the Prepetition Indebtedness at the rate specified in the Prepetition Credit Agreement (other than the Default Rate as defined in the Prepetition Credit Agreement) on each “Monthly Payment Date” (as defined in the Postpetition Credit Agreement), and (ii) reimburse all pre- and postpetition reasonable fees, costs and expenses, including but not limited to any reasonable attorneys’, accountants’, financial advisors’ and other fees and expenses that are chargeable or reimbursable pursuant to the Prepetition Credit Agreement or any other Prepetition Financing Document. Counsel for the Prepetition Agent shall submit summaries of their invoices (generally describing work performed but excluding detailed time entries) to the U.S. Trustee and counsel for the Committee at the same time their invoices are submitted to the Prepetition Agent. The U.S. Trustee and the Committee shall have 10 calendar days from receipt of such invoice summaries to file an objection to them with the Court. If no objection is timely filed, the fees and expenses will be deemed reasonable and shall be promptly paid by the Borrower or the Guarantor.