Independence Priority Claims Trust Account Sample Clauses

Independence Priority Claims Trust Account. Cash in the Independence Priority Claims Trust Account will be used by the Distribution Trustee only to (i) satisfy the Allowed amounts of Administrative Claims, Priority Tax Claims, Priority Claims and Secured Claims against the Estates of the Debtors other than FLYi in accordance with the terms of the Plan, and (ii) pay Taxes owing in respect of any amounts included in the Independence Priority Claims Trust Account in accordance with Section ‎10.4.
Sample 1
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Independence Priority Claims Trust Account. If, at any time after the initial funding of the Independence Priority Claims Trust Account pursuant to Section ‎3.3.1, the Distribution Trustee determines, in its Permitted Discretion, that the Cash balance of the Independence Priority Claims Trust Account is insufficient to make all payments payable therefrom in accordance with the terms of the Plan and this Agreement, the Distribution Trustee will transfer from the Independence Unsecured Claims Trust Account (to the extent Cash remains available therein) to the Independence Priority Claims Trust Account Cash in an amount determined by the Distribution Trustee, in its Permitted Discretion, to be necessary to ensure that the Cash balance of the Independence Priority Claims Trust Account will be sufficient to make all such payments. To the fullest extent possible, any transfer pursuant to this Section ‎3.3.3 will be accomplished in a manner intended to avoid or minimize any adverse impact on the ability to make distributions of the Allowed amounts of General Unsecured Claims against the Estates of the Debtors other than FLYi in accordance with the terms of the Plan.
Sample 1
Independence Priority Claims Trust Account. If, at any time after the initial funding of the Independence Priority Claims Trust Account pursuant to Section ‎3.3.1, the Distribution Trustee determines that the Cash balance of the Independence Priority Claims Trust Account is in excess of the amount that will be sufficient to make all payments payable therefrom in accordance with the terms of the Plan and this Agreement, the Distribution Trustee, in its Permitted Discretion, may transfer such excess Cash to the Independence Unsecured Claims Trust Account.
Sample 1
Independence Priority Claims Trust Account. On the Effective Date, in connection with the initial funding of the Independence Priority Claims Trust Account pursuant to Section ‎3.3.1, the Distribution Trustee will designate a portion of such initial funding as Independence Disputed Claims Reserves in an amount sufficient to pay each holder of a Disputed Administrative Claim, Disputed Priority Tax Claim, Disputed Priority Claim and Disputed Secured Claim against the Estates of the Debtors other than FLYi the amount such holder would be entitled to receive if such Disputed Claim were an Allowed Claim in its Face Amount. To the extent any such Disputed Claims are not subsequently Allowed, the Distribution Trustee may transfer excess Cash from the Independence Disputed Claims Reserves to the Independence Unsecured Claims Trust Account to satisfy Claims against the Estates of the Debtors other than FLYi that are Allowed in accordance with the terms of the Plan. In connection with any subsequent transfers of Cash to the Independence Priority Claims Trust Account pursuant to Section ‎3.3.3 or ‎5.2.2(b), the Distribution Trustee will, in its Permitted Discretion, designate amounts so transferred, to the extent they are not identified as Pending Payments, as Independence Disputed Claims Reserves to be retained in such Trust Account to satisfy any Disputed Administrative Claims, Disputed Priority Tax Claims, Disputed Priority Claims or Disputed Secured Claims in accordance with the Plan, if, as and when they are Allowed or, to the extent such Disputed Claims are not Allowed, the Distribution Trustee may transfer excess Cash from the Independence Disputed Claims Reserves to the Independence Unsecured Claims Trust Account to satisfy Claims against the Estates of the Debtors other than FLYi that are Allowed in accordance with the terms of the Plan.
Sample 1

Related to Independence Priority Claims Trust Account

  • Claims Against Trust Account The Company agrees that, notwithstanding any other provision contained in this Agreement, the Company does not now have, and shall not at any time prior to the Effective Time have, any claim to, or make any claim against, the Trust Fund, regardless of whether such claim arises as a result of, in connection with or relating in any way to, the business relationship between the Company on the one hand, and BCAC on the other hand, this Agreement, or any other agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred to in this Section 6.03 as the “Claims”). Notwithstanding any other provision contained in this Agreement, the Company hereby irrevocably waives any Claim they may have, now or in the future and will not seek recourse against the Trust Fund for any reason whatsoever in respect thereof; provided, however, that the foregoing waiver will not limit or prohibit the Company from pursuing a claim against BCAC, Merger Sub or any other person (a) for legal relief against monies or other assets of BCAC or Merger Sub held outside of the Trust Account or for specific performance or other equitable relief in connection with the Transactions or (b) for damages for breach of this Agreement against BCAC (or any successor entity) or Merger Sub in the event this Agreement is terminated for any reason and BCAC consummates a business combination transaction with another party. In the event that the Company commences any action or proceeding against or involving the Trust Fund in violation of the foregoing, BCAC shall be entitled to recover from the Company the associated reasonable legal fees and costs in connection with any such action, in the event BCAC prevails in such action or proceeding.

  • Preferential Collection of Claims Against Depositor or Issuer Trust If and when the Property Trustee shall be or become a creditor of the Depositor or the Issuer Trust (or any other obligor upon the Capital Securities), the Property Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Depositor or the Issuer Trust (or any such other obligor).

  • Preferential Collection of Claims Against Depositor or Trust If and when the Property Trustee shall be or become a creditor of the Depositor or the Trust (or any other obligor upon the Junior Subordinated Notes or the Trust Securities), the Property Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Depositor or Trust (or any such other obligor). For purposes of Section 311(b)(4) and (6) of the Trust Indenture Act:

  • Trust Account Waiver The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

  • Trust Account (i) The Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public stockholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.

  • Trust Accounts (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and, to the extent set forth herein, the Certificateholder, the Collection Account as provided in Section 5.01 of the Sale and Servicing Agreement.

  • Trust Accounts Distributions Statements to Noteholders SECTION 5.1.

  • Working Capital Trust Account Proceeds Upon consummation of the Offering, $250,000 of the proceeds from the sale of the Firm Units will be released to the Company to fund the working capital requirements of the Company, and the remainder of the proceeds from the sale of the Firm Units will be deposited into the Trust Account and held pursuant to the terms of the Trust Agreement.

  • WAIVER OF CLAIMS TO TRUST ACCOUNT Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

  • Trust Account Investments The Company shall cause the proceeds of the Offering and the sale of the Private Placement Warrants to be held in the Trust Account to be invested only in United States government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act as set forth in the Trust Agreement and disclosed in the Pricing Disclosure Package and the Prospectus. The Company will otherwise conduct its business in a manner so that it will not become subject to the Investment Company Act. Furthermore, once the Company consummates an initial Business Combination, it will not be required to register as an investment company under the Investment Company Act.

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