Common use of Professional Fee Claims Clause in Contracts

Professional Fee Claims. Professionals or other Entities asserting a Professional Fee Claim for services rendered before the Effective Date must File and serve on counsel to the Reorganized Debtors, counsel to the Ad Hoc Noteholder Group and such other Entities who are designated in the Confirmation Order an application for final allowance of such Professional Fee Claim no later than the Professional Fees Bar Date; provided that no application or notice to or order of the Bankruptcy Court shall be required in order for the Reorganized Debtors to pay Professionals for any work performed after the Effective Date, including those reasonable and documented fees and expenses incurred by Professionals in connection with the implementation and consummation of this Plan. Objections to any Professional Fee Claim must be Filed and served on counsel to the Reorganized Debtors, counsel to the Ad Hoc Noteholder Group and the requesting party by no later than twenty-one (21) days after the Filing of the applicable final request for payment of the Professional Fee Claim. Each Holder of an Allowed Professional Fee Claim shall be paid in full in Cash by the Reorganized Debtors, first from the Professional Fee Claim Reserve, within five (5) Business Days after entry of the order approving 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. Notwithstanding anything to the contrary contained in this Plan, the failure of the Professional Fee Claim Reserve to satisfy in full the Professional Fee Claims shall not, in any way, operate or be construed as a cap or limitation on the amount of Professional Fee Claims due and payable by the Reorganized Debtors. 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. To the extent that funds held in the Professional Fee Claim Reserve do not or are unable to satisfy the full amount of the Allowed Professional Fee Claims, such Professionals shall have an Allowed Administrative Claim for any such deficiency, which shall be satisfied in full in Cash in accordance with Article II.A of this Plan.

Professional Fee Claims. Professionals or other Entities asserting a All requests for payment of Professional Fee Claim Claims for services rendered before and reimbursement of expenses incurred prior to the Confirmation Date must be Filed no later than 45 days after the Confirmation Date. The Bankruptcy Court shall determine the Allowed amounts of such Professional Fee Claims after notice and a hearing in accordance with the procedures established by the Bankruptcy Court. The Reorganized Debtors shall pay Professional Fee Claims in Cash in the amount the Bankruptcy Court allows, including from the Professional Fee Escrow Account, which the Reorganized Debtors will establish in trust for the Professionals and fund with Cash equal to the Professional Fee Amount on the Effective Date must File Date. Professionals shall deliver to the Debtors their estimates for purposes of the Reorganized Debtors computing the Professional Fee Amount no later than five Business Days prior to the anticipated Effective Date. For the avoidance of doubt, no such estimate shall be deemed to limit the amount of the fees and serve on counsel expenses that are the subject of a Professional’s final request for payment of Professional Fee Claims Filed with the Bankruptcy Court. If a Professional does not provide an estimate, the Debtors may estimate the unpaid and unbilled fees and expenses of such Professional. No funds in the Professional Fee Escrow Account shall be property of the Estates. Any funds remaining in the Professional Fee Escrow Account after all Allowed Professional Fee Claims have been paid will be turned over to the Reorganized Debtors. From and after the Confirmation Date, counsel to any requirement that Professionals comply with sections 327 through 331 and 1103 of the Ad Hoc Noteholder Group Bankruptcy Code in seeking retention or compensation for services rendered after such date shall terminate, and such other Entities who are designated the Reorganized Debtors may employ and pay any Professional in the Confirmation Order an application for final allowance ordinary course of such Professional Fee Claim no later than the Professional Fees Bar Date; provided that no application or business without any further notice to or order action, order, or approval of the Bankruptcy Court shall be required in order for the Reorganized Debtors to pay Professionals for any work performed after the Effective Date, including those Court. The reasonable and documented fees and expenses incurred by the Professionals in connection with of the implementation and consummation of this Plan. Objections to any Professional Fee Claim must be Filed and served on counsel Committee (but not third-party advisors to the individual Committee members) after the Confirmation Date until the Committee dissolves will be paid by the Debtors or Reorganized Debtors, counsel to as applicable, in the Ad Hoc Noteholder Group ordinary course of business (and the requesting party by no later than twenty-one (21) 45 days after the Filing submission of the applicable final request for payment of the Professional Fee Claim. Each Holder of an Allowed Professional Fee Claim shall be paid in full in Cash by the Reorganized Debtors, first from the Professional Fee Claim Reserve, within five (5) Business Days after entry of the order approving 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. Notwithstanding anything to the contrary contained in this Plan, the failure of the Professional Fee Claim Reserve to satisfy in full the Professional Fee Claims shall not, in any way, operate or be construed as a cap or limitation on the amount of Professional Fee Claims due and payable by the Reorganized Debtors. 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. To the extent that funds held in the Professional Fee Claim Reserve do not or are unable to satisfy the full amount of the Allowed Professional Fee Claims, such Professionals shall have an Allowed Administrative Claim for any such deficiency, which shall be satisfied in full in Cash in accordance with Article II.A of this Planinvoices).

Professional Fee Claims. Professionals or other Entities asserting a All requests for payment of Professional Fee Claim Claims for services rendered before and reimbursement of expenses incurred prior to the Confirmation Date must be Filed with the Bankruptcy Court no later than 45 days after the Effective Date must File and serve on counsel to Date. The Bankruptcy Court shall determine the Reorganized Debtors, counsel to the Ad Hoc Noteholder Group and such other Entities who are designated in the Confirmation Order an application for final allowance Allowed amounts of such Professional Fee Claim no later than Claims after notice and a hearing in accordance with the Professional Fees Bar Date; provided that no application or notice to or order of procedures established by the Bankruptcy Court shall be required in order for the Reorganized Debtors to pay Professionals for any work performed after the Effective Date, including those reasonable and documented fees and expenses incurred by Professionals in connection with the implementation and consummation of this Plan. Objections to any Professional Fee Claim must be Filed and served on counsel to the Reorganized Debtors, counsel to the Ad Hoc Noteholder Group and the requesting party by no later than twenty-one (21) days after the Filing of the applicable final request for payment of the Professional Fee Claim. Each Holder of an Allowed Professional Fee Claim shall be paid in full in Cash by the Reorganized Debtors, first from the Professional Fee Claim Reserve, within five (5) Business Days after entry of the order approving such Allowed Professional Fee ClaimCourt. The Reorganized Debtors shall not commingle any funds contained pay Professional Fee Claims in Cash in the amount the Bankruptcy Court allows, including from the Professional Fee Claim Reserve and shall use such funds to pay only the Professional Fee ClaimsEscrow Account, as and when allowed by order of the Bankruptcy Court. Notwithstanding anything to the contrary contained in this Plan, the failure of the Professional Fee Claim Reserve to satisfy in full the Professional Fee Claims shall not, in any way, operate or be construed as a cap or limitation on the amount of Professional Fee Claims due and payable by which the Reorganized Debtors. The Professional Fee Claim Reserve shall be maintained Debtors will establish in trust for the Professionals and fund with Cash equal to the Professional Fee Amount on the Effective Date. Professionals shall not be considered property deliver to the Debtors their estimates for purposes of the Debtors’ Estates; provided that the Reorganized Debtors computing the Professional Fee Amount no later than 3 business days prior to the anticipated Effective Date. For the avoidance of doubt, no such estimate shall have be deemed to limit the amount of the fees and expenses that are the subject of a reversionary interest in Professional’s final request for payment of Professional Fee Claims Filed with the Unused Cash Reserve AmountBankruptcy Court. To If a Professional does not provide an estimate, the extent that Debtors may estimate the unpaid and unbilled fees and expenses of such Professional. No funds held in the Professional Fee Claim Reserve do not or are unable to satisfy the full amount Escrow Account shall be property of the Estates, and the Professional Fee Escrow Account shall be maintained in trust solely for the benefit of Holders of Professional Fee Claims. Any funds remaining in the Professional Fee Escrow Account after all Allowed Professional Fee Claims, such Professionals shall Claims have an Allowed Administrative Claim for any such deficiency, which been paid shall be satisfied turned over to the Reorganized Debtors. From and after the Confirmation Date, any requirement that Professionals comply with sections 327 through 331 and 1103 of the Bankruptcy Code in full seeking retention or compensation for services rendered after such date shall terminate, and the Reorganized Debtors may employ and pay any Professional in Cash in accordance with Article II.A the ordinary course of this Planbusiness without any further notice to or action, order, or approval of the Bankruptcy Court.

Professional Fee Claims. Professionals or other Entities asserting a All final requests for payment of Professional Fee Claim Claims for services rendered before and reimbursement of expenses incurred on and after the Petition Date and prior to and on the Effective Date must File and serve on counsel to be Filed no later than 45 days after the Reorganized Debtors, counsel to Effective Date. The Bankruptcy Court shall determine the Ad Hoc Noteholder Group and such other Entities who are designated in the Confirmation Order an application for final allowance Allowed amounts of such Professional Fee Claim no later than Claims after notice and a hearing in accordance with the Professional Fees Bar Date; provided that no application or notice to or order of procedures established by the Bankruptcy Code, the Bankruptcy Rules, and prior Bankruptcy Court shall be required in order for the Reorganized Debtors to pay Professionals for any work performed after the Effective Date, including those reasonable and documented fees and expenses incurred by Professionals in connection with the implementation and consummation of this Plan. Objections to any Professional Fee Claim must be Filed and served on counsel to the Reorganized Debtors, counsel to the Ad Hoc Noteholder Group and the requesting party by no later than twenty-one (21) days after the Filing of the applicable final request for payment of the Professional Fee Claim. Each Holder of an Allowed Professional Fee Claim shall be paid in full in Cash by the Reorganized Debtors, first from the Professional Fee Claim Reserve, within five (5) Business Days after entry of the order approving such Allowed Professional Fee Claimorders. The Reorganized Debtors or the Plan Administrator, as applicable, shall not commingle any pay Professional Fee Claims in Cash to such Retained Professionals in the amount the Bankruptcy Court Allows from funds contained held in the Professional Fee Claim Reserve and shall use Escrow Account, as soon as reasonably practicable after such funds to pay only the Professional Fee Claims, as and when allowed Claims are Allowed by entry of an order of the Bankruptcy Court. Notwithstanding anything ; provided that the Debtors’ and the Reorganized Debtors’ obligations to the contrary contained in this Plan, the failure of the Professional Fee Claim Reserve to satisfy in full the pay Allowed Professional Fee Claims shall not, not be limited or deemed limited to funds held in any way, operate or be construed as a cap or limitation on the amount of Professional Fee Claims due and payable by the Reorganized Debtors. 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 AmountEscrow Account. To the extent that funds held in the Professional Fee Claim Reserve do not or Escrow Account are unable insufficient to satisfy the full Allowed amount of Professional Fee Claims owing to the Allowed Retained Professionals, the Reorganized Debtors or Plan Administrator, as applicable, shall pay such amounts within ten (10) Business Days after entry of the order approving such Professional Fee Claims. No later than the Effective Date, such Professionals the Reorganized Debtors or Plan Administrator, as applicable shall have an Allowed Administrative Claim for any such deficiency, which establish and fund the Professional Fee Escrow Account with Cash equal to the Professional Fee Escrow Amount. The Professional Fee Escrow Account shall be satisfied maintained in trust solely for the Retained Professionals and for no other Entities until all Professional Fee Claims Allowed by the Bankruptcy Court have been irrevocably paid in full in Cash to the Retained Professionals pursuant to one or more orders of the Bankruptcy Court. No Liens, claims, or interests shall encumber the Professional Fee Escrow Account or Cash held in accordance the Professional Fee Escrow Account in any way. No funds held in the Professional Fee Escrow Account shall be property of the Estates of the Debtors, the Reorganized Debtors, or Plan Administrator, as applicable. When all Professional Fee Claims Allowed by the Bankruptcy Court have been irrevocably paid in full in Cash to the Retained Professionals pursuant to one or more orders of the Bankruptcy Court, any remaining funds held in the Professional Fee Escrow Account shall be remitted to the Reorganized Debtors or Plan Administrator, as applicable, without any further notice to or action, order, or approval of the Bankruptcy Court or any other Entity. The Retained Professionals shall deliver to the Debtors a reasonable and good-faith estimate of their unpaid fees and expenses incurred in rendering services to the Debtors (which estimate may include a cushion to cover unexpected or unknown fees) before and as of the Effective Date projected to be outstanding as of the anticipated Effective Date, and shall deliver such estimate no later than three (3) Business Days prior to the anticipated Effective Date. For the avoidance of doubt, no such estimate shall be considered or deemed an admission or limitation with Article II.A respect to the amount of this Planthe fees and expenses that are the subject of a Retained Professional’s final request for payment of Professional Fee Claims Filed with the Bankruptcy Court, and such Retained Professionals are not bound to any extent by the estimates. If a Retained Professional does not provide an estimate, the Debtors may estimate the unpaid and unbilled fees and expenses of such Retained Professional for inclusion in the Professional Fee Escrow Amount. The total aggregate amount so estimated to be outstanding as of the anticipated Effective Date shall be utilized by the Debtors to determine the amount to be funded to the Professional Fee Escrow Account; provided that the Reorganized Debtors or Plan Administrator, as applicable, shall use Cash on hand to increase the amount of the Professional Fee Escrow Account to the extent fee applications are Filed after the Effective Date in excess of the amount held in the Professional Fee Escrow Account based on such estimates.

Professional Fee Claims. Professionals or other Entities asserting a All requests for payment of Professional Fee Claim Claims for services rendered before and reimbursement of expenses incurred prior to the Effective Confirmation Date must File and serve on counsel to be filed no later than the Reorganized Debtors, counsel to Administrative Claims Bar Date. Any requests for Professional Fee Claims must be served in accordance with prior orders of the Ad Hoc Noteholder Group and such other Entities who are designated in Bankruptcy Court. The Bankruptcy Court shall determine the Confirmation Order an application for final allowance Allowed amounts of such Professional Fee Claim no later than Claims after notice and a hearing in accordance with the Professional Fees Bar Date; provided that no application or notice to or order of procedures established by the Interim Compensation Order and the Bankruptcy Court shall be required in order for the Reorganized Debtors to pay Professionals for any work performed after the Effective Date, including those reasonable and documented fees and expenses incurred by Professionals in connection with the implementation and consummation of this Plan. Objections to any Professional Fee Claim must be Filed and served on counsel to the Reorganized Debtors, counsel to the Ad Hoc Noteholder Group and the requesting party by no later than twenty-one (21) days after the Filing of the applicable final request for payment of the Professional Fee Claim. Each Holder of an Allowed Professional Fee Claim shall be paid in full in Cash by the Reorganized Debtors, first from the Professional Fee Claim Reserve, within five (5) Business Days after entry of the order approving such Allowed Professional Fee ClaimCode. The Reorganized Debtors shall not commingle any funds contained pay Professional Fee Claims in Cash in the amount the Bankruptcy Court allows, including from the Professional Fee Claim Reserve and shall use such funds to pay only Escrow Account, which the Professional Fee Claims, as and when allowed by order of the Bankruptcy Court. Notwithstanding anything to the contrary contained in this Plan, the failure of the Professional Fee Claim Reserve to satisfy in full the Professional Fee Claims shall not, in any way, operate or be construed as a cap or limitation on the amount of Professional Fee Claims due and payable by the Reorganized Debtors. The Professional Fee Claim Reserve shall be maintained Debtors will establish in trust for the Professionals and fund with Cash on the Effective Date. Professionals shall not be considered property deliver to the Debtors their good faith estimates for purposes of the Debtors’ Estates; provided that the Reorganized Debtors computing the Professional Fee Amount no later than five Business Days prior to the Effective Date. For the avoidance of doubt, no such estimate shall have be deemed to limit the amount of the fees and expenses that are the subject of a reversionary interest Professional’s final request for payment of Professional Fee Claims filed with the Bankruptcy Court. If a Professional does not provide an estimate, the Debtors or the Reorganized Debtors, as applicable, may, in consultation with the Unused Cash Reserve AmountRequired Parties, estimate the unpaid and unbilled fees and expenses of such Professional. To the extent that No funds held in the Professional Fee Claim Reserve do not or are unable to satisfy the full amount Escrow Account shall be property of the Estates or subject to any Lien. Any funds remaining in the Professional Fee Escrow Account after all Allowed Professional Fee ClaimsClaims have been paid will be turned over to the Reorganized Debtors. From and after the Effective Date, any requirement that Professionals comply with sections 327 through 331 and 1103 of the Bankruptcy Code in seeking retention or compensation for services rendered after such Professionals date shall have an Allowed Administrative Claim for terminate, and the Reorganized Debtors may employ and pay any such deficiencyProfessional in the ordinary course of business without any further notice to or action, which shall be satisfied in full in Cash in accordance with Article II.A order, or approval of this Planthe Bankruptcy Court.