Common use of Professional Fee Escrow Account Clause in Contracts

Professional Fee Escrow Account. On the Effective Date, the Reorganized Debtors shall establish and fund the Professional Fee Escrow Account with Cash equal to the Professional Fee Amount, which shall be funded by the Reorganized Debtors. The Professional Fee Escrow Account shall be maintained in trust solely for the Professionals. No liens, claims, or Interests shall encumber the Professional Fee Escrow Account in any way. Such funds shall not be considered property of the Estates of the Debtors or the Reorganized Debtors; provided that, prior to the Effective Date, the Estates and, upon the Effective Date, the Reorganized Debtors, shall have a reversionary interest in the excess amount, if any, remaining in the Professional Fee Escrow Account after all such Allowed amounts owing to the Professionals have been paid in full. The amount of Professional Fee Claims owing to the Professionals shall be paid in Cash to such Professionals by the Reorganized Debtors from the Professional Fee Escrow Account as soon as reasonably practicable after such Professional Fee Claims are Allowed provided that obligations with respect to Professional Fee Claims shall not be limited nor deemed to be limited to the balance of funds held in the Professional Fee Escrow Account. When all such Allowed amounts owing to Professionals have been paid in full, any remaining amount in the Professional Fee Escrow Account shall promptly be paid to the Reorganized Debtors without any further action or order of the Bankruptcy Court and shall be subject to the Liens securing the Exit Facilities, without any further action by the lenders thereunder or order of the Bankruptcy Court.

Professional Fee Escrow Account. On As soon as reasonably practicable after the Confirmation Date, and no later than one Business Day prior to the Effective Date, the Reorganized Debtors shall establish and fund the Professional Fee Escrow Account with Cash equal to the Professional Fee Escrow Amount, which shall be funded by the Reorganized Debtors. The Professional Fee Escrow Account shall be maintained in trust solely for the ProfessionalsProfessionals and for no other Entities until all Professional Fee Claims Allowed by the Bankruptcy Court have been irrevocably paid in full to the Professionals pursuant to one or more Final Orders of the Bankruptcy Court. No liensLiens, claims, or Interests interests shall encumber the Professional Fee Escrow Account or Cash held in the Professional Fee Escrow Account in any way. Such funds shall not be considered property of the Estates of Estates, the Debtors Debtors, or the Reorganized Debtors; provided that, prior to the Effective Date, the Estates and, upon the Effective Date, the Reorganized Debtors, shall have a reversionary interest in the excess amount, if any, remaining in the Professional Fee Escrow Account after all such Allowed amounts owing to the Professionals have been paid in full. The amount of Professional Fee Claims owing to the Professionals shall be paid in Cash to such Professionals by from the Reorganized Debtors from funds held in the Professional Fee Escrow Account as soon as reasonably practicable after such Professional Fee Claims are Allowed provided by an order of the Bankruptcy Court; provided, however, that obligations with respect to Allowed Professional Fee Claims shall not be limited nor be deemed to be limited to the balance of funds held in the Professional Fee Escrow Account. When all such Professional Fee Claims Allowed amounts owing to Professionals by the Bankruptcy Court have been irrevocably paid in fullfull to the Professionals pursuant to one or more Final Orders of the Bankruptcy Court, any remaining amount funds held in the Professional Fee Escrow Account shall promptly be paid to the Reorganized Debtors without any further action notice to or order action, order, or approval of the Bankruptcy Court and shall be subject to the Liens securing the Exit Facilities, without or any further action by the lenders thereunder or order of the Bankruptcy Courtother Entity.

Professional Fee Escrow Account. On As soon as reasonably practicable after the Confirmation Date, and no later than one Business Day prior to the Effective Date, the Reorganized Debtors shall establish and fund the Professional Fee Escrow Account with Cash equal to the Professional Fee Escrow Amount, which shall be funded by the Reorganized Debtors. The Professional Fee Escrow Account shall be maintained in trust solely for the ProfessionalsProfessionals and for no other Entities until all Professional Fee Claims Allowed by the Bankruptcy Court have been irrevocably paid in full to the Professionals pursuant to one or more Final Orders of the Bankruptcy Court. No liensLiens, claims, or Interests interests shall encumber the Professional Fee Escrow Account or Cash held in the Professional Fee Escrow Account in any way. Such funds shall not be considered property of the Estates of Estates, the Debtors Debtors, or the Reorganized Debtors; provided that, prior to the Effective Date, the Estates and, upon the Effective Date, the Reorganized Debtors, shall have a reversionary interest in the excess amount, if any, remaining in the Professional Fee Escrow Account after all such Allowed amounts owing to the Professionals have been paid in full. The amount of Professional Fee Claims owing to the Professionals shall be paid in Cash to such Professionals by from the Reorganized Debtors from funds held in the Professional Fee Escrow Account as soon as reasonably practicable after such Professional Fee Claims are Allowed by an order of the Bankruptcy Court; provided that obligations with respect to Allowed Professional Fee Claims shall not be limited nor be deemed to be limited to the balance of funds held in the Professional Fee Escrow Account. When all such Professional Fee Claims Allowed amounts owing to Professionals by the Bankruptcy Court have been irrevocably paid in fullfull to the Professionals pursuant to one or more Final Orders of the Bankruptcy Court, any remaining amount funds held in the Professional Fee Escrow Account shall promptly be paid to the Reorganized Debtors without any further action notice to or order action, order, or approval of the Bankruptcy Court and shall be subject to the Liens securing the Exit Facilities, without or any further action by the lenders thereunder or order of the Bankruptcy Courtother Entity.

Professional Fee Escrow Account. On As soon as is reasonably practicable after the Confirmation Date and no later than the Effective Date, the Reorganized Debtors shall establish and fund the Professional Fee Escrow Account with Cash equal to the Professional Fee Escrow Amount, which shall be funded by the Reorganized Debtors. The Professional Fee Escrow Account shall be maintained in trust solely for the ProfessionalsProfessionals and for no other Entities until all Professional Fee Claims Allowed by the Bankruptcy Court have been irrevocably paid in full to the Professionals pursuant to one or more Final Orders. No liens, claims, or Interests interest shall encumber the Professional Fee Escrow Account or Cash held in the Professional Fee Escrow Account in any way. Such funds Funds held in the Professional Fee Escrow Account shall not be considered property of the Estates of Estates, the Debtors Debtors, or the Reorganized Debtors; provided that, prior to the Effective Date, the Estates and, upon the Effective Date, the Reorganized Debtors, shall have a reversionary interest in the excess amount, if any, remaining in the Professional Fee Escrow Account after all such Allowed amounts owing to the Professionals have been paid in full. The amount of Professional Fee Claims owing to the Professionals shall be paid in Cash to such Professionals by the Debtors or the Reorganized Debtors Debtors, as applicable, from the funds held in the Professional Fee Escrow Account as soon as reasonably practicable after such Professional Fee Claims are Allowed by an order of the Bankruptcy Court; provided that the Debtors’ and the Reorganized Debtors’ obligations with respect to pay Allowed Professional Fee Claims shall not be limited nor be deemed to be limited to the balance of funds held in the Professional Fee Escrow Account. When all such Professional Fee Claims Allowed amounts owing to Professionals by the Bankruptcy Court have been irrevocably paid in fullfull to the Professionals pursuant to one or more Final Orders of the Bankruptcy Court, any remaining amount funds held in the Professional Fee Escrow Account shall promptly be paid transferred to the Debtors or the Reorganized Debtors without any further action or order of the Bankruptcy Court and shall be subject to the Liens securing the Exit FacilitiesDebtors, as applicable, without any further action by the lenders thereunder notice to or order action, order, or approval of the Bankruptcy Court.

Professional Fee Escrow Account. On Consistent with the Effective Dateterms of the Plan, the Reorganized DIP Order and DIP Budget, the Debtors shall establish and fund have funded the Professional Fee Escrow Account with Cash proceeds of the DIP Facility and the Initial Preferred Stock Consideration equal to the Professional Fee Reserve Amount, which shall be funded by the Reorganized Debtors. The Professional Fee Escrow Account shall be maintained in trust solely for the Professionals for Allowed Fee Claims and for no other Person until all Allowed Fee Claims have been irrevocably paid in full to the Professionals. No liensLiens, claimsClaims, or Interests shall encumber the Professional Fee Escrow Account or the funds held therein. The funds held in any way. Such funds the Professional Fee Escrow Account shall not be considered property of the Estates of the Debtors or the Reorganized Debtors; provided that, prior to the Effective Date, the Estates and, upon the Effective Date, the Reorganized Debtors, shall have a reversionary interest in the excess amount, if any, remaining in the Professional Fee Escrow Account after all such Allowed amounts owing to the Professionals have been paid in full. The amount of Professional Allowed Fee Claims owing to the Professionals shall be paid in Cash to such Professionals by the Reorganized Debtors from the Professional Fee Escrow Account as soon as reasonably practicable after such Professional Fee Claims are Allowed provided that obligations with respect to Professional Fee Claims shall not be limited nor deemed to be limited to the balance of funds held in the Professional Fee Escrow AccountAllowed. When all such Allowed amounts owing to the Professionals have been paid in full, any remaining amount in the Professional Fee Escrow Account shall promptly be paid to the Reorganized Debtors without any further action or order of the Bankruptcy Court and Court. To the extent that funds held in the Professional Fee Escrow Account are insufficient to satisfy the full amount of the Allowed Fee Claims, any affected Professional shall have an Allowed Administrative Expense Claim for the deficiency, which shall be subject to the Liens securing the Exit Facilities, without any further action by the lenders thereunder or order satisfied in accordance with Section 3.02(a)(1) of the Bankruptcy CourtPlan.