Administrative and Priority Claims Reserve definition

Administrative and Priority Claims Reserve means the reserve of Cash initially funded by the Debtors and maintained by the Plan Administrator, on behalf of the Liquidating Debtors (or the Liquidating Trust, if established), for the benefit of Holders of Allowed Administrative Claims (exclusive of Holders of Professional Fee Claims, the reserve for which Holders shall be the Professional Fee Reserve), Allowed Priority Tax Claims and Allowed Priority Non-Tax Claims in an amount equal to the Administrative and Priority Claims Estimate.

Administrative and Priority Claims Reserve means the reserve to be established and maintained by the Creditor Trust and funded on the Effective Date with such Cash in a segregated escrow account in the amount of$7,638,658.00, for the payment of accrued but unpaid U.S. Trustee Fees and Administrative, Priority, and Professional Compensation Claims that are Allowed after the Effective Date to the extent that such Claims have not been paid in full on or before the Effective Date.

Administrative and Priority Claims Reserve means the reserve of Cash funded by the Debtors on the Effective Date in an amount equal to the Administrative and Priority Claims Estimate and maintained by the Plan Administrator, on behalf of the Liquidating Debtors, for the benefit of Holders of Allowed Administrative Claims (exclusive of Holders of Professional Claims which shall be paid from the Professional Claims Reserve), Allowed Priority Tax Claims and Allowed Other Priority Claims, provided that any excess Cash in the Administrative and Priority Claims Reserve shall constitute Excess Sale Proceeds and shall be promptly distributed to the Holders of Allowed Claims in Classes 3 and 4 in accordance with Section 3.02 of this Plan. Subject to entry of the CRG-ESH Settlement Order by April 10, 2019, the Administrative and Priority Claims Reserve shall include the CRG Discovery Expense Reserve, subject to the challenge rights of the Litigation Trustee set forth in Section 5.11(b) of the Plan.

Examples of Administrative and Priority Claims Reserve in a sentence

• For the avoidance of doubt, any payments made by the Plan Administrator on account of Allowed Priority Tax Claims shall be paid solely from the Administrative and Priority Claims Reserve.

• Funds in the Reorganized Debtor Administrative and Priority Claims Reserve shall be used by the Reorganized Debtors only for the payment of U.S. Trustee Fees and Allowed Administrative, Priority, and Professional Compensation Claims, to the extent that such Allowed Claims have not been paid in full on or prior to the Effective Date.

• Any amounts remaining in the Reorganized Debtor Administrative and Priority Claims Reserve after payment of all Allowed Administrative, Priority, and Professional Compensation Claims and U.S. Trustee Fees shall become the GUC Available Cash.

• Except to the extent that a Holder of an Allowed Priority Tax Claim agrees to a less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each Allowed Priority Tax Claim, each Holder of such Allowed Priority Tax Claim shall receive Cash from the Administrative and Priority Claims Reserve in a manner consistent with section 1129(a)(9)(C) of the Bankruptcy Code.

• On the Effective Date, the Debtors shall fund, and the Reorganized Debtors or the Creditor Trust, as applicable, shall establish the Administrative and Priority Claims Reserve, which funds shall vest in the Creditor Trust free and clear of all Liens, Claims, encumbrances, charges, and other interests, except as otherwise specifically provided in the Plan and Confirmation Order.

More Definitions of Administrative and Priority Claims Reserve

Administrative and Priority Claims Reserve means that amount reserved for the payment of all Administrative Claims, Priority Tax Claims, and Priority Claims which are not Allowed as of the Effective Date or as to which the holder of such Claim has agreed to treatment other than payment in full upon the Effective Date, including, without limitation (i) the statutory commission of the Trustee, (ii) estimated fees and expenses of Professional Persons,(iii) Disputed Administrative Claims, (iv) Disputed Priority Tax Claims, and (v) Disputed Priority Claims.

Administrative and Priority Claims Reserve means a segregated account to be established by the Plan Administrator and funded with the Administrative and Priority Claims Reserve Amount in accordance with Article VIII.D.

Administrative and Priority Claims Reserve means a reserve established by the Wind-Down Trust on the Effective Date to be used to pay Holders of all Allowed Priority Claims and Allowed Administrative Claims (subject to the terms of the Settlement Agreement), to the extent that such claims have not been paid in full on or before the Effective Date. For the avoidance of doubt, Allowed Diminution in Value Claims shall not be included, nor be paid from, the Administrative and Priority Claims Reserve.

Administrative and Priority Claims Reserve means the reserve established in accordance with § 7.4.3 of this Plan for the payment of certain Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims, which reserve may be augmented by the Liquidating Trustee as set forth in this Plan and the Liquidating Trust Agreement.

Administrative and Priority Claims Reserve means a reserve established by the Plan Administrator on the Effective Date to be used to pay Holders of all Allowed Priority Claims and AllowedAdministrative Claims their respective Pro Rata share of the Administrative and Priority Claims Reserve, to the extent that such claims have not been paid in full on or before the Effective Date.

Administrative and Priority Claims Reserve means a reserve to be funded by the applicable Supporting Lenders in a reasonable and appropriate amount, which amount shall be subject to the Supporting Lenders’ approval in their sole discretion, for the payment of Administrative Claims pursuant to Article II.A, Priority Tax Claims pursuant to Article II.D, and Other Priority Claims in Class 1.

Administrative and Priority Claims Reserve means the reserve established on the Effective Date by the Debtors under the Plan and approved by the Bankruptcy Court in the Confirmation Order for purposes of satisfying Allowed Administrative Claims, Allowed Priority Non-Tax Claims, and Allowed Priority Tax Claims.