Liquidation Trust Expense Reserve definition

Liquidation Trust Expense Reserve means the reserve established on or before the Effective Date comprised of Cash in an amount sufficient to satisfy the costs of administering the Liquidation Trust, and winding down the Debtors’ Estates, in an amount to be set forth in the Plan Supplement (subject to replenishment or modification, as set forth in the Liquidation Trust Agreement), which amount shall not be less than $50,000.
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Liquidation Trust Expense Reserve means the reserve established pursuant to Section 9.02 of this Combined Disclosure Statement and Plan for payment of the actual and projected costs and expenses of the Liquidation Trust, which may be replenished or adjusted from time to time for Cash held by the Liquidation Trust, other than funds in the other Reserves.
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Liquidation Trust Expense Reserve means the reserve established by the Liquidation Trustee on or after the Effective Date comprised of Cash in an amount sufficient to satisfy the costs of administering the Liquidation Trust, and winding down the Debtor’s Estate which amount shall not be less than $100,000.
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Examples of Liquidation Trust Expense Reserve in a sentence

  • On the Effective Date, the Debtors shall fund the Liquidation Trust Claims Reserve, the Liquidation Trust Expense Reserve, the Encumbered Cash Reserve, and Professional Fee Claims Reserve, in full in Cash.

  • As provided in Section VI, the Liquidation Trustee shall also establish (1) a Disputed Equity Interest Reserve, and (2) a Liquidation Trust Expense Reserve to ensure that the Liquidation Trust has adequate capital to permit the Liquidation Trust to liquidate the Trust Assets, to permit any Liquidation Trust Entity to liquidate its Entity Assets, and to permit the Debtor to liquidate its Retained Assets.

  • The payment of fees and expenses of the Liquidation Trustee and its professionals shall be made in the ordinary course of business from the Liquidation Trust Expense Reserve and if inadequate, from the Liquidation Trust Assets, and shall not be subject to Bankruptcy Court approval.


More Definitions of Liquidation Trust Expense Reserve

Liquidation Trust Expense Reserve means the reserve established on or before the Effective Date to hold Cash in an amount sufficient to satisfy the Wind-Down Expenses of the Liquidation Trust, Reorganized Parent Debtor and the Debtors in an amount not to exceed the amount permitted under Rev. Proc. 94-45 and to be set forth in the Plan Supplement, as proposed by the Equity Committee.
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Liquidation Trust Expense Reserve means the reserve established pursuant to Section 9.02 of this Combined Disclosure Statement and Plan for payment of the actual and projected costs and expenses of the Liquidation Trust, which may be replenished or
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Liquidation Trust Expense Reserve means the reserve established on or before the Effective Date comprised of Unencumbered Cash in an amount sufficient to satisfy the costs of administering the Liquidation Trust, and winding down the Debtors’ Estates, in an amount to be set forth in the Plan Supplement (subject to replenishment or modification, as set forth in the Liquidation Trust Agreement). 67.“Liquidation Trustee” means the trustee selected by the Creditors’ Committee and identified in the Plan Supplement, to serve as the liquidation trustee under the Liquidation Trust Agreement, or any successor appointed in accordance with the terms of the Plan and Liquidation Trust Agreement. 68.“Loan and Security Agreement” means the Fourth Amended and Restated Loan and Security Agreement, dated October 24, 2014, as amended, restated, supplemented or otherwise modified prior to the Petition Date, and collectively with any other agreements and documents executed or delivered in connection therewith, each as may have been amended, restated, supplemented, or otherwise modified in accordance with the terms thereof by and among the Debtors and the Prepetition Credit Parties. 69.“Local Rules” means the Local Rules of the United States Bankruptcy Court for the District of New Jersey. 70.“Notice and Claims Agent” means Prime Clerk LLC. 71. “Notice of Effective Date” means a notice to be Filed with the Bankruptcy Court by the Debtors upon the occurrence of all the conditions to Confirmation and Consummation set forth in Article IX of the Plan. 72.“Ordinary Course Professional Order” means the Order Pursuant to 11 U.S.C. §§ 105(a), 327, and 330 Authorizing Debtors to Employ Professionals Used in the Ordinary Course of Business [Docket No. 185]. 73.“Other Priority Claims” means any Claim against the Debtors, other than an Administrative Claim or a Priority Tax Claim, entitled to priority in right of payment under section 507(a) of the Bankruptcy Code. 74.“Other Secured Claims” means any Secured Claim that is not a Prepetition Credit Party Claim or a Secured Tax Claim. 75.“PBGC” means Pension Benefit Guaranty Corporation, a wholly owned United States government corporation, and an agency of the United States. 76.“Person” means a person as such term is defined in section 101(41) of the Bankruptcy Code. 77.“Petition Date” means July 13, 2020, the date on which the Debtors commenced the Chapter 11 Cases. 8 60917/0001-21487811v2
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Related to Liquidation Trust Expense Reserve

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Net Liquidation Proceeds With respect to any Liquidated Mortgage Loan or any other disposition of related Mortgaged Property (including REO Property) the related Liquidation Proceeds net of Advances, Servicing Advances, Servicing Fees and any other accrued and unpaid servicing fees received and retained in connection with the liquidation of such Mortgage Loan or Mortgaged Property.

  • Noteholders’ Monthly Interest Distributable Amount means, with respect to any Distribution Date and any Class of Notes, interest accrued at the respective Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1 Notes and the Class A-2-B Notes on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period and (y) for all other Classes of Notes on the basis of a 360-day year consisting of twelve 30-day months (without adjustment for the actual number of business days elapsed in the applicable Interest Period), except with respect to the first Interest Period.