Priority Claims Reserve definition

Priority Claims Reserve means a reserve established to fund

Priority Claims Reserve means a reserve to be funded on the Effective Date by the Debtors, the Post-Effective Date Debtors, or the Liquidating Trustee, as applicable, in the amount necessary to pay all anticipated Allowed Priority Tax Claims and Allowed Other Priority Claims, to the extent such Claims are not Allowed and paid by the Debtors on the Effective Date, which shall be maintained by and administered by the Liquidating Trustee.

Priority Claims Reserve means the portion of the Disputed Claim Reserve established by the Debtors, with the consent of Comerica, in an amount that is satisfactory to account for any asserted Priority Tax Claims or Class 3 Priority Non-Tax Claims, which in the aggregate exceed the amount of the Plan Settlement Fund as of the Effective Date, plus, to the extent not available from the Plan Settlement Fund, an additional $100,000 available to the Plan Administrator for reconciliation of or Objections to Priority Tax Claims or Class 3 Priority Non-Tax Claims.

Examples of Priority Claims Reserve in a sentence

• Distributions to Holders of Allowed Class 3 Claims shall be made by the Plan Administrator, first from the Plan Settlement Fund, then from the Priority Claims Reserve, until all Allowed Class 3 Claims are paid in full.

• 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.

• Any amounts remaining in the Priority Claims Reserve after payment of all Allowed Priority Tax Claims and Allowed Other Priority Claims shall be transferred to the Liquidating Trustee to be distributed pursuant to the Liquidating Trust Agreement.

• The Plan Administrator shall hold Cash in the Disputed Secured and Priority Claims Reserve in trust for the benefit of holders of Disputed Secured and Priority Claims ultimately determined to be Allowed after 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.

More Definitions of Priority Claims Reserve

Priority Claims Reserve means a reserve to be established to pay Allowed Administrative Claims (other than Professional Fee Claims, which shall be paid from the Professional Fee Escrow Account in accordance with Section 2.1(b) of the Plan, and the DOJ Forfeiture Judgment Claim, which shall be paid in accordance with Section 2.3 of the Plan), Allowed Secured Claims and Allowed Priority Claims. The Priority Claims Reserve shall be (i) funded on the Effective Date with Cash and cash equivalents of the Debtors in an amount determined by the Debtors and reasonably acceptable to the Governmental Consent Parties, in consultation with the Creditors’ Committee, and (ii) held by the Plan Administration Trust in a segregated account and administered by the Plan Administration Trustee on and after the Effective Date.

Priority Claims Reserve means a Cash reserve funded on the Effective Date from Cash Sale Proceeds in an amount equal to $8,000,000 less the amount of Cash transferred to the Professional Fee Escrow on the Effective Date, as described in Article II.D hereof. For the avoidance of doubt, the Priority Claims Reserve shall include the WARN Claims Reserve.

Priority Claims Reserve means the reserve funded by the Operating Debtors pursuant to Section 3.2(a)(iv) of the Plan to ensure sufficient funds to pay all Priority Claims that shall or may become Allowed Priority Claims in accordance with the terms of the Plan.

Priority Claims Reserve means the account to be established by the Reorganized Debtors with the Priority Claims Reserve Amount to fund distributions to Holders of Allowed Administrative Claims and Allowed Priority Claims (excluding Professional Fee Claims and DIP Claims).

Priority Claims Reserve means the account to be established and maintained by the Plan Administrator and funded with the Priority Claims Reserve Amount for distribution to the Holders of Administrative Claims and Priority Claims (except for Professional Fee Claims, the TSA Shortfall Claim, and the Independent Director Fee Claims) as set forth in Article II.A.

Priority Claims Reserve means the account to be established and maintained by the Plan Administrator and funded with the Priority Claims Reserve Amount pursuant to Article VIII.C hereof.

Priority Claims Reserve means the account to be established by the Reorganized Debtors at an institution acceptable to Wells Fargo Bank, N.A. with the Priority Claims Reserve Amount to fund distributions to Holders of Allowed Priority Claims (excluding Professional Fee Claims and DIP Claims) pursuant to Article VIII.F.