Priority Claims Reserve Amount means the aggregate face amount of all Claims, including Other Priority Claims and Priority Tax Claims, but excluding Administrative Claims, that are either (a) identified in the Schedules as entitled to priority in right of payment under section 507(a) of the Bankruptcy Code, or (b) asserted to be entitled to such priority in a proof of claim validly submitted on or before the Claims Bar Date, less the face amount of any such Claims identified by the Debtors in their reasonable discretion as duplicative of other such Claims; provided that the Debtors shall disclose the Priority Claims Reserve Amount in a document filed with the Bankruptcy Court no later than seven (7) days before the Confirmation Hearing.
Priority Claims Reserve Amount means an amount equal to the total amount of Allowed Priority Claims (except for Professional Fee Claims, the TSA Shortfall Claim, and the Independent Director Fee Claims), and Disputed Priority Claims estimated by the Debtors in good faith (in consultation with HBC Parties and the Committee) to become Allowed Priority Claims.
Priority Claims Reserve Amount means Cash in an amount to be determined by the Debtors in consultation with the Holders of Credit Facility Claims, as set forth in the Plan Supplement, which amount shall be funded by the Debtors and used by the Plan Administrator for the payment of Allowed Priority Claims to the extent that such Priority Claims have not been paid in full on or before the Effective Date.
Examples of Priority Claims Reserve Amount in a sentence
On the Effective Date, the Residual Estate Assets, including the Liquidating Trust Cash, the Disputed Priority Claims Reserve Amount and the Disputed General Unsecured Claims Cash Reserve Amount shall be transferred to the Liquidating Trust.
On the Effective Date, the Plan Administrator shall establish the Priority Claims Reserve by depositing from the Post-Effective Date Debtor Assets Cash in the amount of the Priority Claims Reserve Amount.
On the Effective Date, the Plan Administrator shall establish the Administrative / Priority Claims Reserve by depositing Cash in the amount of the Administrative / Priority Claims Reserve Amount into the Administrative / Priority Claims Reserve (and the Plan Administrator shall deposit Cash into or withdraw Cash from into the Administrative / Priority Claims Reserve if the Administrative / Priority Claims Reserve Amount changes at any time).
On the Effective Date or as soon thereafter as is practicable, the Reorganized Debtors shall establish, in consultation with the Liquidating Trustee and BDCM, the Disputed Priority Claims Reserve for any Up-front Option Plan Cash or Combination Option Plan Cash, as applicable, required to be set aside on account of Disputed Priority Tax Claims and Disputed Other Priority Claims in the amount of the Disputed Priority Claims Reserve Amount.
In the event the Priority Claims Reserve Amount or other cash on hand is insufficient for Allowed Other Priority Claims to be paid as required under the Bankruptcy Code, the Debtors may be required to formulate a new plan or otherwise address this matter after the Effective Date.
More Definitions of Priority Claims Reserve Amount
Priority Claims Reserve Amount means (i) under the Equitization Restructuring, the lesser of (a) an amount equal to the total amount of Allowed Administrative Claims (excluding Professional Fee Claims and DIP Claims) and Allowed Priority Claims and (b) any remaining Cash on hand as of the Effective Date less (x) the Minimum Liquidity Threshold and (y) Cash necessary to make distributions to (i) Holders of all other Allowed Claims pursuant to Article II hereof (including the funding of the Professional Fee Escrow Account) and (ii) Holders of Allowed Other Secured Claims and Holders of Allowed Term Loan Secured Claims (pursuant to the priority set forth in the Credit Agreement, up to the amount of the Allowed Term Loan B Claims) pursuant to Article III hereof; and (ii) under the Asset Sale Restructuring, the lesser of (a) an amount equal to the total amount of Allowed Administrative Claims (excluding Professional Fee Claims and DIP Claims) and Allowed Priority Claims and (b) the sum of (x) an amount agreed to by the Debtors and the Credit Agreement Primary Agent, (y) the Allowed Surcharge, and (z) the Distribution Proceeds, to the extent known on the Effective Date, to be allocated and paid to the Holders of Allowed Administrative Claims (excluding Professional Fee Claims and DIP Claims) and Allowed Priority Claims according to the priority set forth in Article VIII.G.
Priority Claims Reserve Amount means an amount equal to the lesser of (a) an amount equal to the total amount of Allowed Priority Claims, and Disputed Priority Claims estimated by the Debtors (in consultation with the Creditors’ Committee and subject to the Creditors’ Committee’s consent (not to be unreasonably withheld)) to become Allowed Priority Claims, and (b) the Distribution Proceeds, to the extent known on the Effective Date, to be allocated and paid to the Holders of Allowed Priority Claims and Disputed Priority Claims estimated by the Debtors (in consultation with the Creditors’ Committee and subject to the Creditors’ Committee’s consent (not to be unreasonably withheld)) to become Allowed Priority Claims, according to the priority set forth in Article VIII.F.
Priority Claims Reserve Amount means an amount equal to the lesser of (a) an amount equal to the total amount of Allowed Priority Claims, (except for Professional Fee Claims and the TSA Shortfall Claim), and Disputed Priority Claims estimated by the Debtors in good faith (in consultation with HBC Parties and the Committee, if any) to become Allowed Priority Claims, and (b) the Available Cash, after giving effect to the funding of the Professional Fee Escrow Account, to the extent known on the Effective Date, to be allocated and paid to the Holders of Allowed Priority Claims and Disputed Priority Claims estimated by the Debtors (in consultation with the Committee, if any) to become Allowed Priority Claims.
Priority Claims Reserve Amount means Cash in an amount to be determined by the Debtors, which amount shall be funded by the Debtors and used by the Wind-Down Trustee for the full payment in Cash of Allowed Priority Claims and Allowed Administrative Claims payable pursuant to the Plan to the extent that such Priority Claims and Administrative Claims have not been paid in full on or before the Effective Date.
Priority Claims Reserve Amount means, with respect to each Debtor, the aggregate face amount, or estimated amount under section 502(c) of the Bankruptcy Code, if applicable, of all Claims, including Other Priority Claims and Priority Tax Claims, but excluding Administrative Expense Claims, against such Debtor that are either (i) identified in the Schedules as entitled to priority in right of payment under section 507(a) of the Bankruptcy Code or (ii) asserted to be entitled to such priority in a Proof of Claim validly submitted on or beforethe Claims Bar Date, less the face amount, or estimated amount under section 502(c) of the Bankruptcy Code, if applicable, of any such Claims identified by the Debtors in their reasonable discretion as duplicative of other such Claims.
Priority Claims Reserve Amount means Cash in an amount to be determined in the Debtors’ reasonable business judgment, in consultation with the Required Consenting Stakeholders, which amount shall be used by the Plan Administrator to fund the Priority Claims Reserve.
Priority Claims Reserve Amount means $1,425,000, which amount shall be funded by the Debtors from the following sources in the following order: (1) Available Cash on hand as of the Effective Date after the funding of the Professional Fee Escrow Account in accordance with the Pre-Effective Date Budget, (2) the Excluded Liquor License Proceeds, (3) the Remnant Liquor License Proceeds, and (4) the Retained Sale Proceeds, and shall be used by the Plan Administrator as the sole source for payment of Allowed Priority Claims and Allowed Administrative Claims payable pursuant to Articles II.A, II.D and III.B, respectively, to the extent that such Priority Claims and Administrative Claims have not been paid in full on or before the Effective Date or are not otherwise payable by the Purchaser; provided, however, that for the avoidance of doubt, such Allowed Administrative Claims payable pursuant to Article II.A do not include Professional Fee Claims, which shall be paid according to Article II.B, to the extent such Professional Fee Claims have not already been paid during the Chapter 11 Cases. The Priority Claims Reserve Amount shall be determined by the Debtors, in consultation with the Creditors’ Committee and the Administrative Agent.