Priority Professional Expenses means those expenses entitled to a priority as set forth in sub-clause (ii) of the clause “first” of the definition of the term “Agreed Administrative Expense Priorities”.
Priority Professional Expenses means those expenses entitled to a priority as set forth in sub-clause (ii) of the clause "first" of the definition of the term "Agreed Administrative Expense Priorities".
Priority Professional Expenses shall not include any Ineligible Professional Expenses and (ii) the amount of Priority Professional Expenses shall not exceed the Professional Expense Cap.
Examples of Priority Professional Expenses in a sentence
All payments of Priority Professional Expenses made on and after the Termination Declaration Date shall reduce the Professional Expense Cap dollar for dollar.
Any payments made to any of the professionals pursuant to the Approved Budget and permitted to be paid under Sections 330 and 331 of the Bankruptcy Code or otherwise pursuant to an order of the Bankruptcy Court shall reduce the respective Priority Professional Expenses allocated to each such professional.
The exclusion of the Ineligible Professional Fees from Priority Professional Expenses shall not include fees and expenses related to the investigation of the extent, validity and priority of the Prepetition Secured Obligations and Liens, the investigation of claims or causes of action against the Prepetition Secured Lenders, or litigation respecting whether an Event of Default has occurred.
At the time of reference thereto, the sum of (i) allowed administrative expenses payable pursuant to 28 U.S.C.ss.1930(a)(6) and (ii) Priority Professional Expenses incurred on and after the Filing Date.
Nothing herein shall be construed as consent to the allowance of any Priority Professional Expenses or shall effect the rights of the Lender or the Prepetition Secured Lenders to object to the allowance in payment of such expenses.
More Definitions of Priority Professional Expenses
Priority Professional Expenses means allowed and unpaid fees, costs and reasonable expenses of professionals retained in the Cases pursuant to Sections 327 and 1103 of the Bankruptcy Code consisting of attorneys, accountants, financial advisors, and consultants retained by the Borrowers, the Guarantors, the Creditors' Committee or any Bondholder's Committee; provided, however, that (i) Ineligible Professional Expenses and the fees, costs and expenses of third-party professionals employed by the members of the Creditors' Committee or any Bondholder's Committee shall not be included, and (ii) the amount of Priority Professional Expenses shall not exceed the applicable Professional Expense Cap if in effect at the time of reference thereto. "PROFESSIONAL EXPENSE CAP" If, at the time of reference thereto, the Termination Declaration Date has not occurred, there is no Professional Expense Cap. If, at the time of reference thereto, the Termination Declaration Date has occurred, the Professional Expense Cap is the aggregate sum of $2,000,000, whether the fees and expenses are allowed and unpaid at the time of the Termination Declaration Date or are incurred before or after the Termination Declaration Date. The term includes any holdbacks required by the Bankruptcy Court. All payments of Priority Professional Expenses made on and after the Termination Declaration Date shall reduce the Professional Expense Cap dollar for dollar.
Priority Professional Expenses means those fees and expenses entitled to a priority as set forth in subparagraph clause “(ii)” of the term “Carveout.”.
Priority Professional Expenses means allowed and unpaid fees, costs and reasonable expenses of professionals retained in the Proceedings pursuant to Sections 327 and 1103 of the Bankruptcy Code consisting of attorneys, accountants, financial advisors, and consultants retained by the Borrower, the Creditors' Committee or any Chapter 11 or Chapter 7 trustee appointed in the Proceedings; PROVIDED, HOWEVER, that (i) the term "Priority Professional Expenses" shall not include any Ineligible Professional Expenses and (ii) the amount of Priority Professional Expenses shall not exceed the Professional Expense Cap.
Priority Professional Expenses means, with respect to the period following the delivery of a Termination Notice, fees and expenses of Vxxxxx & Exxxxx LLP, Cxxxxx Xxxxxx & Rxxxxxx LLP and Morris, Nichols, Arsht & Txxxxxx LLP as counsel to the Debtors in an amount not to exceed $500,000, fees and expenses of other professionals retained by the Debtors in an amount not to exceed $500,000, and fees and expenses of professionals retained by the Creditors’ Committee professionals in an amount not to exceed $150,000, in each case minus any retainers held by the applicable professionals as of the date of the Termination Notice; provided however that following the occurrence and during the continuance of an Event of Default and following the delivery of a Termination Notice (the “Post-Termination Notice Period”), any payments actually made to any of the foregoing professionals incurred during such Post-Termination Notice Period pursuant to Bankruptcy Code sections 327, 328, 330, 331, 503 or 1103 or otherwise, shall (i) reduce the Priority Professional Expenses on a dollar-for-dollar basis (with reduction to the appropriate portion of the Priority Profession Expenses (i.e., the portion relating to the period before or the portion relating to the period after the Post Termination Notice Period)) and (ii) not be paid from the proceeds of any Loans or Collateral (including Cash Collateral) until such time as all retainers, if any, held by such professionals have been reduced to zero by application of such retainer to Priority Professional Expenses.
Priority Professional Expenses means those expenses entitled to a priority as set forth in sub-clause (ii) of the clause "FIRST" of the definition of the term "Agreed Administrative Expense Priorities".
Priority Professional Expenses means allowed fees, costs and reasonable expenses of professionals retained by the Debtors and the official committee of unsecured creditors (the "Committee") or any official committee of noteholders in the Chapter 11 Cases pursuant to sections 327 and 1103 of the Bankruptcy Code, but shall not include fees, costs and expenses of third-party professionals employed by the members of the Committee. "Priority Expense Cap" means upon the occurrence of the Termination Declaration Date, all unpaid Priority Professional Expenses (including holdbacks) up to an aggregate of $2,000,000. With respect to clause (b) above, Priority Professional Expenses shall not include fees or expenses incurred by any Person, including the Debtors, the Committee or any committee of noteholders, in (i) preventing, hindering or delaying the Lenders', the DIP Agents' or SCTSC's enforcement or realization upon any of the DIP Collateral, Receivables Collateral or Commodities Collateral once an Event of Default has occurred, (ii) using or seeking to use Cash Collateral or selling DIP Collateral, Receivables Collateral or Commodities Collateral without the DIP Agents' and SCTSC's consent, except as authorized herein, (iii) incurring indebtedness without the DIP Agents' and SCTSC's consent, (iv) objecting to or contesting in any manner, or raising any defenses to, the validity, extent, amount, perfection, priority or enforceability of the Prepetition Indebtedness or the DIP Obligations or any mortgages, liens or security interests with respect thereto or any other rights or interests of the DIP Agents, the Lenders and SCTSC, or in asserting any claims or causes of action, including, without limitation, any Avoidance Actions or requests for equitable subordination, against the DIP Agents, the Lenders, SCTSC, the Prepetition Agent or the Prepetition Lenders, (v) objecting to or contesting in any manner, or raising any defenses to, the validity, or enforceability of the SCTSC Purchase Agreements or the amounts due SCTSC thereunder, or (vi) investigating the validity, enforceability, extent, perfection and priority of the Prepetition Liens or the validity or enforceability of the SCTSC Purchase Agreements if another Person has already commenced or conducted an investigation of claims, causes of action and equitable theories for relief against the Prepetition Agent, the Prepetition Lenders of SCTSC, and claims and causes of action challenging the validity, enforceability, extent, perfection and p...
Priority Professional Expenses. At the time of reference thereto, allowed and unpaid fees, costs and reasonable expenses of professionals retained in the Proceedings pursuant to Sections 327 and 1103 of the Bankruptcy Code consisting of attorneys, accountants, financial advisors and consultants retained by the Borrowers or the Creditors' Committee; provided, however, that the amount of Priority Professional Expenses shall not exceed the Professional Expense Cap for purposes of the Carve Out Reserve. The term does not include any Ineligible Professional Expenses or the expenses of any professionals engaged by individual members of the Creditors' Committee.