Professional Escrow Account definition

Professional Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Amount.

Professional Escrow Account means an interest-bearing savings account funded and maintained by the Reorganized Debtors on and after the Effective Date solely for the purpose of paying all fees and expenses of Professionals in these Chapter 11 Cases.

Professional Escrow Account means an account funded by the Debtors with Cash on the Effective Date in an amount equal to the total estimated Professional Fee Amount.

Examples of Professional Escrow Account in a sentence

• The Professional Escrow Account shall be maintained in trust solely for the Professionals.

• When such Allowed Professional Claims have been paid in full, any remaining amount in the Professional Escrow Account shall promptly be paid to the Reorganized Debtors without any further action or order of the Bankruptcy Court.

• The Reorganized Debtors shall pay Professional Claims in Cash in the amount the Bankruptcy Court allows, including from the Professional Escrow Account, which the Reorganized Debtors will establish in trust for the Professionals and fund with Cash equal to the Professional Amount on the Effective Date.

• The amount of Allowed Professional Claims shall be paid in Cash to the Professionals by the Reorganized Debtors from the Professional Escrow Account as soon as reasonably practicable after such Professional Claims are Allowed.

• The Professional Escrow Account shall be maintained in trust solely for the Professionals until all Professional Fee Claims Allowed by the Bankruptcy Court have been irrevocably paid in full pursuant to one or more Final Orders.

More Definitions of Professional Escrow Account

Professional Escrow Account means an interest-bearing savings account maintained by the Reorganized Debtors with funds deposited solely for the purpose of paying all fees and expenses of Professionals in the Chapter 11 Cases.

Professional Escrow Account means an escrow account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Amount.

Professional Escrow Account means an interest-bearing savings account to be funded and maintained in trust for the Reorganized Debtors on and after the Effective Date solely for the purpose of paying all fees and expenses of Professionals in these Chapter 11 Cases. The Professional Escrow Account will not constitute property of any of the Reorganized Debtors.

Professional Escrow Account means an account to be held by Young Xxxxxxx Stargatt & Xxxxxx, LLP, and funded from the DIP Facility pursuant to the terms of the Plan, the Financing Orders and the Budget, to satisfy Allowed Fee Claims in accordance with the Plan.

Professional Escrow Account means an interest-bearing savings account funded out of the Sale Proceeds and maintained by the Finance Company Debtors or the Plan Administrator, as the case may be, solely for the purpose of paying, and sufficient to pay, all Accrued Professional Compensation.

Professional Escrow Account means an interest-bearing savings account to be funded and maintained in trust for the Post-Consummation Trust on and after the Effective Date solely for the purpose of paying all fees and expenses of Professionals in these Chapter 11 Cases. The Professional Escrow Account will not constitute property of the Post-Consummation Trust.

Professional Escrow Account means an interest-bearing savings or money market account maintained by the Liquidating Trustee with funds deposited solely for the purpose of paying Professional Fees.