Professional Expense Cap definition

Professional Expense Cap has the meaning specified in subclause (ii) of clause “first” of the definition of the term “Agreed Administrative Expense Priorities”.

Professional Expense Cap as defined in Section 2.9.

Professional Expense Cap means all unpaid fees, costs and expenses incurred by Professional Persons retained in the Case pursuant to Sections 327, 328, 363 and 1103 of the Bankruptcy Code (i) at any time before or on the first Business Day following delivery by the Administrative Agent, the Prepetition Term Agent or the Prepetition ABL Agent of a Carve Out Trigger Notice (which may only be delivered after the Termination Date referred to in the Final Order) and (ii) after the first Business Day following delivery of such Carve Out Trigger Notice, not exceeding in the case of this clause (ii) $15,000,000 in the aggregate, all to the extent allowed at any time.

Examples of Professional Expense Cap in a sentence

• The Dutch method agrees upon the vendors can choose three of the four key members to the interview themselves, with the fourth the project manager.

• The Professional Expense Cap shall be reduced, dollar for dollar, by the amount of any fees, costs and expenses incurred and paid to Professionals subsequent to delivery of a Carve-Out Trigger Notice.

• If, at the time of reference thereto, the Termination Declaration Date has not occurred, there is no Professional Expense Cap.

• All payments of Priority Professional Expenses made on and after the Termination Declaration Date shall reduce the Professional Expense Cap dollar for dollar.

• The Carve-Out permits payments to professionals in accordance with the DIP Budget, provided that upon a Carve-Out Trigger Event, professional fees (other than success and transaction fees) are subject to the Professional Expense Cap of $500,000, which is available on an unallocated basis to the Debtors’ professionals and the Committee’s professionals (but in all cases, subject to the DIP Budget).

More Definitions of Professional Expense Cap

Professional Expense Cap has the meaning specified therefor in the definition of the term “Agreed Administrative Expense Priorities.”

Professional Expense Cap means $198,000. All payments of Priority Professional Expenses made on and after the date on which Bank has declared an Event of Default shall reduce the Professional Expense Cap dollar for dollar.

Professional Expense Cap means up to $500,000 in accrued but unpaid Priority Professional Expenses existing at the time of determination of the Professional Expense Cap (inclusive of any holdbacks required by the Bankruptcy Court and exclusive of retainers held by any such professionals). To the extent that, following an Event of Default, any Priority Professional Expenses are paid from the Collateral, or from the Borrower's assets against which the Super-Priority Claim applies, the Professional Expense Cap shall be reduced on a dollar for dollar basis.

Professional Expense Cap has the meaning set forth in Section 8.15.

Professional Expense Cap. $1,500,000 minus any payments of Priority Professional Expenses made during the continuance of any Event of Default other than payments made from retainers paid prior to the commencement of the Proceedings.

Professional Expense Cap has the meaning ascribed to such term in the definition of Carve-Out.

Professional Expense Cap. $2,000,000 minus (a) any amounts deposited by the Administrative Agent to the Carve-Out Account (as defined in the Final Borrowing Order) for Priority Professional Expenses and (b) after the occurrence and continuance of any Event of Default, any payment of accrued and unpaid allowed Priority Professional Expenses whether incurred prior to or following the occurrence and continuance of an Event of Default (other than payments made from (i) the Carve-Out Account (as defined in the Final Borrowing Order) or (ii) the application of retainers paid to professionals prior to the commencement of the Proceedings)."