Professional Expense Cap definition

Professional Expense Cap shall have the meaning set forth in clause (ii) of the clause "first" of the definition of the term "Agreed Administrative Expense Priorities."

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

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

• For the avoidance of doubt, the Professional Expense Cap shall only apply after the delivery of a Carve-Out Trigger Notice.

• 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.

• 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 Borrower or the Creditors' Committee; 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.

More Definitions of Professional Expense Cap

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 specified therefor in this Schedule 1.1 under the definition of “Carve-Out Expenses.”

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

Professional Expense Cap shall have the meaning ascribed to that term in Section 4.11(f).

Professional Expense Cap has the meaning given to such term in Section 3.9(e).

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