Professional Fee Account definition

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

Professional Fee Account means that certain deposit account ending in 7118 established with Xxxxx Fargo Bank, N.A., established solely for purposes of the payment of certain professional fees accrued during the pendency of, and in connection with, the Bankruptcy Cases with an aggregate amount on deposit not to exceed $8,500,000.

Professional Fee Account means a segregated interest-bearing escrow account to hold and maintain an amount of Cash equal to Professional Fee Claims, in an aggregate amount not to exceed the amounts permitted under the Cash Collateral Orders and related Budgets (as defined in the Cash Collateral Orders, as such Budgets may be amended and revised from time to time), funded by the Debtors solely for the purpose of paying all Allowed and unpaid Professional Fee Claims.

Examples of Professional Fee Account in a sentence

• After all Professional Fee Claims have been paid in full, any excess amounts in the Professional Fee Account shall revert to the Exit Financing Agent for the benefit of the Exit Financing Lenders.

• The amount of Professional Fee Claims owing to the Professionals (and not paid prior to such time) shall be paid in Cash to such Professionals from funds held in the Professional Fee Account when such Claims are Allowed by a Final Order.

• The Professional Fee Account has been and will continue to be maintained in trust for the Professionals and shall not be considered property of the Debtors’ Estates or the Reorganized Debtors, as applicable; provided, however, that the Exit Financing Agent, on behalf of the Exit Financing Lenders, shall have a reversionary interest in the excess, if any, of the amount of the Professional Fee Account over the aggregate Allowed Professional Fee Claims to be paid from the Professional Fee Account.

• No Liens, Claims, or Equity Interests shall encumber the Professional Fee Account in any way.

• Pursuant to the Cash Collateral Orders, the Debtors established the Professional Fee Account and have funded and will continue to fund such account in accordance with such Cash Collateral Orders.

More Definitions of Professional Fee Account

Professional Fee Account means an interest-bearing account to hold and maintain an amount of Cash equal to the Professional Fee Amount funded by the Debtors or the Reorganized Debtors as soon as reasonably practicable after the Confirmation Date and no later than two (2) Business Day after the Effective Date solely for the purpose of paying all remaining Allowed and unpaid Fee Claims. Such Cash shall remain subject to the jurisdiction of the Court.

Professional Fee Account means a segregated interest-bearing account in an amount equal to the Professional Fee Reserve Amount to be funded and maintained by the Reorganized Debtors on and after the Effective Date solely for the purpose of paying all Allowed and unpaid Professional Fee Claims.

Professional Fee Account means a segregated interest-bearing account in an funds held in trust by Debtors’ counsel in an initial amount equal to the Professional Fee Reserve Amount to be funded and maintained by the Reorganized Debtors for the benefit of the Professionals on and after the Effective Date solely for the purpose of paying all Allowed and unpaid Professional Fee Claims in accordance with the terms of the Plan.

Professional Fee Account means an interest-bearing account to hold and maintain an

Professional Fee Account has the meaning assigned to the term in the Financing Order.

Professional Fee Account means a segregated interest-bearing escrow account to hold and maintain an amount of Cash equal to the Professional Fee Amount funded by the Debtors before the Effective Date solely for the purpose of paying all Allowed and unpaid Accrued Professional Compensation Claims.

Professional Fee Account means an interest-bearing account to hold and maintain an amount of Cash equal to the Professional Fee Amount funded by the Debtor not later than two (2) Business Days prior to the Effective Date, solely for the purpose of paying all remaining Allowed and unpaid Fee Claims. Such Cash shall remain subject to the jurisdiction of the Court.