CMCL definition
Examples of CMCL in a sentence
Notwithstanding anything to the contrary above, the Trustee shall have no interest in the recovery of the CMC-N Surety Bonds or the CMC-L Surety Bonds issued in the name of Royal.
The parties agree that the CMC-N and CMC-L Residual Rights shall not be included in the Sharing Arrangement described in paragraph 4(b) above, and that any value recognized by the Bankruptcy Estates as a result of such CMC-N and CMC-L Residual Rights shall be divided between the Bankruptcy Estates and Royal solely pursuant to the provisions of this paragraph.
No computation under the Sharing Arrangement shall take into account any amounts constituting: (i) the retention of the CMC-N Surety Bonds Cash Reserves or the CMC-L Surety Bond Cash Reserves related to the CMC-N Surety Bonds and CMC-L Surety Bonds issued in the name of Royal, or (ii) based upon the value, if any, of the CMC-N Surety Bonds and the CMC-L Surety Bonds issued in the name of Royal.
The Trustee shall retain, subject to the Sharing Arrangement, any all rights under with respect to CMC-N Surety Bonds or the CMC-L Surety Bonds issued by the Non-Settling Sureties and expressly reserves any and all rights to pursue claims against the Non-Settling Sureties under the CMC-N Surety Bonds or the CMC-L Surety Bonds to the extent recovered under the Recovery Action or otherwise.
The release contained in this paragraph shall not affect the Bankruptcy Estates’ claims respect to servicer advances made by the Debtors on leases other than the CMC-N Portfolio Leases and CMC-L Portfolio Leases covered by CMC-N Surety Bonds and CMC-L Surety Bonds issued in the name of Royal, including, without limitation; any leases covered by surety bonds issued by Non-Settling Sureties.
The Trustee hereby sells, transfers, and otherwise conveys to Royal an undivided ten percent (10%) in the CMC-N and CMC-L Residual Rights.
To the extent that consent by Royal is required under the immediately preceding sentence, the parties agree that it is and will be reasonable to withhold consent on the basis that the proposed settlement or other voluntary disposition of the Avoidance Claims fails to provide for the recovery of the CMC-L Surety Bonds and the CMC-N Surety Bonds issued in the name of Royal.
The parties hereby agree and jointly acknowledge that the Bankruptcy Estates may have certain rights under the CMC-N Documents and the CMC-L Documents irrespective of the potential Avoidance Claims, including, without limitation, the ownership of the CMC-N Equipment and the CMC-L Equipment and the right to collect certain residual payments under the CMC-N Portfolio Leases and the CMC-L Portfolio Leases (together, the “CMC-N and CMC-L Residual Rights”).
The Recovery Action shall include a claim by the Trustee for recovery of the CMC-L Surety Bonds and the CMC-N Surety Bonds issued in the name of Royal and may include, at the Trustee’s discretion, a claim by the Trustee for recovery of the CMC-L Surety Bonds and the CMC-N Surety Bonds issued by the Non-Settling Sureties.
The Trustee agrees and acknowledges that, pursuant to the CMC-L Documents, Lakeland is not the owner of, but instead, at most, the holder of an unperfected security interest in the CMC-L Alleged Assets and the CMC-L Alleged Collateral.