Examples of LC Escrow Account in a sentence
The L/C Escrow Account entails no responsibility on Xxxxxx's part beyond compliance with the terms of this Agreement, including without limitation the payment of the items for which the L/C Escrow Account is held in accordance with the Lease and the terms hereof and beyond the allowing of due credit for the sums actually received.
Upon commencement of the Monetization, the Debtors shall establish the LC Escrow Account to hold the released LC Cash Collateral.
Upon the occurrence of the Monetization Date, the Reorganized Debtors shall, from the LC Escrow Account, pay Plan Administrative Claim Settlement Claimants that have elected Deferred Treatment and to Individual Administrative Claim Settlement Claimants who are entitled to a distribution from the LC Escrow Account, as an Additional Administrative Recovery, the lesser of (i) 50% of the LC Cash Collateral and (ii) 57.5% of the Allowed amount of such Allowed Administrative Claims.
Until such time as this Agreement is released in accordance with Section 15 hereof, Borrower hereby waives all right to draw upon the Letter of Credit and to withdraw funds from the L/C Escrow Account except as provided for herein.
As to the averment of non-furnishing of the Letter of Credit (LC), Escrow Account, and Deed of Hypothecation, the Respondent, TUL vide its letter dated 4.11.2022 itself agreed to extend the timing for furnishing the Payment Security Mechanism (PSM), including the LC till 31.3.2023.
Lender shall have no obligation to credit Borrower with any interest on the funds held in the L/C Escrow Account.
The Debtors and Reorganized Debtors (as applicable) shall hold any LC Cash Collateral that they receive in trust for the beneficiaries of the LC Escrow Account and shall expeditiously deposit any such LC Cash Collateral into the LC Escrow Account.
Xxxxxxxx hereby knowingly, voluntarily and intentionally stipulates, acknowledges and agrees that the disbursement of the funds from the L/C Escrow Account as set forth herein is at Borrower's direction and is not the exercise by Lender of any right of set-off or other remedy upon a default or an Event of Default under the Loan Documents.