LC Proceeds definition

LC Proceeds has the meaning set forth in §20.3.
Sample 1Sample 2Sample 3
LC Proceeds has the meaning set forth in ss.20.3.
Sample 1
LC Proceeds means funds paid to Landlord under any Letter of Credit.
Sample 1

Examples of LC Proceeds in a sentence

  • If there is more than one escrow account with L/C Proceeds, Company may, in its sole discretion, draw on such accounts in any sequence Company may select.

  • Seller shall not be a party to such documentation and shall have no rights to the L/C Proceeds.

  • If a substitute letter of credit satisfying the requirements of this Article 14 (Credit Assurance and Security) is obtained and provided to Company, the net L/C Proceeds remaining as of the date that such substitute letter of credit is provided, shall be returned to Seller, or as Seller directs in writing.

  • Any failure to draw upon the L/C Proceeds for any damages or other amounts due Company shall not prejudice Company's rights to recover such damages or amounts in any other manner.

  • Upon full satisfaction of Seller's obligations under this Agreement, including recovery by Company of amounts owed to it under this Agreement, Company shall instruct the Escrow Agent to remit to the bank that issued the letter of credit that was the source of the L/C Proceeds the remaining balance (if any) of the L/C Proceeds.

  • For avoidance of doubt, until the Remaining LC Proceeds are disbursed to Gulfport pursuant to Section 4.a., the Remaining LC Proceeds shall constitute a credit assurance Deposit (as defined in the Existing Gulfport TSA) to secure Gulfport’s obligations in accordance with the Existing Gulfport TSA, subject to disbursement to Midship in accordance with the authorization of the Bankruptcy Court.

  • Any Top Up Amount shall increase the Remaining LC Proceeds and shall be treated as Remaining LC Proceeds.

  • If the Settlement Agreement is terminated prior to the Settlement Effective Date, any Remaining LC Proceeds (as may have been adjusted as a result of the disbursement of the Early Withdrawal Amount or the deposit of Top-Up Amounts) may be disbursed to Midship or Gulfport solely upon (i) the mutual written agreement of Gulfport and Midship or (ii) further order of this Court.

  • Nothing contained herein, in the Settlement Agreement, or in the Escrow Agreement shall constitute a finding that any funds held in the Escrow Account constitute property of the Debtors’ Estates; provided that the foregoing shall not prevent the Court from entering an order with respect to the disbursement of the Remaining LC Proceeds from the Escrow Account following a termination of the Settlement Agreement.

  • The Settlement Agreement also provides for an escrow arrangement, pursuant to which Midship must deposit the Remaining LC Proceeds (as defined in the Settlement Agreement), and the Debtors must deposit certain monthly Top-Up Amounts (as set forth in the Settlement Agreement) into an escrow account, and the Debtors may withdraw between approximately $17.5 million and $21.6 million (subject to the terms of the Settlement Agreement) from the escrow account even prior to the emergence from bankruptcy.


More Definitions of LC Proceeds

LC Proceeds means the proceeds of any draw of any Letter of Credit by the Landlord or Lender.
Sample 1
LC Proceeds means the proceeds of those certain irrevocable standby letters of credit Nos. SB 27439 and SB 27440 (as amended), issued by Natixis, New York Branch in favor of the Lease Indenture Trustees, totaling approximately $26,425,600.
Sample 1
LC Proceeds means the cash proceeds of the L/C (as defined in the El Paso Order).
Sample 1

Related to LC Proceeds

  • Collateral Proceeds means the Liquidation Proceeds of the Relevant Collateral or any Undeliverable Assets forming part of the Relevant Collateral (as the case may be) denominated in the Settlement Currency.

  • Discount Proceeds means, with respect to any B/A, an amount (rounded upward, if necessary, to the nearest Cdn.$.01) calculated by multiplying (a) the face amount of such B/A by (b) the quotient obtained by dividing (i) one by (ii) the sum of (A) one and (B) the product of (x) the Discount Rate (expressed as a decimal) applicable to such B/A and (y) a fraction of which the numerator is the Contract Period applicable to such B/A and the denominator is 365, with such quotient being rounded upward or downward to the fifth decimal place and .000005 being rounded upward.

  • LC Payment Date is defined in Section 2.20.5.

  • LC Participation Fee shall have the meaning assigned to such term in Section 2.05(c).

  • BA Discount Proceeds means, in respect of any Bankers' Acceptance, an amount calculated on the applicable Drawdown Date which is (rounded to the nearest full cent, with one-half of one cent being rounded up) equal to the face amount of such Bankers' Acceptance multiplied by the price, where the price is calculated by dividing one by the sum of one plus the product of (i) the BA Discount Rate applicable thereto expressed as a decimal fraction multiplied by (ii) a fraction, the numerator of which is the term of such Bankers' Acceptance and the denominator of which is 365, which calculated price will be rounded to the nearest multiple of 0.001%.

  • Declined Proceeds has the meaning assigned to such term in Section 2.11(b)(v).

  • Loss Proceeds means, collectively, all Insurance Proceeds and all Condemnation Proceeds.

  • LC Payment Notice has the meaning specified in Section 2.04(e).

  • Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower, any Parent Guarantor or any of their respective Subsidiaries in connection therewith, but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first-priority Lien permitted by Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Investment Proceeds means, with respect to any Determination Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Series 1996-1 Accounts, together with an amount equal to the Series 1996-1 Allocation Percentage of the interest and other investment earnings on funds held in the Collection Account credited as of such date to the Collection Account pursuant to Section 4.02 of the Agreement.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Letter of Credit Disbursement means a payment made by Issuing Lender or Underlying Issuer pursuant to a Letter of Credit.

  • Loan Proceeds means all amounts advanced as part of the Loan, whether advanced directly to Borrower or otherwise.

  • Proceeds all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto.

  • Bond Proceeds means the proceeds from the sale of bonds, notes, and other obligations issued by a district, and reserves and funds maintained by a district for debt service purposes.

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • REO Disposition Proceeds All amounts received with respect to an REO Disposition pursuant to Section 4.16.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Condemnation Proceeds All awards or settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • LC means Letter of Credit

  • Purchase Proceeds means any cash amounts received by the Master Servicer in connection with: (i) the repurchase of a Mortgage Loan or an REO Mortgage Loan by a Seller pursuant to Section 2.3 or (ii) the purchase of the Mortgage Loans and REO Properties by the Depositor, the Master Servicer, the Special Servicer or the holders of the Class R-I Certificates pursuant to Section 10.1(b).

  • Equity Issuance Proceeds means, with respect to any Equity Issuance, all cash and cash equivalent investments received by the Borrower or any of its Subsidiaries from such Equity Issuance after payment of, or provision for, all underwriter fees and expenses, SEC and blue sky fees, printing costs, fees and expenses of accountants, lawyers and other professional advisors, brokerage commissions and other out-of-pocket fees and expenses actually incurred in connection with such Equity Issuance.