LOC Payment Account definition

LOC Payment Account shall have the meaning assigned to such term in Section 2.04(d) of the LOC Reimbursement Agreement.
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Examples of LOC Payment Account in a sentence

  • Upon making an LOC Disbursement, Chemical Bank shall debit the LOC Payment Account in the amount of such LOC Disbursement.

  • On any date that such amounts have been specified in a Funding Date Certificate in accordance with Section 3.2(b)(vi), the Administrative Agent shall withdraw the monies on deposit in or credited to the DSRA LOC Payment Account and remit such monies to the Debt Service Reserve L/C Agent for the payment of such amounts.

  • Chemical Bank shall apply all funds in the LOC Payment Account as a reimbursement on Wednesday of each week, except that when the balance of the funds in the LOC Payment Account exceeds $100,000, the LOC Agent shall apply such funds as a reimbursement immediately.

  • If the funds in the LOC Payment Account are insufficient to cover such debit, an overdraft in such amount shall be incurred and shall bear interest at the same rate as an LOC Disbursement.