Winddown Funds definition

Winddown Funds means the $260 million of the DIP Financing that the parties agreed to maintain pursuant to Section 5.20 of the DIP Credit Agreement to fund the winddown of the Debtors' Estates (in an amount to be agreed upon by the U.S. Treasury), including the consummation of the Plan. For the avoidance of doubt, the Winddown Funds are subject to the Government DIP Lenders' perfected first priority Liens and are not subject to any other Liens, including any Liens of the First Lien Lenders.
Sample 1Sample 2Sample 3
Winddown Funds means the $260 million of the DIP Financing that the parties agreed to
Sample 1

Examples of Winddown Funds in a sentence

  • For the avoidance of doubt, the Litigation Manager shall receive no compensation from the Winddown Funds or any other collateral of the Government DIP Lenders or the lender under the TARP Loan Agreement.

  • In furtherance of the Debtors' winddown efforts, the Debtors and the Government DIP Lenders previously had agreed pursuant to the DIP Credit Agreement that an amount of not less than $260 million of the DIP Funds (the "Winddown Funds") would be maintained to fund the winddown of the Debtors' Estates (in an amount to be agreed upon by the U.S. Treasury), including the consummation of a plan of liquidation under chapter 11 of the Bankruptcy Code.

  • In particular, the Government DIP Lenders Winddown Order provides for the agreed use of $302 million provided by the Government DIP Lenders, consisting of the $260 million in Winddown Funds and an additional $42 million provided for certain designated purposes (collectively, the "Liquidation Funds").

  • Winddown Funds in the amount of $260 million in fact were segregated in accounts with KeyBank National Association for this purpose.Discussions with the U.S. Treasury focused on the use of these Winddown Funds and certain other funds provided by the Government DIP Lenders to complete the Debtors' winddown activities.

  • In furtherance of the Fiat Transaction, Winddown Funds in the amount of$113 million were deposited in dedicated accounts as follows:(a) As required by paragraph 21 of the Sale Order, $63 million was deposited in escrow account no.

  • During the completion of the CCAA Proceedings, the Monitor reviewed the budgeted expenses in the Wind-down Funds account and pursuant to paragraph 27 of the Sale Approval Order the Monitor distributed $3.57 million in two installments to the Buyer following the determination that there would be excess funds as a result of some budget expenses not being incurred.

  • The Litigation Manager shall receive no compensation from the Winddown Funds or any other collateral of the Government DIP Lenders or the lender under the TARP Loan Agreement.

  • In addition to the Winddown Funds, $42 million from the DIP Financing (the " Prefunded Amount") was deposited in dedicated accounts as follows:(a) $30 million was deposited in escrow account no.

  • The remaining $147 million of the Winddown Funds (the " Additional Winddown Funds") was deposited in a separate account with KeyBank.

  • A property tax trust account in the amount of $14 million shall be established and funded from the Additional Winddown Funds to pay and satisfy (A) the Debtors' allocated portion of the 2009 Property Taxes (as such term is defined in the Sale Order) consistent with paragraph 20 of the Sale Order and (B) other secured property taxes on the DIP Collateral (but not for use to pay any secured property taxes relating to the First Lien Collateral).

Related to Winddown Funds

  • own funds means the sum of Tier 1 capital and Tier 2 capital;

  • Buydown Funds Any amount contributed by the seller of a Mortgaged Property, the Company or other source in order to enable the Mortgagor to reduce the payments required to be made from the Mortgagor's funds in the early years of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to deposit into the Custodial or Certificate Account.

  • Buydown Fund A fund provided by the originator of a Mortgage Loan or another Person with respect to a Buydown Loan which provides an amount sufficient to subsidize regularly scheduled principal and interest payments due on such Buydown Loan for a period. Buydown Funds may be (i) funded at the par values of future payment subsidies, or (ii) funded in an amount less than the par values of future payment subsidies, and determined by discounting such par values in accordance with interest accruing on such amounts, in which event they will be deposited in an account bearing interest. Buydown Funds may be held in a separate Buydown Fund Account or may be held in a Custodial Account for P&I or a Custodial Account for Reserves and monitored by a Servicer.

  • Buydown Fund Account A separate account or accounts created and maintained pursuant to Section 3.02 (a) with the corporate trust department of the Trustee or another financial institution approved by the Master Servicer, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Servicer or (c) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. Such account or accounts may be non-interest bearing or may bear interest. In the event that a Buydown Fund Account is established pursuant to clause (b) of the preceding sentence, amounts held in such Buydown Fund Account shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Buydown Fund Account may be established.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Project Funds means funds disbursed by the State Water Board to the Recipient for purposes of this Agreement.

  • Fresh Funds means funds that:

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Contract Funds means the funds that have been appropriated, designated, encumbered, or otherwise made available for payment by the State under this Contract.

  • Acquisition Fund means any company formed with the intent to offer securities to the public and use the proceeds to consummate one or more Business Combinations which are unspecified at the time of the securities offering.

  • Program Funds means all funds that are required to be deposited into the Non-profit School Food Service Account.

  • Loan Fund means the special fund created by the RECIPIENT for the repayment of the principal of and interest on the loan. “Loan Security” means the mechanism by which the RECIPIENT pledges to repay the loan.

  • Principal Funding Account Investment Proceeds shall have the meaning specified in subsection 4.03(a)(ii).

  • the Macfarlane (Special Payments) Trust means the trust of that name, established on 29th January 1990 partly out of funds provided by the Secretary of State, for the benefit of certain persons suffering from haemophilia;

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • the Skipton Fund means the ex-gratia payment scheme administered by the Skipton Fund Limited, incorporated on 25th March 2004, for the benefit of certain persons suffering from hepatitis C and other persons eligible for payment in accordance with the scheme’s provisions;

  • Client Funds means money deposited by the Client in his/her Trading Account, plus or minus any unrealized or realized profit or loss, plus or minus any amount that is due by the Client to the Company and vice versa.

  • Levy reduction funds means increases in state funds from

  • Escrow Accounts means (1) accounts of Parent or any Subsidiary, solely to the extent any such accounts hold funds set aside by Parent or any Subsidiary to manage the collection and payment of amounts collected, withheld or incurred by Parent or such Subsidiary for the benefit of third parties relating to: (a) federal income tax withholding and backup withholding tax, employment taxes, transportation excise taxes and security related charges, (b) any and all state and local income tax withholding, employment taxes and related charges and fees and similar taxes, charges and fees, including, but not limited to, state and local payroll withholding taxes, unemployment and supplemental unemployment taxes, disability taxes, xxxxxxx’x or workers’ compensation charges and related charges and fees, (c) state and local taxes imposed on overall gross receipts, sales and use taxes, fuel excise taxes and hotel occupancy taxes, (d) passenger facility fees and charges collected on behalf of and owed to various administrators, institutions, authorities, agencies and entities, (e) other similar federal, state or local taxes, charges and fees (including without limitation any amount required to be withheld or collected under applicable law) and (f) other funds held in trust for, or otherwise pledged to or segregated for the benefit of, an identified beneficiary; or (2) accounts, capitalized interest accounts, debt service reserve accounts, escrow accounts and other similar accounts of Parent or any Subsidiary or funds established in connection with the ARB Indebtedness.

  • Surplus funds means, at any given date, the excess of cash and other recognized assets that are expected to be resolved into cash or its equivalent in the natural course of events and with a reasonable certainty, over the liabilities and necessary reserves at the same date.

  • Seller’s Bank Account shall have the meaning set forth in Section 3.2(b).

  • Subsidy Funds With respect to any Subsidy Loans, funds contributed by the employer of a Mortgagor in order to reduce the payments required from the Mortgagor for a specified period in specified amounts.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

  • Escrowed Proceeds shall include any interest earned on the amounts held in escrow.

  • Construction Fund means an account specifically identified in the Indenture to hold funds which are currently available for expenditure to acquire or construct public facilities eligible under the Act.