Assignment of proceeds

Assignment of proceeds

Arrangement that allows the original beneficiary of a letter of credit to pledge or turn over proceeds to another, typically end supplier.
References in periodicals archive ?
The Fifth DCA found that Security First could not require that another homeowner or the mortgagee consent to the assignment of proceeds from the policy to a third party after a loss.
Despite having an assignment of proceeds, payments are sometimes made directly to subcontractors, without Banks previous knowledge and approval.
Despite having an assignment of proceeds, payments are sometimes made directly to subcontractors, without the bank's previous knowledge and approval, according to Seetharaman.
The facility is offered to applicants subject to providing an assignment of proceeds from the insurance companies
Most notably, the Independent Glass Association (IGA) is encouraging its members to add "assignment of proceeds" language to their invoices, so it is then able to sue the carrier in the event that excessive rates are not paid in the full (inflated) invoiced amount.
First (the "Assignment of Proceeds feature"), the endorsement provides for the assignment of the policy proceeds; that is, sums otherwise payable to the owner in respect of claims under the policy will instead be paid to the mezzanine lender, capped at the amount of the mezzanine loan.
The prime collateral is the assignment of proceeds to the lender of the financed export trade transactions.
An assignment of proceeds should not be confused with a transferable credit despite this apparent initial similarity.
The facility is offered to those which have service agreements with one or more insurance company against assignment of proceeds to UNB.
If the parent needs Medicaid at a time when the family still owns the home, the Department of Social Services will require an assignment of proceeds to be executed and recorded.