The Compensation Fund Clause Samples

The Compensation Fund. 2.4.1 SchemeCo shall establish and maintain the Trust Account for the purposes of the Scheme and hold the Compensation Fund on trust for the Scheme Creditors with Ascertained Scheme Claims. 2.4.2 SchemeCo shall ensure that the Compensation Fund shall: (a) be held on trust in the Trust Account by SchemeCo for the benefit of Scheme Creditors with Ascertained Scheme Claims; (b) be ring-fenced and kept separate from other monies (if any) of SchemeCo; (c) only be used for the purposes set out in the Scheme in accordance with Clause 2.4.4; and (d) not be subject to any set-off, netting arrangements or security rights with any party. 2.4.3 Any net interest earned on the Compensation Fund after the calculation of the Scheme Payment Percentage shall be paid to Morses Club. 2.4.4 The Compensation Fund shall be used to pay Ascertained Scheme Claims in accordance with Part 4. 2.4.5 Morses Club shall pay all outstanding Scheme Costs from time to time. On the date of the payment of the Shareholder Funding into the Trust Account in accordance with Clause 2.5.3, Morses Club shall pay the Scheme Costs to Completion into to the Scheme Costs Trust Account: (a) for the benefit of SchemeCo; (b) to be ring-fenced and kept separate from other monies (if any) of Morses Club; (c) to be used solely for the purposes of paying the Scheme Costs to Completion; and (d) not to be subject to any set-off, netting arrangements or security rights with any party.