Examples of Administration Charge Reserve in a sentence
SFC shall pay the required funds to the Monitor for the purpose of funding the Administration Charge Reserve, and the Monitor shall hold and administer such funds in trust for the purpose of paying Unaffected Claims secured by Administration Charge.
The Insurer’s costs shall include all amounts expended in the investigation, settlement or defence of any claims for Compensation (even if such claim is groundless, false or fraudulent) including actual loss of earnings and in relation to any appeal, coroner’s inquest, royal commission or other enquiry in respect of which the Insured is entitled to indemnity under this Policy or if sustained would be so entitled.
If there is any cash remaining in: (i) the Unaffected Claims Reserve on the date that all Unaffected Claims have been finally paid or otherwise discharged and/or (ii) the Administration Charge Reserve on the date that all Claims secured by the Administration Charge have been finally paid or otherwise discharged, the Monitor shall, in each case, forthwith transfer all such remaining cash to the Monitor’s Post-Implementation Reserve.
The balance of the Administration Charge Reserve, if any, after payment of all fees, disbursements and entitlements of the Canadian Professionals and U.S. Professionals, shall form part of the Indemnity Fund, for distribution in accordance with the Plan.
The Administration Charge Reserve was established as a safeguard in the event that miscellaneous amounts were inadvertently missed in the final invoices rendered by beneficiaries of the Administration Charge at the point of Plan implementation.
The Administration Charge Reserve was funded in the amount of $500,000 on the Plan Implementation Date, in accordance with the Plan and the Sanction Order.
Under the terms of the Plan, upon the conclusion of the administration of the Company’s estate, the balances remaining in the Unaffected Claims Reserve and the Administration Charge Reserve are to be transferred to the Monitor’s Post-Implementation Reserve, together with any Permitted Continuing Retainer amounts returned by professionals.
The Administration Charge and the Administration Charge Reserve are established on the basis of incurred fees and disbursements as well as on an estimate of fees, disbursements and entitlements for which the Canadian Professionals and the U.S. Professionals could seek Court approval and are based on the Settlement Funds as presently constituted.
The amount of the Administration Charge Reserve shall be agreed to by the Monitor, the Applicant and Biscayne, acting reasonably, and the Administration Charge Reserve shall be administered by the Monitor.
The amount of the Administration Charge Reserve shall be agreed to by the Monitor, the Representative Counsel, the Interim Operating Officer and the Applicant, acting reasonably, and the Administration Charge Reserve shall be administered by the Representative Counsel.