Interim Cash Payment definition
Examples of Interim Cash Payment in a sentence
Unless required or permitted by the Rehabilitator, the Segregated Account or the Management Services Provider, a Holder shall not submit a Policy Claim to the Management Services Provider more than once or in more than one Proof of Policy Claim Form, including without limitation, any Policy Claim previously submitted by a Holder to the Management Services Provider or the Segregated Account in accordance with the Interim Cash Payment Rules or the Original Payment Guidelines.
On the Closing Date, St. David’s shall wire transfer an amount equal to the Interim Cash Payment in immediately available federal funds to an account designated by MedCath Party in writing at least two (2) days prior to Closing.
If such Annualized EBITA Metric multiplied by 20% exceeds the Aggregate Interim Cash Payments, then an Interim Cash Payment equal to 20% of such Annualized EBITA Metric less the Aggregate Interim Cash Payments shall be paid by the Acquiror to the Company; provided, however, that the Aggregate Interim Cash Payments shall not exceed $1,900,000 for the entire Earn-Out Period.
At all reasonable times following delivery by MedCath Party of the information and calculations required by Section 2.7, MedCath Party shall make available to St. David’s and its agents all books and records of MedCath Party related to the determination of the Interim Cash Payment and the Final Cash Payment, including all accounting work papers and journal entries underlying the determination of the Interim Cash Payment and the Final Cash Payment or any component thereof.
Each Holder of a Permitted Policy Claim shall receive an Interim Payment unless (i) the Court or the Rehabilitator (in his sole and absolute discretion) has permitted an Alternative Resolution of such Permitted Policy Claim, or (ii) the Holder already received an Interim Payment in respect of such Permitted Policy Claim pursuant to the Interim Cash Payment Rules or the Original Payment Guidelines.
The rules governing the submission, processing and payment of Policy Claims of the Segregated Account in accordance with the June 4, 2012 Interim Cash Payment Order, filed with the Court and effective August 1, 2012, together with any amendments or supplements thereto.
Based upon such exchange of information, the parties shall determine, calculate, and agree, in writing, upon the Interim Cash Payment.
With respect to making Payments on Permitted Claims, these Payment Guidelines shall supersede the Interim Cash Payment Rules and the Original Payment Guidelines, and any inconsistent provisions of the Disclosure Statement or any other document, other than the Plan, that provides or impose rules, procedures, guidelines and/or obligations for, or on, any Person for the submission to and the evaluation, processing and payment of Claims by the Segregated Account.
These Payment Guidelines replace and supersede the Guidelines under the Plan of Rehabilitation (Claims Processing for Policy Claims) dated as of February 18, 2011, and the Rules Governing the Submission, Processing and Partial Payment of Policy Claims of the Segregated Account of Ambac Assurance Corporation in Accordance With June 4, 2012 Interim Cash Payment Order (the “Interim Cash Payment Rules”) and the Payment Guidelines for the Plan of Rehabilitation, as amended, dated June 12, 2014.