Payment Administrator definition
Examples of Payment Administrator in a sentence
Payment shall be submitted to the attention of the Payment Administrator.
The Trustees may increase or decrease the number of persons which constitute the Claims Lodgement Officers, Trust Certification Committee and Payment Administrator, and/or replace them from time to time, having regard to their capacity requirements.
The Trustees shall establish and maintain the necessary systems and processes, including information technology systems, to enable the Claims Lodgement Officers, Trust Certification Committee and Payment Administrator to discharge their duties in terms of this Trust Deed.
The Trustees shall use their reasonable endeavours to procure that the personnel of the Trust (including the Claims Lodgement Officers, the Accredited Practitioners, the Medical Certification Panel, the Trust Certification Committee, the Payment Administrator, the Medical Reviewing Authority and the Certification Reviewing Authority) and any third party service providers comply with the provisions of this Trust Deed insofar as the provisions are capable of applying to them.
The Trustees shall, without delay after receiving written notice to do so from the Agent, transfer to the appropriate person contemplated in clause 21.2.2, all and any legitimate outstanding Benefits that will have been claimed by Eligible Claimants during the Qualifying Claims Period, but remain unpaid because the Payment Administrator has not, for any reason, been able to pay such Benefits to such Eligible Claimants.
As soon as reasonably determined by the Securityholders’ Agent that the Expense Fund is no longer required to be withheld, the Securityholders’ Agent will distribute any amounts remaining in the Expense Fund to the Payment Administrator for further distribution to the Indemnitors in accordance with such Indemnitor’s Pro Rata Share thereof.
The Borrower agrees to indemnify the Payment Administrator from and against any and all losses, claims, damages and liabilities of whatsoever nature which may be imposed on, asserted against or incurred by the Agent in performing its duties under this Section 11.6 other than those resulting from the Agent's willful misconduct or gross negligence.
Cash amounts deposited with the Payment Administrator from time-to-time in accordance with this Section 1.10(a) and Section 1.7, if any, are referred to as the “Payment Fund.” The Payment Administrator will be instructed to invest the funds included in the Payment Fund in the manner directed by P▇▇▇▇▇.
Any portion of the Equityholder Representative Reserve remaining following the determination of all such fees, costs, expenses, Liabilities and amounts by the Equityholder Representative in its sole discretion (such portion, the “Remaining Reserve Amount”) shall be distributed by the Equityholder Representative to the Payment Administrator, for further payment to the Company Shareholders each Company Shareholder’s Pro Rata Share of the Remaining Reserve Amount.
A complete set of counterparts shall be lodged with Holdings and the Payment Administrator.