CFCO Social Arrears Sample Clauses

CFCO Social Arrears. 1. The Recipient shall: (a) further to the November 2010 CFCO Social Arrears Payments, prepare in consultation with the unions representing CFCO’s employees and retirees (“CFCO’s Unions”), and furnish to the Association not later than April 30, 2011, a detailed time bound plan for the full payment of all amounts due by CFCO to its current and retired employees as at October 31, 2010 (“CFCO’s Social Arrears”); (b) afford the Association a reasonable opportunity to review and discuss such plan with the Recipient; and (c) thereafter adopt such plan, taking into account the comments of the Association on the matter. 2. The Recipient shall thereafter, but in any event not later than June 30, 2011 furnish to the Association: (a) such plan for the settlement of CFCO’s Social Arrears as shall have been agreed with CFCO’s Unions (“CFCO Social Arrears Payment Plan”); (b) a financial certification satisfactory to the Association, confirming the accuracy of the CFCO Social Arrears Payment Plan; and (c) a legal opinion satisfactory to the Association showing that said plan has been duly adopted in accordance with the laws of the Recipient (including all applicable labor laws and regulations and collective bargaining agreements) and is legally binding upon the Recipient, CFCO and CFCO’s Unions and employees in accordance with its terms.
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