ESTABLISHMENT AND OPERATION OF THE INSOLVENCY FUND Sample Clauses

ESTABLISHMENT AND OPERATION OF THE INSOLVENCY FUND. SCHEME 2.01 ECIIB shall establish and operate the Insolvency Fund Scheme with effect from the Establishment Date and for this purpose shall create a fund (the "Insolvency Fund") consisting of assets separate from its other assets. ECIIB shall hold the Insolvency Fund on trust for the purposes of the Insolvency Fund Scheme and shall deal with it only in accordance with this Agreement. The perpetuity period of this trust shall be 80 years from the date of this Agreement or such longer period as ECIIB shall determine and as shall be allowed by law. No Insurer shall be entitled to receive any distribution of or share in any part of the assets of the Insolvency Fund. 2.02 Subject as otherwise provided in this Agreement, ECIIB shall manage the Insolvency Fund in such manner as it shall think fit. ECIIB may appoint any one or more persons to act as investment manager or investment adviser in relation to the Insolvency Fund and/or to provide custody of all or any part of the assets of the Insolvency Fund and/or to provide such other services in respect of the Insolvency Fund Scheme as ECIIB may think fit. The terms of any such appointment, including the remuneration of the relevant person, shall be as agreed between ECIIB and the relevant person from time to time. The remuneration of any person so appointed shall be charged to and paid out of the Insolvency Fund. 2.03 Subject as otherwise provided in this Agreement, ECIIB shall make payments from the Insolvency Fund in respect of Final Claims in the following circumstances:- (a) Where:- (i) either an Employer or a Principal Contractor who has taken out an EC Policy in accordance with section 40(1B) of the ECO has paid Compensation or Damages as a result of a Judgment; (ii) there is in force an EC Policy indemnifying the Employer or Principal Contractor in respect of liability for such payment; and (iii) the Insurer who issued the EC Policy has failed by reason of its Insolvency to indemnify the Employer or Principal Contractor in respect of such payment of Compensation or Damages in accordance with its liability under the EC Policy; (b) Where:- (i) either an Employer or a Principal Contractor who has taken out an EC Policy in accordance with section 40(1B) of the ECO is liable to pay Compensation or Damages as a result of a Judgment; (ii) there is in force an EC Policy indemnifying the Employer or Principal Contractor in respect of such liability; and (iii) the Insurer who issued the EC Policy is Insolvent; (c) Wh...
Sample 1
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Related to ESTABLISHMENT AND OPERATION OF THE INSOLVENCY FUND

  • Conditions Precedent to Obligation of the Company The obligation of the Company to effect the Exchange and otherwise consummate the transactions contemplated by this Agreement is subject to the satisfaction, at or prior to the Closing, of each of the following conditions:

  • Compensation of the Investment Manager For the services rendered, the facilities furnished and expenses assumed by the Investment Manager, the Fund shall pay to the Investment Manager at the end of each calendar month a fee which shall accrue daily at the annual rate specified by the schedule of fees in the Appendix to this Agreement. The average daily value of the net assets of the Portfolio shall be determined and computed in accordance with the description of the method of determination of net asset value contained in the Prospectus.

  • Additional Conditions to Obligation of the Company The obligation of the Company to effect the Merger is also subject to the following conditions:

  • Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation This Agreement is subject to the budget and fiscal provisions of the City’s Charter. Charges will accrue only after prior written authorization certified by the Controller, and the amount of City’s obligation hereunder shall not at any time exceed the amount certified for the purpose and period stated in such advance authorization. This Agreement will terminate without penalty, liability or expense of any kind to City at the end of any fiscal year if funds are not appropriated for the next succeeding fiscal year. If funds are appropriated for a portion of the fiscal year, this Agreement will terminate, without penalty, liability or expense of any kind at the end of the term for which funds are appropriated. City has no obligation to make appropriations for this Agreement in lieu of appropriations for new or other agreements. City budget decisions are subject to the discretion of the Mayor and the Board of Supervisors. Contractor’s assumption of risk of possible non-appropriation is part of the consideration for this Agreement. THIS SECTION CONTROLS AGAINST ANY AND ALL OTHER PROVISIONS OF THIS AGREEMENT.

  • Conditions to Obligation of the Company The obligation of the Company to effect the Merger is also subject to the satisfaction or waiver by the Company at or prior to the Effective Time of the following conditions:

  • Conditions Precedent to Obligations of the Company The obligations of the Company to effect the Merger and otherwise consummate the transactions contemplated by this Agreement are subject to the satisfaction, at or prior to the Closing, of the following conditions:

  • Additional Conditions to Obligations of the Company The obligations of the Company to consummate the Merger and the transactions contemplated by this Agreement shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any of which may be waived, in writing, exclusively by the Company:

  • Conditions to Obligation of the Seller The obligation of the Seller to sell the Receivables to the Depositor is subject to the satisfaction of the following conditions:

  • Conditions to Obligation of the Depositor The obligation of the Depositor to purchase the Receivables is subject to the satisfaction of the following conditions:

  • Additional Conditions to the Obligations of the Company The obligation of the Company to consummate and effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions, any of which may be waived, in writing, exclusively by the Company:

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