Insolvency of Dealer. In the unlikely event of JMMB’s insolvency, the Trustee (or a Special Trustee appointed by the Financial Services Commission (FSC)) will deal with the underlying assets. The underlying assets will not form part of JMMB’s assets in the event of JMMB’s insolvency. The Trustee will take custody or control of all of the underlying assets. Under the supervision of the FSC, the Trustee will dispose of the assets to the clients concerned. The Trustee will formulate a disposition plan for the FSC’s approval and that plan will allow for the disposition of the assets in a fair manner having regard to the entitlements under the retail repurchase agreements concerned. The Trustee is required to meet with the clients to provide them with details of the plan and to provide the clients with periodic written reports on the progress of the disposition. The Trustee will shall treat with all claims in respect of the underlying assets by one or more of the following methods:
Appears in 4 contracts
Samples: Master Retail Repurchase Agreement, Master Retail Repurchase Agreement, Master Retail Repurchase Agreement
