LBI Asset definition
Examples of LBI Asset in a sentence
If after such determination, further Available Funds become available, then the Company shall make further Common Terms Distributions at such time as it considers appropriate (in its absolute discretion) and in any event no later than the date on which the Company would otherwise be required under the Settlement Agreement to return to LBI any Trust Financial Assets not applied or distributed to or in respect of LBI Asset Claim Customers.
The Company may, but shall be under no obligation to, purchase and maintain, indemnity insurance against any future Legal Liability in connection with any LBI Asset Claim, Trust Entitlement or Trust Financial Asset.
Save as required by law and subject to Clause 18.6, the Company is not obliged to provide any Tax certificates in respect of any dividends or other payments made or received in respect of any Securities forming the basis of a Consenting Beneficiary’s LBI Asset Claim or any LBI Distribution or the Omnibus Trust, and the Company shall have no liability for any withholding or deduction made in respect of any such dividend or other payment as a result of the Company not providing any such Tax certificate.
The Settlement Agreement effects a global resolution of disputes between the Company and LBI, providing the Company with certainty regarding the securities, cash and post-filing income that will be allowed in respect of the Omnibus Claim, flexibility to return the LBI Distribution to its customers with LBI Asset Claims and affording the Company allowed customer and general unsecured claims in respect of claims asserted on behalf of its general estate.
The Proposals have been designed to attract a high level of acceptance from customers with LBI Asset Claims, notwithstanding differences in their individual circumstances, and the actual amount of Reserves which will need to be retained to deal with the claims of Non-Consenting Beneficiaries is as a result not expected to be significant when compared with the monies available for distribution.
The extent of the legal liability (if any) of the Company for shortfall claims with respect to LBI Asset Claims is unsettled.
Under the Settlement Agreement, if and when it becomes effective, all of the Company’s claims against LBI including the claim made by the Company in respect of LBI Asset Claims of its customers (the “Omnibus Claim”) will be settled and LBI will distribute in one or more distributions to the Company cash and securities in settlement of the Omnibus Claim (the “LBI Distribution”).
Administrative Agent shall have received a fully executed copy of the LBI Asset Purchase Agreement.
Customers with LBI Asset Claims are advised to consult their own professional tax advisers.
The Company is, therefore, making the Proposals set out in this Information Memorandum in order to expedite and facilitate the resolution of the claims of its customers in respect of their LBI Asset Claims and to effect a distribution of the LBI Distribution to relevant customers more efficiently and speedily than would otherwise be the case.