Examples of Priority Claim Reserve in a sentence
Three Business Days prior to the Implementation Date, Banro shall deliver to the Monitor by way of wire transfer (in accordance with the wire transfer instructions provided by the Monitor at least five (5) Business Days prior to the Implementation Date), Cash in the amount necessary to establish the Priority Claim Reserve.
The Monitor, on behalf of the Applicants, shall pay (i) the Priority Claims pursuant to and in accordance with section 4.3 from the Priority Claim Reserve Account; (ii) any other Administrative Reserve Costs from the Administrative Reserve Account; and (iii) distributions from the Affected Banro Unsecured Pool in accordance with Article 6 hereof.
The Monitor shall hold the Priority Claim Reserve in the Priority Claim Reserve Account for the purpose of paying the Priority Claims in accordance with this Plan and shall distribute any remaining balance in the Priority Claim Reserve Account to the Applicants, in accordance with section7.3 of this Plan.
In addition, the Company has received irrevocable commitments from other Ordinary Shareholders to subscribe for their Open Offer Entitlements (or their equivalent) under the Ordinary Share Issue in respect of 38,992,874 Ordinary Shares representing US$25.2 million.
The Plan provides for the creation of the Priority Claim Reserve, to be funded in cash by the Applicants three business days before implementation of the Plan and held by the Monitor, from which the Crown Priority Claims and the Employee Priority Claims will be paid.
For the avoidance of doubt, the DIP Facility Claim, including the New DIP Facility Distribution, shall not be paid out of the Adminsitrative and Priority Claim Reserve or have any recourse against the Creditor Trust.
Incentives are outlined in the Offshore Higher Education and Licensing Act and include: relief on property tax, vendor’s tax, Alien Land Holding licence, tax holidays, customs duty exemptions and stamp duty exemptions.
Such payments to Holders of Allowed Priority Tax Claims shall be paid by the Debtors from the PACA/PASA, Administrative and Priority Claim Reserve.
On the Effective Date and following the funding of the Priority Claim Reserve and payment in full in Cash of the TSA Shortfall Claim, the Independent Director Fee Claims shall be paid in full in Cash.
A new government is formed after the election of the president, not the parliament, and the government is in fact accountable to the president (although, formally, the government is accountable to the president and the parliament) and cannot be disbanded until it loses the president’s trust.32 The only exception is when the parlia- ment with the majority of its entire composition does not give its vote of confidence to the govern- ment.