Residual Asset definition

Residual Asset means (i) the Residual Policies and (ii) any asset, including the rights, benefits and powers (whether actual or contingent) of the Transferor whatsoever under or by virtue of the Residual Policies or the Residual Contracts, to be transferred from the Transferor to the Transferee pursuant to the Scheme, the transfer of which Residual Policies and asset from the Transferor to the Transferee:
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Residual Asset means in relation to the Transferred Business of a particular Transferor:
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Residual Asset means any asset, including the rights, benefits and powers (whether actual or contingent) of the Transferor whatsoever under or by virtue of the Residual Policies or the Residual Contracts, to be transferred from the Transferor to the Transferee pursuant to the Scheme, the transfer of which asset from the Transferor to the Transferee (a) requires as on the Scheme Effective Date either the consent of any person (other than the Transferor, the Transferee or the Court) or the waiver by any person of any right to acquire, or to be offered the right to, or to offer to, acquire or procure the acquisition by some other person of, all or any part of such property, being a right which directly or indirectly arises or is exercisable as a consequence of such transfer being proposed or taking effect, (b) which the Court does not have jurisdiction to transfer or determines for any other reason not to transfer it or the transfer of which is not recognized by the laws of any relevant jurisdiction in which such asset is situated or to which the asset is subject or (c) cannot be effected pursuant to the Scheme for any other reason;
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Examples of Residual Asset in a sentence

  • The Transferee shall accept without investigation or requisition such title as the Transferor shall have at the Effective Date to the Transferred Assets and, at any Subsequent Transfer Date, to each Residual Asset then transferred.

  • In the event of any payment being made to, property being received by, or right being conferred upon the Transferor on or after the Effective Date in respect of any Transferred Asset or any Residual Asset, the Transferor shall, as soon as is reasonably practicable after its receipt, pay over the full amount of such payment or (to the extent to which it is able to do so) transfer such property or right to, or in accordance with the directions of, the Transferee.

  • The Transferor shall from the Effective Date (but save to the extent that giving effect to such a trust would require a consent or waiver which has not been obtained or that such a trust would not be recognised by any applicable law or that the parties agree in writing not to give effect to such a trust for any reason) hold any Residual Asset, together with any proceeds of sale or income or other right accrued or return arising in respect thereof, as trustee for the Transferee.

  • The transfer of any Transferring Asset, Transferring Liability, Residual Asset or Residual Liability to the Transferee shall have effect notwithstanding any provision (whether express or implied) to the contrary in any contract or arrangement with any policyholder or any other person.

  • The Transferor shall be subject to exclusive directions from the Transferee in respect of any Residual Asset from the Effective Date until it is transferred to or otherwise vested in the Transferee or is disposed of (whereupon the Transferor shall account to the Transferee for the proceeds of the sale thereof), and the Transferee shall have the authority to act as the attorney of the Transferor in respect of such Residual Asset for all such purposes.

  • The Transferee shall have authority (with authority to sub-delegate) to act as the attorney of the Transferor in respect of any such Residual Asset for all such purposes.

  • Any property or asset so specified will be a Residual Asset for the purposes of this Scheme, and the terms of the Scheme (including the terms relating to the transfer of Residual Assets) shall apply accordingly.

  • With effect on and from each Subsequent Transfer Date, each Residual Asset to which such Subsequent Transfer Date applies shall, by the Order and without any further act or instrument, be transferred to and be vested in the Transferee subject to all Encumbrances affecting such Residual Asset.

  • If any doubt or difference shall arise as to the allocation or attribution of any of the Transferred Business (including any Transferred Policy, Transferred Business Asset or Transferred Liability), or any Residual Asset or Residual Liability, in accordance with this Scheme, the same shall be determined by the Transferee Board, having regard to appropriate actuarial advice.

  • The Creditor Trust created pursuant to this Order shall be named the “Dominion Residual Asset Trust”.


More Definitions of Residual Asset

Residual Asset means those Transferring Assets which do not transfer to the Transferee pursuant to the Order as at the Effective Date for any reason whatsoever and are not otherwise transferred, including:
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Residual Asset means all or any part of a Transferring Asset which would be an Initial Transferring Asset, but:
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Residual Asset means any property or assets of the Transferor, including any Encumbrance in favour of the Transferor, which would be a Transferring Asset but which:
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Residual Asset means all or any part of a Transferring Asset which would be an Initial Transferring Asset, but:(a)the Court has declined to order its transfer to the Transferee at the Phase 1 Effective Time or Relevant Phase 2 Effective Time (as applicable);(b)its transfer, or the transfer of any part of it, pursuant to the Order is not recognised as effective and enforceable, by the laws of the jurisdiction in which the Transferring Asset is situated, or which govern that Transferring Asset without further steps being taken;(c)the Transferor and the Transferee agree in writing, at any time prior to the Phase 1 Effective Time or Relevant Phase 2 Effective Time (as applicable), that it would be more conveniently transferred at a later time;(d)the Transferee does not have the regulatory authorisation, permission, or other consent, at the Phase 1 Effective Time or Relevant Phase 2 Effective Time (as applicable) which it needs to hold the Transferring Asset or perform the Transferring Arrangement; or(e)it comprises any right, proceeds of sale or Income or other accrual or return whatsoever, whether or not in the form of cash, received by the Transferor from time to time after the Phase 1 Effective Time or Relevant Phase 2 Effective Time (as applicable) in respect of, or earned on, any TransferringAssets referred to in paragraphs
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Residual Asset means in relation to the Transferring Business:
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Residual Asset means: any property or assets of the Transferor, including any Encumbrance in favour of the Transferor which would be a Transferring Asset but:
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Related to Residual Asset

  • Digital asset means an electronic record in which an individual has a right or interest. The term does not include an underlying asset or liability unless the asset or liability is itself an electronic record.

  • Rental Vehicle means a New Vehicle less than two years old owned by a New Vehicle Borrower and purchased directly from a manufacturer as a New Vehicle and that is used as a service loaner vehicle or is periodically subject to a rental contract with customers of the New Vehicle Borrower for loaner or rental periods of up to thirty (30) consecutive days or is used by dealership personnel in connection with parts and service operations.

  • goods vehicle means a motor vehicle constructed or adapted for use for the carriage of goods or burden of any description or a trailer so constructed or adapted;

  • Residual Value means the proceeds, less removal and disposal costs, if any, realized upon disposition of a tangible capital asset. It usually is measured by the net proceeds from the sale or other disposition of the asset, or its fair value if the asset is traded in on another asset. The estimated residual value is a current forecast of the residual value.

  • Underlying Asset means the object or underlying asset in a CFD which may be Currency Pairs (for FX Contracts), Equity Indices, base or precious Metals, Forwards, Commodities, Stocks, Shares Indices and Futures. It is understood that the list is subject to change and Clients must refer each time on the Trading Platform.

  • Residual Ownership Interest Any record or beneficial interest in the Class R Certificates.