Examples of Scheme Supervisor in a sentence
If the Scheme Supervisor considers that a Scheme Claim of any Scheme Creditor identified in an Account Holder Letter is incorrect then the Scheme Supervisor shall give written notice to that Scheme Creditor of the amount of the Scheme Claim the Scheme Supervisor considers to be correct.
If the Adjudicator determines that the decision of the Scheme Supervisor should be reversed or varied, and the amount of the Scheme Creditor’s Scheme Claim as determined by the Adjudicator is greater than 110% of the amount determined by the Scheme Supervisor, then the Company shall pay all of the Adjudicator’s costs arising from such adjudication.
The Scheme Supervisor cannot and shall not exercise any power that would result in it assuming control of any of the Company’s affairs so as to supplant the Company’s directors.
For the purposes of Part D (Scheme Distributions), the Scheme Supervisor shall, as soon as possible after the Scheme Effective Date, review each Account Holder Letter submitted to the Information Agent in accordance with the Instruction Packet in order to determine each Scheme Creditor’s entitlement to Scheme Consideration, and shall deliver to the Company written notice of its determination of such Scheme Creditor’s entitlements within 7 days of such determination.
The Adjudicator will use reasonable endeavours to deliver notice of the Adjudicator’s decision to the relevant Scheme Creditor and the Scheme Supervisor as soon as practicable after the Scheme Creditor’s application for review.
If there is no Scheme Supervisor in office, the Company shall forthwith fill the vacancy, provided that the Company shall not be required to fill such vacancy if the Scheme Supervisor has resigned pursuant to Clause 25.5(e) on the grounds that there is no further work to be done by the Scheme Supervisor.
The Scheme Supervisor shall not be liable for any loss resulting from any act the Scheme Supervisor does or omits to do, unless any such loss is attributable to its own wilful default, breach of trust, fraud or dishonesty.
The Adjudicator, acting as an expert and not as an arbitrator, shall adopt such procedures as the Adjudicator may think fit, to enable the Adjudicator to decide whether the decision of the Scheme Supervisor should be upheld, reversed or varied.
If the amount of the Scheme Creditor’s Scheme Claim as determined by the Adjudicator is equal to or less than 110% of the amount determined by the Scheme Supervisor, then the Scheme Creditor shall pay all of the Adjudicator’s costs arising from such adjudication.
The Company will pay the costs incurred by the Scheme Supervisor in defending proceedings of the nature described in Clause 25.12(a), provided that the Scheme Supervisor gives the Company an undertaking to reimburse it (with interest) at a reasonable commercial rate at the conclusion of those Proceedings, where such Scheme Supervisor is not entitled to an indemnity under Clause 25.12.