Tail Fund definition
Examples of Tail Fund in a sentence
On the Effective Date, the Tail Fund shall be funded for purposes of payment of administrative costs (including, but not limited to, the salaries of the Debtors’ board members and officers) of the Debtors prior to such dissolution.
Immediately prior to the dissolution of the Debtors, any remaining portion of the Tail Fund shall be transferred to the Liquidating Trust and become part of the Liquidating Trust Assets.
If there is no shortfall in the Manhattan Tail Fund, or after the shortfall is satisfied, any excess monies from the Westchester Tail Fund shall be distributed to the Liquidating Trust and the participating Westchester Physician Staff on a pro rata basis based on their respective contributions.
On June 26, 2018, over 50 parties submitted post-technical conference comments in this proceeding, including comments from ISO-NE, Calpine, Direct, Eversource, Icetec, NRG, Utility Services, EEI, EPRI, EPSA, NARUC, NRECA, and SEI.
The Plan would provide that any and all recoveries on account of such Tail Claims (including any related indemnification claims against SVCMC) will be channeled to and solely paid from the Tail Fund.
Covered Staff that purchased tail coverage from QNY during the pendency of the Bankruptcy Cases will be provided with a refund of the premiums paid (the “QNY Refund”) after the expiration of the opt-in/out period unless the Employed Physician opts out of contributing to the Tail Fund as set forth in paragraph 2(c)(ii)(1)(d) above.
Any excess monies available in the Manhattan Tail Fund (after payment of all Manhattan Tail Claims and all related fees, costs and expenses attributable to the administration of the Manhattan Tail Fund) shall be used to pay any outstanding Westchester Tail Claims to the extent there is a shortfall in the Westchester Tail Fund to pay such obligations.
In exchange for the Debtors’ agreement to seek the establishment of the Temporary Stay Extension, the Tail Fund, Tail Claim Mediation Procedures, and the Plan Injunction, upon the entry of an Order creating the Temporary Stay Extension, the Movants’ Administrative Claim Motion shall be deemed withdrawn without prejudice and upon the entry of a final order approving confirmation of the Plan which includes the Plan Injunction, such withdrawal shall be deemed to be with prejudice.
All contribution amounts received will be placed into an escrow account with the undersigned counsel for the Movants2 and held in such account until the establishment of the Tail Fund as part of the Debtors’ Plan.
The Debtors agree that Movants would be able to recover their reasonable legal fees and costs from the Tail Fund in connection with the Administrative Claim Motion and the Settlement Agreement up to a cap of $100,000 upon entry of an order approving such fees.