The Legal Finance Agreement is the agreement between the Funded Party and Omni Bridgeway. To become a funded party you must review and accept the terms of the Omni Bridgeway Legal Finance Agreement (Legal Finance Agreement).
This includes the Instruction to Lawyers (Schedule 2) and the Power of Attorney (Schedule 3). It also includes the Steering Committee Agreement.
We ask that you review the Legal Finance Agreement, the Schedules and the Steering Committee Agreement ("the Documents") carefully before entering into them.
If you enter into the Legal Finance Agreement, you will not have to pay anything if the Claims are unsuccessful and no other benefit is realised from the AT1 Bonds. Otherwise, Omni Bridgeway’s fees are recovered from the Resolution Sum. Omni Bridgeway will pay the other side's legal costs, subject to a significant limit on this exposure, if the class action is unsuccessful and the Claims are lost.
The Legal Finance Agreement includes 5 Schedules. Schedule 1 sets out the definitions used in the Legal Financial Agreement; Schedule 2 is the Instruction to Lawyers which is also signed by the Lawyers; Schedule 3 is a Power of Attorney afforded to an Omni Bridgeway group entity by each Funded Party strictly for the purpose of any enforcement action that may need to be taken; Schedule 4 is the Drawdown Schedule pursuant to which the Lawyers can draw down their fees; and Schedule 5 contains the quantum of the relevant caps and sub-limits on Omni Bridgeway’s funding. Please note that Schedules 4 and 5 contain very sensitive commercial information regarding the AT1 Bonds matter and accordingly, they are not provided here. You will be provided with a copy of Schedules 4 and 5 after you have executed the Legal Finance Agreement and you can review Schedule 4 and 5 prior to executing the Legal Finance Agreement provided you agree to be bound by certain confidentiality obligations. If you wish to review these schedules, please email [email protected] to request copies.
In addition, you must review and accept the terms of the Steering Committee Agreement which sets out how the Steering Committee will be appointed and how it will make decisions in order to facilitate the Proceedings.
Please click here to review the Frequently Asked Questions regarding these agreements. If you have any questions about the terms of the Documents, please contact us at [email protected].
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