Accounting for Use of the Holdback Sample Clauses

Accounting for Use of the Holdback. Xxx. Xxxxxx shall provide, on or before the 15th day of the following month, a written monthly update to the Trustee and the Administrator accounting for Xxx. Xxxxxx’x use of the Holdback. The monthly updates shall provide: (a) a narrative explanation of the status of all litigation and the litigation activity that occurred during the applicable monthly period; (b) a specific dollar amount in litigation fees and costs that were incurred during the applicable monthly period for each category of uses described above; (c) a specific dollar amount in disbursements that were actually made during the applicable monthly period for each category of uses described above; and (d) the total amount of Holdback remaining for each category of uses described above. In addition to the foregoing monthly reporting requirement, Xxx. Xxxxxx shall provide the Trustee and the Administrator with 14 days’ advance written notice prior to: (I) making any disbursements in a particular month that cumulatively exceed $75,000.00; or (II) entering into any settlements fully or partially disposing of any litigation.
Sample 1
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Related to Accounting for Use of the Holdback

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