Common use of Authority to Distribute Clause in Contracts

Authority to Distribute. The Trustee is initially designated as paying agent. The Finance Committee may designate an alternative paying agent provided that the Finance Committee can demonstrate to the District Court that such transfer of responsibilities will satisfy the qualification criteria of the Depository Trust Agreement and will not result in any delay in payments to Claimants or affect the Claimants’ prompt receipt of payment. The paying agent shall arrange for the distribution of payments to Claimants upon the direction of the Finance Committee and the District Court and in accordance with the terms of this Settlement Facility Agreement, the Litigation Facility Agreement, and the Funding Payment Agreement. The timing of all distributions shall be determined by the Claims Administrator except as provided in the Litigation Facility Agreement with respect to Litigation Fund payments. The Finance Committee shall have the authority to seek orders from the District Court generally authorizing distributions of First Priority Payments without separate orders regarding each such distribution and establishing procedures for distributing payments involving liens or disputed payees.