Common use of Claimants’ Advisory Committee Professionals Clause in Contracts

Claimants’ Advisory Committee Professionals. From time to time, if and when the Claimants’ Advisory Committee determines that it needs professional advice and assistance beyond the expertise of the Claimants’ Advisory Committee members, it may retain professionals to perform specific tasks necessary for the Committee to fulfill its duties and obligations under the Settlement Facility Agreement, the Funding Payment Agreement, and the Plan Documents. Except under extraordinary circumstances, the Claimants’ Advisory Committee shall submit a budget in advance of retention of the professionals indicating the purpose of such retention as well as a proposed budget specifying tasks, hourly rates, and total cost. If the Reorganized Dow Corning agrees, then the reasonable fees of such professionals shall be Fundable Expenditures and will be paid by the Settlement Facility, subject to approval by the District Court. In the absence of agreement, the Claimants’ Advisory Committee may apply to the District Court for authority to hire such professionals for the purpose, time period and within the budget that the District Court determines to be appropriate and reasonable. Should extraordinary circumstances arise which do not permit a budget to be submitted in advance of the retention of professionals for the purposes and in the manner outlined above, the Claimants’ Advisory Committee shall exercise its best efforts to budget the expenses and fees for the retention of the professionals and submit them for approval as soon as practicable, but in no event later than fourteen (14) days after the retention of the professionals.