Common use of Conclusion of the Administration Clause in Contracts

Conclusion of the Administration. (1) Following the Claims Bar Deadline, and in accordance with the terms of the Agreement, the Plan of Allocation, and such further order of the Courts, as may be necessary, or as circumstances may require, the Administrator shall distribute the Escrow Settlement Amount to Authorized Claimants. (2) No claims or appeals shall lie against the Releasees, the Defendants, the Defendants’ counsel, Class Counsel, the Administrator, the Referee, or Xxxxxx Partners LLP based on distributions made substantially in accordance with the Agreement and the Plan of Allocation. (3) If the Escrow Settlement Account is in a positive balance (whether by reason of tax refunds, un-cashed cheques or otherwise) after one hundred eighty (180) days from the date of distribution of the Escrow Settlement Amount to the Authorized Claimants, the Administrator shall, if economically feasible, allocate such balance among Authorized Claimants in an equitable fashion up to the limit of each person’s actual loss. If there is a balance in the Escrow Settlement Account after each Authorized Claimant is paid up to his/her/its actual loss, the remaining funds shall be paid in part (X%) cy près to a recipient selected by Class Counsel, approved by the Ontario Court and subject to a ten (10) percent deduction for the Class Proceedings Fund, in part (Y%) cy près to a recipient selected by Class Counsel, approved by the Québec Court and subject to the applicable deduction for the Fonds d’aide aux actions collectifs, and in part (Z%) cy près to a recipient selected by Class Counsel and approved by the Alberta Court. The respective percentages, X, Y and Z, shall be equal to the percentages of the distribution of the Escrow Settlement Amount to Authorized Claimants in the Ontario Action, the Québec Action and the Alberta Action respectively. (4) Upon the conclusion of the administration, or at such other time(s) as the Courts direct, the Administrator shall report to the Courts on the administration and shall account for all monies it has received, administered and disbursed and obtain an order from those courts discharging it as Administrator.

Conclusion of the Administration. (1) Following the Claims Bar Deadline, and in accordance with the terms of the Agreement, the Plan of Allocation, and such further order of the Courts, as may be necessary, or as circumstances may require, the Administrator shall distribute the Escrow Settlement Amount to Authorized Claimants. (2) No claims or appeals shall lie against the Releasees, the Defendants, the Defendants’ counsel, Class Counsel, the Administrator, the Referee, or Xxxxxx Partners LLP based on distributions made substantially in accordance with the Agreement and the Plan of Allocation. (3) If the Escrow Settlement Account is in a positive balance in an amount greater than 10% of the net Settlement Amount (whether by reason of tax refunds, un-cashed cheques or otherwise) after one hundred eighty (180) days from the date of distribution of the Escrow Settlement Amount to the Authorized Claimants, the Administrator shall, if economically feasible, allocate and distribute such balance among Authorized Claimants in an equitable fashion up to the limit of each personauthorized claimant’s actual loss. If there is a balance in the Escrow Settlement Account after each Authorized Claimant is paid up to his/her/its actual loss, or if an amount equal to or less than 10% of the net Settlement Amount remains undistributed the remaining funds shall be paid in part (X%) cy près to a recipient selected mutually agreed upon by Class Counselthe parties, approved by the Ontario Court and subject to a ten (10) percent deduction for the Class Proceedings Fund, in part (Y%) cy près to a recipient selected mutually agreed upon by Class Counselthe parties, approved by the Québec Court and subject to the applicable deduction for the Fonds d’aide aux actions collectifs, and in part (Z%) cy près to a recipient selected by Class Counsel and approved by the Alberta Courtcollectives,. The respective percentages, X, Y X and ZY, shall be equal to the percentages of the distribution of the Escrow Settlement Amount to Authorized Claimants in the Ontario Action, the Québec Action and the Alberta Action Québec Action, respectively. (4) Upon the conclusion of the administration, or at such other time(s) as the Courts direct, the Administrator shall report to the Courts on the administration and shall account for all monies it has received, administered and disbursed and obtain an order from those courts discharging it as Administrator.