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 this Agreement, the Plan of Allocation, and such further order of the Court, 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 or the Referee 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 authorized 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 cy près to a recipient mutually agreed upon by the Parties and/or approved by the Court. 4. Upon the conclusion of the administration, or at such other time(s) as the Court directs, the Administrator shall report to the Court on the administration and shall account for all monies it has received, administered and disbursed and obtain an order from the Court discharging it as Administrator.

Conclusion of the Administration. (1. ) Following the Claims Bar Deadline, and in accordance with the terms of this Agreement, the Plan of Allocation, and such further order of the Court, 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 DefendantsDefendant, the Defendants’ Defendant’s counsel, Class Counsel, the Administrator or the Referee 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 authorized 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 cy près to a recipient mutually agreed upon by the Parties and/or approved by the Court. (4. ) Upon the conclusion of the administration, or at such other time(s) as the Court directs, the Administrator shall report to the Court on the administration and shall account for all monies it has received, administered and disbursed and obtain an order from the Court discharging it as Administrator.