Conditions and Authorization for Access to Litigation Fund for Payment of First Priority Payments Sample Clauses

Conditions and Authorization for Access to Litigation Fund for Payment of First Priority Payments. In the event that the Settlement Fund lacks sufficient funds in the aggregate to pay in full all First Priority Payments, then the District Court may, commencing on the fourth anniversary of the Effective Date, authorize the use of the funds defined as the Litigation Fund to pay First Priority Payments. Such use of the Litigation Fund may occur only upon an order of the District Court. In determining whether such an order should issue, the District Court should determine whether the remaining assets of the Litigation Fund (i.e., the Litigation Fund after accounting for payment of First Priority Payments on a Net Present Value basis) will be adequate to pay all Claims subject to the Litigation Fund. To obtain authorization to distribute Litigation Fund assets for payment of First Priority Payments, the Finance Committee shall file a recommendation and motion with the District Court. Such recommendation and motion shall specify the amount required to satisfy the Allowed First Priority Payments and contain a full accounting of the assets and obligations of the Settlement Facility that supports a conclusion that, absent access to the Litigation Fund, the First Priority Payments due and payable could not be made. The recommendation shall also state any projected future need to access the Litigation Fund for future First Priority Payments. The recommendation and motion shall be served on the Claimants’ Advisory Committee, the Debtors’ Representatives, the Shareholders and all Claimants who have elected treatment in the Litigation Facility and whose Claims have not been paid in full. If the District Court authorizes the use of any portion of the Litigation Fund for payment of First Priority Payments, and such determination is not stayed or reversed on appeal, then the Finance Committee may authorize such distributions of First Priority Payments, and the amounts so distributed shall be deducted on a Net Present Value basis from the aggregate amount of the Available Litigation Funds to compute the remaining Available Litigation Funds. In no event shall the Finance Committee act inconsistently with an order of the District Court.
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Related to Conditions and Authorization for Access to Litigation Fund for Payment of First Priority Payments

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