Opt In/Out Election Sample Clauses

Opt In/Out Election i. Election to Opt-Out by Attending Physicians in the Movants’ Group. Each Attending Physician that is part of the Movants’ group listed on Annex 1 will have the opportunity to opt-out of contributing to the Tail Fund by delivering to the undersigned counsel for SVCMC and the Movants (with a copy to the undersigned counsel for the Creditors’ Committee) an original signed acknowledgment reflecting the intention to opt-out within 45 days from the date that such Attending Physician received notice of the opportunity to opt-out of the Settlement Agreement. The Parties agree to provide such Attending Physician with notice of the opportunity to opt-out within 10 business days from the entry of an order approving this Settlement Agreement. The estimated contribution amounts for each Attending Physician will be set forth on Annex 2. Those Movant-Attending Physicians that do not opt-out and will not have sufficient proceeds from their anticipated allowed priority claim distribution, will be required to make a cash contribution to the Tail Fund (by certified check, bank check or money order) for the deficiency amount. All contribution amounts received will be placed into an escrow account with the undersigned counsel for the Movants2 and held in such account until the establishment of the Tail Fund as part of the Debtors’ Plan.
Sample 1
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