Common use of Payment of Claims/Execution of Releases Clause in Contracts

Payment of Claims/Execution of Releases. If the Claim qualifies for payment under the selected settlement option, the Claims Office shall provide to the Claimant a Notification of Status letter specifying the settlement amount for which the Claimant qualifies, as more specifically described in the Claims Resolution Procedures. If the Claimant qualifies for and accepts the Allowed payment amount, the Claims Office shall authorize the Claim for payment. Payments shall be distributed in accordance with the terms of Article VII. The payment draft or check shall be printed on a document that specifies and clearly advises the Claimant that endorsement and cashing of the check or draft shall be deemed to serve as additional documentation of the release of the Debtor and the Released Parties, as specified at Section 8.3 of the Plan, and, further, of the release of the Settlement Facility for any and all Claims or liability, including Consortium Claims. The Settlement Facility shall retain all canceled checks and shall provide them (or copies) to the Reorganized Dow Corning and/or the Shareholders upon request if required in connection with any claim or action involving the Reorganized Dow Corning or Shareholders, including, but not limited to, any proceedings involving Insurers. The Reorganized Dow Corning and Shareholders shall, to the extent possible, maintain the confidentiality of the Claimants.