PAYMENT TO STATES Sample Clauses

PAYMENT TO STATES a. Within sixty (60) days following the execution date of this Regulatory Settlement Agreement, the Zurich Insurers shall pay or cause to be paid by wire transfer, certified check or other guaranteed funds into an escrow account(s) as directed by the Settling Attorneys General the amount of twenty million dollars ($20,000,000) (the “State Payment”), which escrow account(s) shall be subject to an escrow agreement that shall provide, among other things, that (i) if the AG Settlement Agreement is terminated pursuant to its terms prior to December 27, 2006, the State Payment shall be refunded to the Zurich Insurers from the escrow account(s) less any reasonable attorneys’ fees and out-of-pocket expenses incurred by the Settling Attorneys General and the Settling Insurance Regulators in connection with their Investigations of the Zurich Insurers as of the date of termination and (ii) if the AG Settlement Agreement has not been terminated as of December 27, 2006, then the escrow account(s) shall be terminated and the State Payment (plus accrued interest) shall be distributed to the Settling Attorneys General and the Settling Insurance Regulators; provided that the State Payment represents (a) disgorgement in lieu of civil penalties and/or (b) attorneys’ fees and costs that have been or that will be incurred by the Settling Attorneys General and/or the Settling Insurance Regulators relating to (i) their investigation of the acts, practices and courses of conduct that are the subject of the AG Settlement Agreement and this Regulatory Settlement Agreement,
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Related to PAYMENT TO STATES

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