Common use of Settlement Proceeds Clause in Contracts

Settlement Proceeds. The Parties agree that the Settlement Proceeds and other consideration provided by Anadarko herein will resolve the Adversary Proceeding on the terms stated herein, with approximately 88% of the net proceeds distributed pursuant to the Distribution Scheme as and to the extent set forth in the Litigation Trust Agreement, Environmental Settlement Agreement and the Environmental and Tort Trust Agreements for the benefit of trusts created to conduct Environmental Actions at one or more Covered Sites and to federal, state, or tribal governments in satisfaction of claims for costs previously expended, or to be expended, at Covered Sites or for Environmental Actions expected to be performed at Covered Sites, and approximately 12% of the net proceeds distributed to the Tort Trust on account of Bankruptcy Tort Claims.