Common use of Submission of Annual Financial Audit Clause in Contracts

Submission of Annual Financial Audit. On an annual basis the Finance Committee shall submit to the District Court for approval and to the Claimants’ Advisory Committee, the Debtor’s Representatives, and the Shareholders annual audited financial statements detailing the payments distributed and allocated to the Settlement Fund and the Litigation Fund and the remaining amounts payable to the Settlement Fund and the Litigation Fund. Such audits shall be prepared by a recognized national firm of independent public accountants selected by the Financial Advisor and Finance Committee, subject to approval by the District Court, and shall include a statement of disbursements allocated to each such Fund and a statement of the Net Present Value of payments to the Settlement Facility in the aggregate and Net Present Value of payments made and allocated to the Litigation Fund, and such audits shall comply with the terms of Section 8.05.

Submission of Annual Financial Audit. On an annual basis the Finance Committee shall submit to the District Court for approval and to the Claimants’ Advisory Committee, the Debtor’s Representatives, the MDL 926 Court, and the Shareholders annual audited financial statements detailing the payments distributed and allocated to the Settlement Fund and the Litigation Fund and the remaining amounts payable to the Settlement Fund and the Litigation Fund. Such audits shall be prepared by a recognized national firm of independent public accountants selected by the Financial Advisor and Finance Committee, subject to approval by the District Court, and shall include a statement of disbursements allocated to each such Fund and a statement of the Net Present Value of payments to the Settlement Facility in the aggregate and Net Present Value of payments made and allocated to the Litigation Fund, and such audits shall comply with the terms of Section 8.05.