Successive allocation Sample Clauses
The "Successive allocation" clause establishes a process for distributing resources, rights, or obligations in a sequential manner, typically when multiple parties or claims are involved. In practice, this means that allocations are made one after another, often according to a predetermined order of priority or based on the timing of claims. For example, if several parties are entitled to a share of limited goods or funds, the clause dictates how each party receives their portion in turn until the resources are exhausted. The core function of this clause is to provide a clear and orderly method for allocation, thereby preventing disputes and ensuring fairness when resources are insufficient to satisfy all claims simultaneously.
Successive allocation. 4.2.1 If the Box 1 Amount is lower than the Box 1 Cap (such difference the "Box 1 Surplus"), or if the Box 2 Amount is lower than the Box 2 Cap (such difference the "Box 2 Surplus"), then:
(a) in case of a Box 1 Surplus, such Box 1 Surplus will be used to increase, proportionally, the compensation per Fortis Share as set out in Paragraph 3.1 (a), (b), (c), (d), (e) and (f) by a maximum of 15% of such originally calculated compensation per Fortis Share;
(b) in case of a Box 2 Surplus, such Box 2 Surplus will be used to increase, proportionally, the compensation per Fortis Share as set out in Paragraph 2.1 (a), (b), (c), (d), (e) and (f) by a maximum of 15% of such originally calculated compensation per Fortis Share.
4.2.2 Subject to and after the application of Paragraph 4.2.1, if there is still a Box 1 Surplus or a Box 2 Surplus, then:
(a) In case of a Box 1 Surplus, such Box 1 Surplus will be used to increase, proportionally, the compensation per Fortis Share as set out in Paragraph 2.1 (a), (b), (c), (d), (e) and (f), but only to the extent that such compensation per Fortis Share has not reached the amounts set out in Paragraph 2.1(a), (b), (c), (d), (e) and (f), plus any increase pursuant to Paragraph 4.2.1 under (b);
(b) In case of a Box 2 Surplus, such Box 2 Surplus will be used to increase, proportionally, the compensation per Fortis Share as set out in Paragraph 3.1 (a), (b), (c), (d), (e) and (f), but only to the extent that such compensation per Fortis Share has not reached the amounts set out in Paragraph 3.1 (a), (b), (c), (d), (e) and (f), plus any increase pursuant to Paragraph 4.2.1 under (a).
4.2.3 Subject to and after the application of Paragraph 4.2.2, if, after thirty-six (36) months after the date of the Binding Declaration, any monies remain of the Settlement Amount after all reasonable efforts to distribute the Settlement Amount pursuant to the Settlement Distribution Plan have been taken, such monies will, subject to Article 7:910(2) DCC, be returned to Ageas.
Successive allocation. 5.2.1 If the Compensation Cap has not been reached after the compensation per Fortis Share has reached 100% of the amounts as set out in Paragraph 2 and the compensation pursuant to Paragraph 3.1 has reached 100% of the amounts as set out in Paragraph 3.1, such surplus shall be used to increase the amounts as set out in Paragraph 2 proportionally by a maximum of 20%.
5.2.2 If the Cost Addition Cap has not been reached, such surplus shall be used to increase the amounts as set out in Paragraph 4.1 proportionally by a maximum of 20%.
5.2.3 Subject to and after the application of Paragraphs 5.2.1 and 5.2.2 (if applicable) and 7(d), if, after thirty-six (36) months after the date of the Binding Declaration or at a later point in time, any monies remain of the Settlement Amount after all reasonable efforts to distribute the Settlement Amount pursuant to the Settlement Distribution Plan have been taken, such monies will, subject to Article 7:910(2) DCC, be returned to Ageas.