Taxes on Interest. (1) Except as provided in section 5.3(2), all taxes payable on any interest which accrues in relation to the Settlement Amount, shall be the Class’ responsibility and shall be paid by Class Counsel, or the Administrator, as appropriate, from the Escrow Settlement Amount, or by the Class as the Administrator considers appropriate.
(2) If the Administrator or Class Counsel returns any portion of the Settlement Amount plus accrued interest to the Defendants, pursuant to the provisions of the Agreement, the taxes payable on the interest portion of the returned amount shall be the responsibility of the Defendants to be allocated by agreement among themselves.
Taxes on Interest. (1) Except as expressly provided herein, all interest earned on the Settlement Amount shall accrue to the benefit of the Class and shall become and remain part of the Escrow Settlement Funds in the Escrow Account.
Taxes on Interest. Except as expressly provided for in this Agreement, any interest earned on the Settlement Amount shall accrue to the benefit of the Class and shall become and remain part of the Escrow Account.
Taxes on Interest. (1) Except as provided in section 5.3(2), all taxes payable on any interest which accrues in relation to the Settlement Amount, shall be solely the Class’ responsibility and shall be paid by Class Counsel or the Administrator, as appropriate, from the Escrow Settlement Amount, or by the Class as the Administrator considers appropriate, and the Defendants and their insurers and re-insurers shall have no liability for any taxes payable on the interest.
(2) If the Administrator or Class Counsel returns any portion of the Settlement Amount plus accrued interest to the Contributing Parties pursuant to the provisions of the Agreement, the taxes payable on the interest portion of the returned amount shall be the responsibility of the Contributing Parties to be allocated by agreement among themselves.
Taxes on Interest. (1) Except as provided in section 4.3(2), all taxes payable on any interest which accrues in relation to the Settlement Amount, shall be the Class’ responsibility and shall be paid by Siskinds LLP or the Administrator, as appropriate, from the Escrow Settlement Amount, or by the Class as the Administrator considers appropriate.
(2) If the Administrator or Siskinds LLP returns any portion of the Settlement Amount plus accrued interest to the Contributing Parties, pursuant to this Settlement Agreement, the taxes payable on the interest portion of the returned amount shall be the responsibility of the Contributing Parties to be allocated by agreement among themselves.
Taxes on Interest. (1) Except as provided in Section 4.3(2), all taxes payable on any interest which accrues in relation to the Settlement Amount, shall be the responsibility of the Class and shall be paid by Class Counsel or the Administrator, as appropriate, from the Escrow Settlement Amount, or by the Class as the Administrator considers appropriate.
Taxes on Interest. (1) Except as expressly provided herein all interest earned on the Settlement Amount shall accrue to the benefit of the Class and shall become and remain part of the Escrow Account.
(2) Subject to subsection 4.3(3), all taxes payable on any interest which accrues on or otherwise in relation to the Settlement Amount in the Escrow Account shall be the exclusive responsibility of the Class. The Administrator shall be responsible for fulfilling all tax reporting and payment requirements arising from the Settlement Amount in the Escrow Account, including any obligation to report taxable income and make tax payments. All taxes (including interest and penalties) due with respect to the income earned by the Settlement Amount shall be paid from the Escrow Account.
Taxes on Interest. (1) Except as expressly provided herein, all interest earned on the Settlement Funds shall accrue to the benefit of the Class and shall become and remain part of the Settlement Trust.
(2) Subject to subsections 3.3(3) and 3.3(4), all taxes payable on any interest which accrues on or otherwise in relation to the Settlement Funds shall be the exclusive responsibility of the Class.
(3) The Administrator shall be solely responsible to fulfill all tax reporting and payment requirements arising from the Settlement Trust Amount, including any obligation to report taxable income and make tax payments. All taxes (including interest and penalties) due with respect to the income earned by the Settlement Funds shall be paid from the Settlement Trust.
(4) The Defendants shall have no responsibility to make any filings relating to the Settlement Trust or the Settlement Trust Amount, to pay tax on any income earned by the Settlement Funds, or to pay any taxes on the monies in the Settlement Trust, unless this Settlement Agreement becomes null and void as provided for in subsection 4.4(1), in which case any interest earned in the Settlement Trust shall be paid to the Defendants, who, in such case, shall be responsible for the payment of any taxes on such interest not previously paid.
Taxes on Interest. (1) Except as hereinafter provided, all interest earned on the monies in the Escrow Account shall accrue to the benefit of the Class and shall become and remain part of the Escrow Account.
Taxes on Interest. (1) Except as expressly provided herein all interest earned on the Settlement Amount shall accrue to the benefit of the Class and shall become and remain part of the Escrow Account.
(2) The Defendants and their insurers shall have no responsibility to make any filings relating to the Escrow Account, to pay tax on any income earned by the Settlement Amount, or to pay any taxes on the monies in the Escrow Account, unless this Agreement is terminated, in which case any interest earned on the Settlement Amount in the Escrow Account shall be paid to CIBC who, in such case, shall be responsible for the payment of any taxes on such interest not previously paid.
