Common use of Settlement Amount to be Held in Trust Clause in Contracts

Settlement Amount to be Held in Trust. (1) Prior to the issuance of the Approval Orders, Siskinds shall maintain the Escrow Account and hold the Settlement Amount in trust as provided for in this Agreement. After the date that is ten (10) days after the issuance of the last Approval Order, the Administrator shall maintain the Escrow Account in an account at a Canadian Schedule 1 bank in Ontario under the control of the Administrator and hold the Settlement Amount in trust as provided for in this Agreement. No amount shall be paid out from the Escrow Account by either Siskinds or the Administrator, except in accordance with this Agreement, or in accordance with an order of the Court obtained on notice to the Parties.