Administration of the Settlement Fund Sample Clauses

Administration of the Settlement Fund. 10.1 The Settlement Administrator shall establish the Settlement Fund in a non-interest- bearing account. The Settlement Administrator shall administer the Settlement Fund, subject to the continuing jurisdiction of the Court and from the earliest possible date, as a qualified settlement fund as defined in Treasury Regulation § 1.468B-1, et seq. Any taxes owed by the Settlement Fund shall be paid by the Settlement Administrator out of the Settlement Fund. Defendants shall not have any other financial obligation under the Agreement, other than, to the extent required, costs of serving notices under the Class Action Fairness Act of 2005, 28 U.S.C. § 1715. In addition, under no circumstances will Defendants have any liability for taxes or tax expenses under the Agreement. 10.2 Within thirty (30) days of an order directing Class Notice, Defendants will pay the Settlement Sum, less the costs of Class Notice previously advanced to the Settlement Administrator, into the Settlement Fund. 10.3 The Settlement Administrator shall pay any additional Notice and Administration Costs, Class Representative Awards (if any), and the Attorneys’ Fees and Expenses Awards (if any) out of the Settlement Fund within thirty (30) days of the Effective Date, or within thirty (30) days after the Court awards such Attorneys’ Fees and Expenses Award and Class Representative Awards, whichever is later. The amounts available in each of the Settlement Fund’s three tiers will be reduced proportionately to reflect these distributions. 10.4 The Settlement Administrator shall then determine the Settlement Awards to be paid to the Settlement Class Members who submitted Valid Settlement Claims according to the procedure set forth below: (a) First, the Settlement Administrator shall determine the Settlement Awards to California SPI Subclass members who submitted Valid Settlement Claims for reimbursement for Out-of-Pocket Expenses or California SPI Subclass Cash Payments based on the available funds in Tier 1 of the Settlement Fund ($2,000,000 less proportionate share of Notice and Administration Costs, Class Representative Awards (if any), and Attorneys’ Fees and Expenses Award (if any)). Any remaining funds in Tier 1 (the “Tier 1 Remainder”) will be added to Tier 2. (b) Second, the Settlement Administrator shall determine the Settlement Awards to Nationwide SPI Subclass members who submitted Valid Settlement Claims for reimbursement for Out-of-Pocket Expenses or Nationwide SPI Subclass Cash Paym...
Sample 1Sample 2Sample 3
Administration of the Settlement Fund. The funds on deposit in the Settlement Fund shall be invested only in United States Treasury securities and/or securities of United States agencies backed by the full faith and credit of the United States Treasury, and mutual funds or money market accounts that invest exclusively in the foregoing securities. The Settlement Fund shall be structured and managed to qualify as a “qualified settlement fund” described in the Treasury regulations promulgated under Section 468B of the Internal Revenue Code and no Party shall take any position in any filing or before any tax authority that is inconsistent with such treatment. The Financial Institution or another Person designated by Xxxxxx Xxxxxxxx, P.L.C. shall be the Settlement Fund “administrator,” as that term is used in the Section 468B Treasury regulations (the “Administrator”). The Administrator shall (a) prepare and file all income tax and information returns required to be filed, and provide payees with copies of such information returns; (b) pay all taxes owed by the Settlement Fund; (c) pay the fees and expenses incurred by the Financial Institution associated with the administration of the Settlement Fund; and (d) obtain and provide Defendant with the Settlement Fund’s federal taxpayer identification number on or before the date that Defendant transfers funds to the Settlement Fund. The Administrator shall be authorized to retain a certified public accounting firm for these purposes. All taxes on the income of the Settlement Fund and tax-related expenses, including the expenses, if any, of a certified public accounting firm, incurred in connection with the administration of the Settlement Fund shall be paid solely out of the Settlement Fund, shall be considered a cost of administration of the Settlement, and shall be timely paid without further order of the Court. All fees and expenses of the Administrator or the Financial Institution, and of professional advisors engaged by the Administrator or the Financial Institution in connection with the Settlement Fund, shall be funded solely from the Settlement Fund. The Administrator may instruct the Financial Institution to reserve any portion of the Settlement Fund for the purpose of satisfying future or contingent expenses or obligations, including expenses of Settlement Fund administration or any disbursement provided for in Article 7 of this Settlement Agreement. The Parties agree that Defendant has no responsibility, authority, or liability, respecting th...
Sample 1
Administration of the Settlement Fund. Lead Counsel, or their authorized agents, acting on behalf of the Class, and subject to Court oversight and direction and in compliance with Treasury Regulation § 1.468B-2, shall administer the Settlement Fund under such terms and conditions as may be approved by the Court. Subject to Court order, the Settlement Fund may be used: (a) To pay expenses in connection with the continued prosecution of claims in the Action; (b) To pay all the costs and expenses reasonably and actually incurred in connection with providing notice, locating Members of the Class, administering and distributing the Settlement Fund to Members of the Class who make timely claims, processing proof of claim and release forms and paying escrow fees and costs, if any; (c) To pay Taxes and Tax Expenses, as defined herein; (d) To pay Class Counsel’s attorney fees, expenses and costs with interest thereon (the “Fee and Expense Award”); and (e) To distribute the balance of the Settlement Fund (the “Net Settlement Fund”) to Members of the Class as directed by the Court.
Sample 1
Administration of the Settlement Fund. 17. Plaintiffs’ Counsel shall retain a settlement administrator (the “Settlement Administrator”), which shall, subject to the supervision, direction and approval of the Wisconsin Court, oversee administration and distribution of the Settlement Fund. 18. In accordance with the Scheduling Order, Defendants shall provide to Plaintiffs’ Counsel a list of all SICO stockholders of record between and including February 4, 2008 and April 22, 2009, but excluding the named defendants in the Actions and the shareholders of SICO who became depositors in the Xxxxx Family Voting Trust (the “Stockholder List”). 19. The Settlement Administrator shall discharge its duties under Plaintiffs’ Counsel’s supervision and subject to the jurisdiction of the Wisconsin Court. Plaintiffs’ Counsel, in accordance with the Scheduling Order, shall cause the Settlement Administrator (i) to mail, postage pre-paid, the Notice and a proof of claim form, substantially in the form attached as Exhibit D hereto (the “Proof of Claim”), to all SICO shareholders of record between and including February 4, 2008 and April 22, 2009, who are on the list provided by Defendants, but excluding the named defendants in the Actions and the shareholders of SICO who became depositors in the Xxxxx Family Voting Trust, at the address of each such person as set forth in the Stockholder List. 20. The Settlement Fund shall be applied as follows: a. to pay all costs and expenses reasonably incurred in connection with disseminating the Notice and Proof of Claim to the Class Members, locating Eligible Stockholders and administering the Settlement; b. to pay any taxes and tax expenses owed by the Settlement Fund; and c. after the Effective Date, if one occurs, to distribute the remaining balance of the Settlement Fund (the “Net Settlement Fund”) to the Authorized Claimants pursuant to the proposed Plan of Allocation, as defined herein. 21. Plaintiffs’ Counsel may pay from the Settlement Fund, without further approval from Defendants or further order of the Wisconsin Court, all reasonable costs related to dissemination of the Notice and Proof of Claim and other administrative costs actually and reasonably incurred. Such costs and expenses shall include, without limitation, the actual costs of printing and mailing the Notice and Proof of Claim, reimbursements to nominee owners for forwarding the Notice and Proof of Claim to their beneficial owners, and the administrative expenses incurred and fees charged by the Settleme...
Sample 1
Administration of the Settlement Fund. 14. Each Settlement Class Member shall look solely to the Settlement Fund for settlement and satisfaction, as provided herein, of all Released Claims. Except as provided by order of the Court, no Settlement Class Member shall have any interest in the Settlement Fund or any portion thereof. Defendants shall have no liability or responsibility with respect to disbursements from, or administration of, the Settlement Fund.
Sample 1
Administration of the Settlement Fund. 5.1 The Settlement Fund will be administered by the Settlement Administrator. The Settlement Administrator will not use or disburse any part of the Settlement Fund except as provided in this Agreement or by order of the Court. 5.2 The Settlement Fund and the Settlement Administrator will remain subject to the jurisdiction of the Court until such time as the funds are fully distributed under this Agreement or further order of the Court. 5.3 No Released Party will have any responsibility or liability whatsoever for any investment or payment decision made by the Settlement Administrator in connection with the Settlement Fund (including, without limitation, any loss suffered by, or fluctuation in the value of, the Settlement Fund). 5.4 The Settlement Administrator, acting on behalf of the Settlement Class, and subject to the supervision and direction of the Court, will administer all aspects of the Settlement Fund, including all provisions of this Section 5 (including all of its subsections). No Released Party will have any liability whatsoever to any person or entity with regard to the administration of the Settlement Fund or the payment (or nonpayment) of any amount from the Settlement Fund. 5.5 All Notice and Administration Expenses will be paid solely from the Settlement Fund. 5.6 Any Class Representative Service Award, as approved by the Court, will be paid solely from the Settlement Fund. The Named Plaintiffs will each seek Court approval of a Class Representative Service Award not to exceed Seven Thousand Dollars and No Cents ($7,000.00). Defendants will not oppose either of the Named Plaintiffs’ request for a Class Representative Service Award provided that the request does not exceed this amount (per Named Plaintiff). The Parties’ negotiation of an agreement as to the Class Representative Service Award did not occur until after the substantive terms of this Agreement, including the total amount of the Settlement Fund, were negotiated and agreed on. 5.7 Any Attorneys’ Fees and Expenses Award, as approved by the Court, will be paid solely from the Settlement Fund. Within 30 days after the Class Notice Mailing Date, Class Counsel (collectively) will seek Court approval of an amount not to exceed thirty percent (30%) of the Settlement Fund for attorneys’ fees associated with this Action. Defendants will not oppose Class Counsel’s request, provided that it does not exceed the above-stated percentage. Class Counsel (collectively) will also seek reimbursemen...
Sample 1
Administration of the Settlement Fund. 9.1 The Settlement Administrator shall establish the Settlement Fund in a non-interest- bearing account. The Settlement Administrator shall administer the Settlement Fund, subject to the continuing jurisdiction of the Court and from the earliest possible date, as a qualified settlement fund as defined in Treasury Regulation § 1.468B-1, et seq. Any taxes owed by the Settlement Fund shall be paid by the Settlement Administrator out of the Settlement Fund. Defendant shall not have any other financial obligation under the Agreement. In addition, under no circumstances will Defendant have any liability for taxes or tax expenses under the Agreement. 9.2 Within thirty (30) days of an order directing Class Notice, Defendant will pay the Settlement Sum, less the costs of Class Notice previously advanced to the Settlement Administrator, into the Settlement Fund. 9.3 The Settlement Administrator shall pay any additional Notice and Administration Costs, Class Representative Awards (if any), and the Attorneys’ Fees and Expenses Awards (if any) out of the Settlement Fund within thirty (30) days of the Effective Date, or within thirty (30) days after the Court awards such Attorneys’ Fees and Expenses Award and Class Representative Awards, whichever is later. 9.4 The Settlement Administrator shall also determine the Settlement Awards to be paid to the Settlement Class Members according to the procedure set forth herein.
Sample 1
Administration of the Settlement Fund 
Sample 1Sample 2Sample 3

Related to Administration of the Settlement Fund

  • Administration of the Trust Fund 55 Section 4.01.

  • Administration of the Bank a. The Committee maintains records of employees participating, receives requests, verifies validity, approves, and communicates actions to members and to the District. b. Decisions will be final and made in writing to the applicant within ten (10) working days of the application to the Committee. c. All requests and actions by the Committee will be confidential. d. The District will keep records and notify the Committee monthly of new members and days remaining in the Bank. e. If the Catastrophic Leave Program is discontinued, the Committee will continue to administer Catastrophic Leave days until the days in the Bank are exhausted. f. In order to protect someone from being charged an extra day when not necessary, the Committee shall set the maximum number of days in the bank after the first year of experience. If the number of days accumulated exceeds the maximum number of days, no contributions will be assessed except for new members wishing to join the bank.

  • Administration of the Trust (a) The Trustee shall administer the Trust Property for the benefit of the Unitholders. In engaging in such activities, the Trustee shall follow or cause to be followed collection procedures in accordance with the terms of the Trust Agreement, the Underlying Securities, the Swap Agreement, the indemnification offered by the Depositor pursuant to Section 10.05(b) and the Guarantee. The duties of the Trustee shall be performed in accordance with applicable local, State and Federal law. (b) Subject to Article X, the Trustee is hereby authorized to perform, and from time to time hereafter, shall perform only those acts which are described in the Trust Agreement as obligations of the Trustee. Notwithstanding the generality of the foregoing, the Trustee is hereby specifically authorized to do the following on behalf of the Trust: to issue the Certificates evidencing Units; to execute and deliver and perform its obligations and exercise its rights under the Swap Agreement; to establish and maintain the Unit Account hereunder; to accept delivery of the Underlying Securities and the Swap Agreement; to pledge the assets of the Trust (including the Underlying Securities) to secure the obligations of the Trust including obligations under the Swap Agreement; to sell the Underlying Securities through the Selling Agent in accordance with Section 9.05; to make Permitted Investments pursuant to Section 3.06; to liquidate the Trust pursuant to Article IX and to make distributions pursuant to Article IV. (c) Notwithstanding anything to the contrary herein, the Trust shall not engage in any business or activities other than receiving the Underlying Securities and any Credit Support or other Trust Property and entering into the Swap Agreement as provided herein, holding the Underlying Securities, the Swap Agreement and any Credit Support (or other Trust Property), issuing Certificates evidencing Units, making Permitted Investments in accordance with Section 3.06 and performing its obligations hereunder and under the Swap Agreement; provided, however, that during its existence the Trust shall not engage in any business or activity which will cause it to be or become an open-end investment company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act, or to be or become a closed-end investment company required to be registered, but not registered, under the Investment Company Act. (d) The Trustee shall not sell, assign, pledge or otherwise transfer the Underlying Securities, the Swap Agreement, any Credit Support or other Trust Property, or any interest of the Trust therein, to any Person or Persons, except to a successor trustee as provided in Section 10.07, through the Selling Agent in accordance with Section 9.05, in accordance with Section 10.02(a)(x), as required under any Swap Agreement or as otherwise expressly permitted hereunder. This section shall not be construed to prohibit transfers of the Units. (e) The Trustee shall have the legal power to exercise all of the rights, powers and privileges of holders of the Underlying Securities in which the Units evidence an interest; provided, however, that the exercise of such powers shall be subject to the provisions of this Section 3.02, Article X and the other provisions hereof. However, neither the Trustee (except as specifically provided herein or in the TIA) nor the Depositor shall be under any obligation whatsoever to appear in, prosecute or defend any action, suit or other proceeding in respect of Underlying Securities or Units. (f) Except for actions expressly authorized by the Trust Agreement, the Trustee shall not take actions reasonably likely to (nor fail to take actions, if such failure would be reasonably likely to) (i) impair the interests of the Trust in any Underlying Security, any Credit Support, the Swap Agreement or the Guarantee (or any other Trust Property); (ii) impair the value of any Underlying Security, any Credit Support, the Swap Agreement or the Guarantee (or any other Trust Property); or (iii) alter the classification of a Trust for U.S. federal income tax purposes. (g) Except as expressly provided in the Trust Agreement, the Trustee shall have no power to vary the corpus of the Trust Property including by (i) accepting any substitute obligation or asset for a Underlying Security or any Credit Support, (ii) entering into any amendment or modification of the Swap Agreement or the Underlying Securities, (iii) accepting any substitute guarantee for the Guarantee, (iv) adding any other investment, obligation or security to the Trust Property, (v) withdrawing from the Trust Property any Underlying Securities or Credit Support, (vi) terminating the Swap Agreement except in accordance with its terms or (vii) rejecting or otherwise failing to accept the continuing benefits of the Guarantee.

  • ADMINISTRATION OF THE CONTRACT 2.2.1 The Architect will provide administration of the Contract as hereinafter described. 2.2.2 The Architect will be the State's representative during construction and until final payment is due. The Architect will advise and consult with the State. The State's instructions to the Contractor shall be forwarded through the Architect. The Architect will have authority to act on behalf of the State only to the extent provided in the Contract Documents, unless otherwise modified by written instrument in accordance with Subparagraph 2.2.10. 2.2.3 The Architect will visit the site at intervals appropriate to the stage of construction to familiarize himself or herself generally with the progress and quality of the Work and to determine in general if the Work is proceeding in accordance with the Contract Documents. However, the Architect will not be required to make exhaustive or continuous on-site inspections to check the quality or quantity of the Work. On the basis of his or her on-site observations as an architect, he or she will keep the State informed of the progress of the Work, and will endeavor to guard the State against defects and deficiencies in the Work of the Contractor. 2.2.4 The Architect will not be responsible for and will not have control or charge of construction means, methods, techniques, sequences or procedures, or for safety precautions and programs in connection with the Work, and he or she will not be responsible for the Contractor's failure to carry out the Work in accordance with the Contract Documents. The Architect will not be responsible for or have control or charge over the acts or omissions of the Contractor, 2.2.5 The Architect shall at all times have access to the Work wherever it is in preparation and progress. The Contractor shall provide facilities for such access so the Architect may perform his or her functions under the Contract Documents.

  • Administration of Buydown Funds (a) With respect to any Buydown Mortgage Loan, the Subservicer has deposited Buydown Funds in an account that satisfies the requirements for a Subservicing Account (the "Buydown Account"). The Master Servicer shall cause the Subservicing Agreement to require that upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer will withdraw from the Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the full Monthly Payment and transmit that amount in accordance with the terms of the Subservicing Agreement to the Master Servicer together with the related payment made by the Mortgagor or advanced by the Subservicer. (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its entirety during the period (the "Buydown Period") when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Subservicer shall be required to withdraw from the Buydown Account and remit any Buydown Funds remaining in the Buydown Account in accordance with the related buydown agreement. The amount of Buydown Funds which may be remitted in accordance with the related buydown agreement may reduce the amount required to be paid by the Mortgagor to fully prepay the related Mortgage Loan. If the Mortgagor on a Buydown Mortgage Loan defaults on such Mortgage Loan during the Buydown Period and the property securing such Buydown Mortgage Loan is sold in the liquidation thereof (either by the Master Servicer or the insurer under any related Primary Insurance Policy), the Subservicer shall be required to withdraw from the Buydown Account the Buydown Funds for such Buydown Mortgage Loan still held in the Buydown Account and remit the same to the Master Servicer in accordance with the terms of the Subservicing Agreement for deposit in the Custodial Account or, if instructed by the Master Servicer, pay to the insurer under any related Primary Insurance Policy if the Mortgaged Property is transferred to such insurer and such insurer pays all of the loss incurred in respect of such default. Any amount so remitted pursuant to the preceding sentence will be deemed to reduce the amount owed on the Mortgage Loan.

  • Administration and Servicing of the Trust Fund Section 3.01 Master Servicer to Act as Master Servicer; Special

  • Investment of Funds in the Collection Account and the Distribution Account (a) The Master Servicer may direct any depository institution maintaining the Collection Account and any REO Account (for purposes of this Section 3.12, an “Investment Account”), and the Trustee, in its individual capacity, may direct any depository institution maintaining the Distribution Account (for purposes of this Section 3.12, the Distribution Account is also an “Investment Account”), to invest the funds in such Investment Account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such), or in the name of a nominee of the Trustee. The Trustee shall be entitled to sole possession (except with respect to investment direction of funds held in the Collection Account and any REO Account and any income and gain realized thereon) over each such investment, and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent, together with any document of transfer necessary to transfer title to such investment to the Trustee or its nominee. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Trustee shall:

  • Administration of the Plan The Plan shall be administered by the Option Committee. The Option Committee shall have the authority granted to it under this section and under each other section of the Plan. The Option Committee shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted pursuant to the Plan. Such Awards may be granted either alone, in addition to, or in tandem with, any other type of Award. In accordance with and subject to the provisions of the Plan and Rule 16b-3, the Option Committee shall select the Eligible Persons to receive Awards, shall determine (i) the number of shares of Common Stock, Restricted Stock or Restricted Stock Units to be subject to each Award, (ii) the time at which each Award is to be granted, (iii) the extent to which the transferability of shares of Common Stock issued or transferred pursuant to any Award is restricted, (iv) the Fair Market Value of the Common Stock, (v) whether to accelerate the time of exercisability of any Award that has been granted, (vi) the period or periods and extent of exercisability of the Options, and (vii) the manner in which an Option becomes exercisable. In addition, the Option Committee shall fix such other terms of each Option, Restricted Stock Award and Restricted Stock Units as the Option Committee may deem necessary or desirable. The Option Committee shall determine the form, terms and provisions of each Agreement to evidence each Award (which need not be identical). The Option Committee from time to time may adopt such rules and regulations for carrying out the purposes of the Plan as it may deem proper and in the best interests of the Company. The Option Committee shall keep minutes of its meetings and those minutes shall be available to every member of the Board. All actions taken and all interpretations and determinations made by the Option Committee in good faith (including determinations of Fair Market Value) shall be final and binding upon all Participants, the Company and all other interested persons. No member of the Option Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, and all members of the Option Committee shall, in addition to rights they may have if Directors of the Company, be fully protected by the Company with respect to any such action, determination or interpretation.

  • Administration and Collection SECTION 6.01.

  • Administration and Collections Appointment of the Servicer................................................................8 SECTION 4.2. Duties of the Servicer.....................................................................8 SECTIONS 4.3. through 4.4. Incorporation by Reference....................................................9 SECTION 4.5. Responsibilities of the Seller.............................................................9 SECTION 4.6. Servicing Fee..............................................................................9 TABLE OF CONTENTS (CONTINUED)