BENEFITS TO SETTLEMENT SUBCLASS Sample Clauses

BENEFITS TO SETTLEMENT SUBCLASS. At present, an interpleader action is pending in the United States District Court for the District of Maryland captioned The Columbia Bank v. Network 1 Financial Corporation, et al, bearing Civil Action No. WMN-00-1002 (hereinafter referred to as the “Maryland Action”) in which the approximate sum of $6,033,000.00 has been interpleaded (hereinafter referred to as the “Interpleaded Funds”) by The Columbia Bank, the plaintiff in the Maryland Action. The defendants named in the Maryland Action besides PCI are Network One Financial Corporation, EFTNET Corporation, Merchant Commerce, Inc., West Side Auto Employees Federal Credit Union, Central Bank & Trust Company, Citizens Bank, and Charter One Bank, FSB. Based upon discovery conducted by Class Counsels, PCI is without the assets, cash or borrowing ability to fund this Settlement. However, Settling Plaintiffs and PCI assert a right to and interest in some of the Interpleaded Funds. As an integral and essential part of this Settlement Agreement, the Settling Parties pledge and agree to use their best efforts within reason to obtain, through settlement or otherwise, possession or control of Interpleaded Funds in order that the benefits described in this paragraph and all ancillary costs of this Settlement can be paid. The Settling Parties, Class Counsels, and Counsel for PCI, however, have no assurances that they will succeed in obtaining possession or control of Interpleaded Funds through settlement or otherwise. If the Settling Parties and Class Counsels are unsuccessful, they will be unable to provide any of the benefits to the Subclass Members and this Settlement Agreement will be null and void. Provided that this Settlement shall be funded, Subclass Members who timely submit a Verified Claim Form shall be eligible for refund of the purchase price of the mall(s) such Subclass Member purchased from PCI during the period beginning March 3, 2000, at 2:01 a.m. CST, and ending March 22, 2000, at 2:00 a.m. CST minus any Commissions actually received by the Subclass Member from PCI for the sale of internet shopping malls. This benefit shall be subject to the following conditions, exceptions and/or exclusions. • A Subclass Member will not receive a refund if the Subclass Member’s bank account was electronically debited for XX.Xxx Internet Activity, but the Subclass Member’s bank or the Columbia Bank ultimately restored or recredited the debited funds to the Subclass Member’s account. • A Subclass Member will not rec...
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Related to BENEFITS TO SETTLEMENT SUBCLASS

  • THE SETTLEMENT BENEFITS What You Get

  • Rollovers of Exxon Xxxxxx Settlement Payments If you receive a qualified settlement payment from Exxon Xxxxxx litigation, you may roll over the amount of the settlement, up to $100,000, reduced by the amount of any qualified Exxon Xxxxxx settlement income previously contributed to a Traditional or Xxxx XXX or eligible retirement plan in prior taxable years. You will have until your tax return due date (not including extensions) for the year in which the qualified settlement income is received to make the rollover contribution. To obtain more information on this type of rollover, you may wish to visit the IRS website at xxx.xxx.xxx.

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court, you are allowed to roll over up to 90 percent of the proceeds to your Traditional IRA, within 180 days after receipt of such amount, or by a later date if extended by federal law. If you make such a rollover contribution, you may exclude the amount rolled over from your gross income in the taxable year in which the airline settlement payment was paid to you. If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your Xxxx XXX within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Payments to Settlement Class Members (a) Defendant shall pay into the Escrow Account the amount of the Settlement Fund ($1,000,000.00), specified in Paragraph 1.33 of this Agreement, within sixty (60) days after Final Approval.

  • Settlement Benefits WHAT YOU GET

  • Supplemental Benefits The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Article 17.03.

  • PROCEDURES FOR SUPPLEMENTAL PAYMENT CALCULATIONS All calculations required by this Article VI, including but not limited to: (i) the calculation of the Applicant’s Stipulated Supplemental Payment Amount; (ii) the determination of both the Annual Limit and the Aggregate Limit; (iii) the effect, if any, of the Aggregate Limit upon the actual amount of Supplemental Payments eligible to be paid to the District by the Applicant; and (iv) the carry forward and accumulation of any of the Applicant’s Stipulated Supplemental Payment Amounts unpaid by the Applicant due to the Aggregate Limit in previous years, shall be calculated by the Third Party selected pursuant to Section 4.3.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • SUPPLEMENTAL PAYMENTS Applicant shall make annual Supplemental Payments in an amount equal to, but not to exceed, the limit of the annual Supplemental Payment as set out Section 6.2 below, starting with the first complete or partial year of the Qualifying Time Period and accruing on January 1 of each year thereafter, and continuing through the third year following the end of the Tax Limitation Period.

  • Certification of Settlement Class Promptly after execution of the Settlement Agreement, Class Counsel will ask the Court to issue an order certifying the Settlement Class for settlement purposes only. Xxxxx agrees not to object to this request without waiver of its right to contest certification or the merits of the Lawsuit if the settlement does not receive final approval or the Effective Date (defined in paragraph 14 below) does not occur.

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