Creation of Settlement Fund. (i) No later than fourteen (14) days after the Effective Date, ACT shall pay, either directly or through its insurers, an amount equal to the Settlement Amount into an escrow account (the “Escrow Account”) to be created and administered by the Settlement Administrator pursuant to the terms of this Agreement. The Escrow Account shall be held in a Qualified Settlement Fund (defined below) in an interest-bearing bank account with a commercial bank with excess capital exceeding One Hundred Million Dollars ($100,000,000.00), with a rating of “A” or higher by Standard & Poor’s and insured by the FDIC. All funds in the Escrow Account shall be deemed to be in the custody of the Court and shall remain subject to the jurisdiction of the Court until such time as the funds shall be distributed. Interest earned on money in the Escrow Account, less any taxes owed thereon (if any), will be added to the Settlement Amount for the benefit of the payments being allocated to Eligible Claimants. This Escrow Account shall be deemed the Settlement Fund.
Creation of Settlement Fund a. NIBCO shall pay the Gross Settlement Fund as follows. Within thirty (30) calendar days after the Preliminary Approval Date, NIBCO will deposit or cause to be deposited into the Settlement Escrow Account the cash sum of Five Million Dollars ($5,000,000.00) (the “Initial Settlement Fund”). Within five (5) business days after the Effective Date, NIBCO will deposit or cause to be deposited into the Settlement Escrow Account the additional cash sum of Seventeen Million Five Hundred Thousand Dollars ($17,500,000.00). Then, during the Claim Period, NIBCO shall make or cause to be made additional payments into the Settlement Escrow Account up to the total of the Gross Settlement Fund sufficient to maintain a balance of at least Three Million Dollars ($3,000,000.00) in the Settlement Escrow Account throughout the entire Claim Period. The Settlement Administrator shall give NIBCO twenty-one (21) days written notice (which notice shall also be given to Co-Lead Class Counsel) of the need to make any such additional payment to maintain that balance up to the total of the Gross Settlement Fund.
Creation of Settlement Fund. Within sixty (60) days of the date of the Final Judgment, the City of St. Louis shall fully fund a Settlement Fund in the amount of $4,914,000. That fund will be used to pay all amounts required under this Settlement Agreement including, but not limited to: (a) Costs of Claim Administration; (b) Attorneys’ Fees of Class Counsel and any expenses incurred by Class Plaintiffs; and (c) the honorarium payment to Class Plaintiffs. Payments of attorneys’ fees, expenses, and the honorarium fees will be disbursed within ten (10) days of the Effective Date. All payments to the Class Members will be mailed and/or distributed within fifteen (15) days of the Effective Date. If the City of St. Louis fails to fully fund the Settlement Fund within sixty (60) days of the date of the Final Judgment, Plaintiffs may petition this Court for damages, reasonable attorneys’ fees incurred to enforce the Settlement Agreement, post-settlement interest of no greater than an annual percentage rate of 18%, and reimbursement for any additional administrative costs incurred as a result of this breach to the extent permitted by law. Nothing within this Agreement prevents Defendant City from challenging any such breach claim or challenging the venue, appropriateness, or propriety thereof.
Creation of Settlement Fund. Subject to the approval and further order of the Court, Midland shall pay the sum of Five Hundred Fifty-Five Thousand Dollars ($555,000) (the “Settlement Fund”) for the benefit of Payments to Class Members.
Creation of Settlement Fund. Within (7) seven days of the date of the Final Judgment, the City, with contributions from its insurer Allied World Specialty Insurance Company, shall create a Settlement Fund in the amount of $600,000.00. Notwithstanding this language, this fund is not representative of the total exposure of the City. It agrees to pay all timely-filed, valid claims, even if that amount is in excess of the initial deposit described above. That fund will be used to pay all amounts required under this Settlement Agreement including, but not limited to: (a) Costs of Claim Administration; (b) Attorney’s Fees of Class Counsel and any expenses incurred by Class Plaintiff;
Creation of Settlement Fund a. Payment Upon Effective Date: Within ten (10) business days after the Effective Date, Bow will deposit or cause to be deposited into the Settlement Escrow Account the cash sum of One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00).
