Funding the Qualified Settlement Fund Sample Clauses

Funding the Qualified Settlement Fund. No later than five (5) business days after the entry of the Preliminary Approval Order, Class Counsel shall: (a) establish at a Financial Institution through the Settlement Administrator, an account (the “Escrow Account”) for the purpose of holding the Total Settlement Payment; and (b) provide notice to Defendant of the information needed to deposit the First Settlement Payment and Second Settlement Payment into the Escrow Account. Defendant shall transmit to the Financial Institution a check in the amount of the First Settlement Payment within fifteen (15) business days from the later of: (a) entry of the Preliminary Approval Order by the Court; or (b) receipt from Class Counsel of the information needed to issue the Total Settlement Payment (identity and address of the payee, W-9 form and taxpayer identification number). Such amount shall, in the first instance, be used to pay the Independent Fiduciary Fees and Costs and Settlement Administration expenses actually and reasonably incurred. Defendant shall transmit to the Financial Institution a check in the amount of the Second Settlement Payment for deposit into the Escrow Account within thirty (30) calendar days after the later of the Effective Date of Settlement or the date any order with respect to Attorneys’ Fees and Expenses and Case Contribution Award(s) is Final. In the event that the Final Approval Order and Judgment is reversed, including through some other proceeding, then the Total Settlement Payment, including any interest, less any administrative costs already incurred, shall be returned to Defendant.
Sample 1
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Funding the Qualified Settlement Fund. 9.1.1 No later than 10 days after the Settlement Effective Date, the Trustee shall deposit into the Qualified Settlement Fund $520,000 for the Allowed Priority Claim. 9.1.2 As soon as reasonably practicable after the Qualified Settlement Fund is funded with the Allowed Priority Claim amount, it shall be distributed by the Settlement Administrator, according to the distributions provided for in Sections 4 and 6 above. 9.1.3 Any distribution on account of the Allowed Unsecured Claim will be made in the normal course of the Trustee’s administration of the Estate of ITT. At such time as the Trustee is authorized to make a distribution, if any, on account of the Allowed Unsecured Claim, the Trustee will provide Class Counsel with the total pro-rated amount available for distribution, if any, on account of the Allowed Unsecured Claim, and the Trustee shall deposit into the Qualified Settlement Fund the amount determined available for distribution. 9.1.4 As soon as reasonably practicable after the Qualified Settlement Fund is funded with the Allowed Unsecured Claims amount, if any, it shall be distributed by the Settlement Administrator, according to the distributions provided for in Sections 5 and 6 above.
Sample 1

Related to Funding the Qualified Settlement Fund

  • Qualified Settlement Fund The Administrator shall establish a settlement fund that meets the requirements of a Qualified Settlement Fund (“QSF”) under US Treasury Regulation section 468B-1.

  • Payments from the Gross Settlement Amount Within 14 days after Defendant funds the Gross Settlement Amount, the Administrator will mail checks for all Individual Class Payments, all Individual PAGA Payments, the LWDA PAGA Payment, the Administration Expenses Payment, the Class Counsel Fees Payment, the Class Counsel Litigation Expenses Payment, and the Class Representative Service Payment. Disbursement of the Class Counsel Fees Payment, the Class Counsel Litigation Expenses Payment and the Class Representative Service Payment shall not precede disbursement of Individual Class Payments and Individual PAGA Payments. 4.4.1. The Administrator will issue checks for the Individual Class Payments and/or Individual PAGA Payments and send them to the Class Members via First Class U.S. Mail, postage prepaid. The face of each check shall prominently state the date (not less than 120 days after the date of mailing) when the check will be voided. The Administrator will cancel all checks not cashed by the void date. The Administrator will send checks for Individual Settlement Payments to all Participating Class Members (including those for whom Class Notice was returned undelivered). The Administrator will send checks for Individual PAGA Payments to all Aggrieved Employees including Non-Participating Class Members who qualify as Aggrieved Employees (including those for whom Class Notice was returned undelivered). The Administrator may send Participating Class Members a single check combining the Individual Class Payment and the Individual PAGA Payment. Before mailing any checks, the Settlement Administrator must update the recipients’ mailing addresses using the National Change of Address Database. 4.4.2. The Administrator must conduct a Class Member Address Search for all other Class Members whose checks are retuned undelivered without USPS forwarding address. Within 7 days of receiving a returned check the Administrator must re-mail checks to the USPS forwarding address provided or to an address ascertained through the Class Member Address Search. The Administrator need not take further steps to deliver checks to Class Members whose re-mailed checks are returned as undelivered. The Administrator shall promptly send a replacement check to any Class Member whose original check was lost or misplaced, requested by the Class Member prior to the void date. 4.4.3. For any Class Member whose Individual Class Payment check or Individual PAGA Payment check is uncashed and cancelled after the void date, the Administrator shall transmit the funds represented by such checks to the California Controller's Unclaimed Property Fund in the name of the Class Member thereby leaving no "unpaid residue" subject to the requirements of California Code of Civil Procedure Section 384, subd. (b). The Parties, Class Counsel and Defense Counsel represent that they have no interest or relationship, financial or otherwise, with the intended Cy Pres Recipient. 4.4.4. The payment of Individual Class Payments and Individual PAGA Payments shall not obligate Defendant to confer any additional benefits or make any additional payments to Class Members (such as 401(k) contributions or bonuses) beyond those specified in this Agreement. However, failure by a Participating Class Member and/or Aggrieved Employee to cash a check received in relation to this Agreement and/or Settlement does not result in him/her not being bound by and/or subject to this Agreement and/or Settlement. Rather, a Participating Class Member and/or Aggrieved Employee will be bound by and/or subject to this Agreement and/or Settlement regardless of whether he/she cashes any check(s) received in relation to same.

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