Payment of Approved Claims to the Settlement Class Sample Clauses

Payment of Approved Claims to the Settlement Class i. Payments to the Settlement Class shall be administered on a “claims made” basis in accordance with the Claims Administration and Distribution Plan (attached hereto as Exhibit 1). This means that Equifax will provide sufficient funds to pay only those Approved Claims submitted by Settlement Class Members in accordance with the Claims Administration and Distribution Plan. Equifax will not be required to establish a settlement fund. Instead, within 14 business days or as soon thereafter as is reasonably practicable after the Effective Date or, if after the Effective Date, the Claims Deadline, the Settlement Administrator shall create the Escrow Account, calculate the dollar amount of all Approved Claims, and inform Equifax of that amount. Within 20 business days of receiving notification from the Settlement Administrator of the dollar amount of Approved Claims, Equifax shall transfer funds to the Escrow Account to pay Approved Claims. These funds will be used solely for payment of Approved Claims and shall not exceed an amount equal to the aggregate amount of Approved Claims or $5,500,000, whichever is less. The funds placed in this Escrow Account shall be deemed a “qualified Settlement fund” within the meaning of United States Treasury Reg. §1.468X-x. Equifax will fully satisfy its obligation to fund this account upon depositing the appropriate amount as directed by the Settlement Administrator, and all risk of loss thereafter passes to Financial Institution Plaintiffs and the Settlement Class. ii. Payment to the Settlement Class will consist of the following, subject to proration if necessary:

Payment of Approved Claims to the Settlement Class. Payments from the Documented Fraud Fund will be made on a “claims made” basis in accordance with the Claims Administration and Distribution Plan (attached hereto as Exhibit 1). This means that only Settlement Class Members who submit Approved Claims will receive payments from the Documented Fraud Fund. Two types of Approved Claims will be accepted: 1) Documented Out-of-Pocket Fraud Loss Claims, and 2) Documented Fraud-Related Inconvenience Claims. These types of claims are not mutually exclusive, meaning that a Settlement Class Member may make a claim for one type or the other, or both. The amounts of all Approved Claims are subject to a sequence of priority and potential pro rata reduction as described below. The Settlement Administrator will pay Approved Claims from the Documented Fraud Fund in the following manner: a. Documented Out-of-Pocket Fraud Loss Claims. Settlement Class Members may submit a valid Claim Form along with documentation establishing that they: 1) personally experienced one or more incidents of Documented Fraud as defined in this Agreement, and 2) suffered unreimbursed, out-of-pocket losses from such incident(s). Such claimants will be entitled to a payment from the Documented Fraud Fund not to exceed the actual amount of the documented out-of-pocket loss, or a maximum limit of $5,000 total per claimant, whichever amount is less. Settlement Class Members who submit claims related to incidents of fraud occurring after January 1, 2017 must provide additional documentation indicating a direct causal link between the 2014 Data Breach and the claimed loss.