Payments from the Settlement Fund. 4.1 The Settlement Fund will be used to pay:
(a) The Settlement Payments (as defined below) of the Participating Class Members, as awarded by the Court and subject to the procedures set forth herein;
(b) The attorneys’ fees and litigation costs of Class Counsel, as awarded by the Court; Court;
(c) The Case Contribution Awards of Named Plaintiffs, as approved by the
(d) The fees and costs of the Settlement Administrator, including the costs of Class Notice; and
(e) Any other Administrative Costs in connection with the implementation of this Agreement.
4.2 Except as otherwise provided herein, the Parties and their counsel shall not charge any fees or expenses to the Settlement Fund. All other costs not provided for herein that any Defendant incurs relative to the Settlement shall be borne by such Defendant except as otherwise agreed to among the Defendants. All other costs not provided for herein that Named Plaintiffs or Class Counsel incur relative to the Settlement shall be borne by Class Counsel.
4.3 Subject to and in accordance with the other terms and conditions of Article IV, the Settlement Administrator shall provide to each Participating Class Member his or her distribution of the Net Settlement Amount (“Settlement Payment”). The Settlement Payment with respect to any Participating Class Member shall be provided by check. Cap Re and GMAC Mortgage will conduct a reasonably complete good-faith investigation within a reasonable time after the date of the execution of this Agreement into whether the number of primary mortgage insurance payments made by class members for all Reinsured Loans from the period beginning on January 1, 2004 and ending on December 31, 2008, the date when Cap Re ceased reinsuring loans (“Payment Information”) is reasonably obtainable from the readily-searchable computer media of Cap Re and GMAC Mortgage.
(a) If the investigation reveals that the Payment Information is not reasonably obtainable, then counsel for Cap Re and GMAC Mortgage shall submit, by the date of the Preliminary Approval Hearing, a declaration attesting to the investigation and that fact, and the Parties will propose that each Participating Class Member’s Settlement Payment be a pro rata share of the Net Settlement Amount based on the number of Reinsured Loans of Participating Class Members
(b) If the investigation reveals that the Payment Information is reasonably obtainable, then the Parties will propose that each Participating Class Member’s Settlement Paymen...
Payments from the Settlement Fund. Except as otherwise described or provided for herein, all costs relating to the Settlement shall be borne by the Party that incurred them.
Payments from the Settlement Fund. 5.1 Within thirty (30) days of the Effective Date, and using the Notice List as set forth in section 7.2, the Settlement Administrator shall remit payment to the Settlement Class Members in the amount set forth in section 3.2.3.
5.2 For Settlement Class Members whose checks are returned by the U.S. Postal Service for lack of current correct address, the Settlement Administrator shall seek an address correction via an advanced address search or skip tracing, and then re-send their checks to any subsequently obtained address that the Settlement Administrator reasonably believes to be valid. After one re-mailing, neither the Settlement Administrator nor SC shall have any further obligation to locate any particular Settlement Class Member.
5.3 Checks shall be valid for 120 days after the Distribution Date and the checks shall state “void after 120 days” or words to that effect. Settlement Class Members who are not located or whose checks are not cashed within 120 days shall be automatically rendered ineligible for payment from the Settlement Fund and shall be ineligible to share in the cash distribution portion of the settlement. The Settlement Administrator may void any checks issued to such Settlement Class Members.
5.4 The Settlement Administrator shall notify counsel in writing within 150 days after the Distribution Date of the number of Settlement Class Members who were sent checks, the number of Settlement Class members who did not cash their checks, and the total dollar amount of the checks distributed by the Settlement Administrator, and the total dollar amount of uncashed checks. Such monies shall revert back to the Settlement Fund and shall be paid out as a cy pres as detailed in Section 5.5 below.
Payments from the Settlement Fund. 12 4.2.1 The total amount distributed to the Settlement Class (the “Total Class Member
Payments from the Settlement Fund. The Settlement Payments shall be paid out of the Settlement Fund. The Cy Pres Distribution shall be paid out of the Net Settlement Fund. The Settlement Fund shall first be reduced by the Settlement Administration Costs, Fee Award, and Service Award prior to making any Cash Awards to Eligible Settlement Class Members pursuant to Section III.D.
Payments from the Settlement Fund. 4.1. Disbursements from Settlement Fund prior to Settlement Effective Date. Class Counsel, subject to the approval of Defendants, which approval shall not be unreasonably withheld, may draw down money from the Gross Settlement Amount and Settlement Fund as follows:
Payments from the Settlement Fund. 5.1. Disbursements from Settlement Fund prior to Settlement Effective Date. Class Counsel, subject to the approval of the Company, which approval shall not be unreasonably withheld, shall direct the Escrow Agent to disburse money from the Qualified Settlement Fund as follows:
Payments from the Settlement Fund. Defendants and their counsel shall not charge any fees or expenses to the Settlement Fund. Except as otherwise described or provided for herein, all other costs relating to the Settlement shall be borne by the Party that incurred them.
Payments from the Settlement Fund. The Administrator will make and deduct the following payments from the Settlement Fund in the amounts specified by the Court in the Final Approval Order:
Payments from the Settlement Fund. The Settlement Fund shall be applied to pay, in the following order:
(i) all costs and payments associated with the Media Plan and administration of the Settlement Fund, including all payments to the Settlement Administrator, as described in paragraph 4.5 below;
(ii) any necessary taxes and tax expenses on the Settlement Fund;
(iii) any award of attorneys’ fees and costs made by the Court to Class Counsel under the Settlement Agreement, described in paragraph 3.1 below; and
(iv) Valid Claim Forms for cash benefits submitted by Settlement Class Members pursuant to paragraph 2.7 below.
