Settlement Class Member Payments Sample Clauses

Settlement Class Member Payments. 6.7.2.1. Within 14 calendar days after the Effective Date, Popular Bank shall determine whether the Class List needs to be updated with respect to which Settlement Class Members are Current Accountholders with Popular Bank and if necessary, will provide an updated Class List to the Settlement Administrator. The Settlement Administrator will use the Class List to determine which Settlement Class Members are to receive their Settlement Class Member Payment via a credit to a Popular Bank deposit account. 6.7.2.2. Within 35 calendar days after the Effective Date, the Settlement Administrator shall (i) provide to Class Counsel and to Popular Bank’s Counsel the sum total of all Settlement Class Member Payments for Settlement Class Members, including the breakdown of Settlement Class Members who are Current Accountholders that will receive their Settlement Class Member Payments in the form of a credit to a Current Accountholder Popular Bank deposit account (“Credit Settlement Class Member Payment Amount”) and Settlement Class Members who are Past Accountholders that will receive their Settlement Class Member Payment in the form of a check; (ii) provide to Popular Bank the Class List with the applicable Credit Settlement Class Member Payment Amount owed to each Settlement Class Member; and (iii) transmit to Popular Bank the total Credit Settlement Class Member Payment Amount for deposit by Popular Bank into Current Accountholder Settlement Class Members’ Popular Bank deposit accounts. 6.7.2.3. Within 60 calendar days after the Effective Date, contingent upon receipt of the funds for same from the Settlement Administrator, Popular Bank shall directly deposit the Credit Settlement Class Member Payment Amount to each Settlement Class Member who is a Current Accountholder with Popular Bank at that time, as further described in Section 6.7.2.6 regarding jointly held accounts, into a Settlement Class Member’s Popular Bank deposit account. 6.7.2.4. Within 60 calendar days after the Effective Date, the Settlement Administrator shall mail payment notices and Settlement Class Member Payments, in the form of checks, as determined in the payment allocation, for Settlement Class Members described herein who are Past Accountholders as of the Effective Date. Checks and payment notices shall also be issued to Settlement Class Members for whom Popular Bank was unable to complete an account credit per the process described in Section 6.7.2.3, above. The Settlement checks and paymen...

Settlement Class Member Payments. Of the $4,250,000.00 paid or credited into the Settlement Fund, $2,932,500 (69%) is allocated to the APPSN Fee Class and $1,317,500 (31%) is allocated to the Retry NSF Fee Class. If applicable, Settlement Class Members may receive payments as members of the APPSN Fee Class and the Retry NSF Fee Class. Based on this allocation, payments from the Net Settlement Fund to the Settlement Class Members shall be calculated as follows: i. Settlement Class Members of the APPSN Fee Class shall be paid per incurred APPSN Fee calculated as follows: (0.69 of the Net Settlement Fund/Total APPSN Fees) x Total number of APPSN Fees charged to and paid by each APPSN Fee Class member; ii. Settlement Class Members of the Retry NSF Fee Class shall be paid per Retry NSF Fee calculated as follows: (0.31 of the Net Settlement Fund/Total Retry NSF Fees) x Total number of Retry NSF Fees charged to and paid by each Retry NSF Fee Class member; iii. Settlement Class Member Payments shall be made no later than 90 days after the Effective Date, as follows:

Settlement Class Member Payments. Settlement Class Members are entitled to Settlement Class Member Payment distributed from the Net Settlement Fund on a proportionate basis based on the total amount of Incoming Wire Transfer Fees that were assessed to the Accounts of all Settlement Class Members during the Class Period. Each Settlement Class Member will receive a share of the Net Settlement Fund proportionate to the total amount of Incoming Wire Transfer Fees that were assessed to his or her Account(s) during the Class Period.

Settlement Class Member Payments. 73. As soon as practicable, but no later than sixty (60) days from the Effective Date, the Settlement Administrator will make the requisite distribution of Settlement Class Member Payments to the Settlement Class Members who submitted Qualified Claims, as calculated and otherwise determined by the Settlement Administrator in accordance with Section IX and this Section. To the extent an Overdraft Fee was not paid or was later refunded, the amount of any corresponding distribution may be reduced accordingly. 74. Every Settlement Class Member who submits a Qualified Claim shall be paid the Settlement Class Member Payment to which they are entitled based on this Agreement. In no event will the total Settlement Class Member Payments for all Qualified Claims submitted by the Settlement Class exceed $5,200,000. Except as otherwise set forth herein at Paragraphs 75-78, each Settlement Class Member who submits a Qualified Claim will be entitled to receive a Settlement Class Member Payment calculated as follows: a. With respect to Initial Overdraft Fees, Qualified Claims shall be the total amount of Initial Overdraft Fees paid by the Settlement Class Member during the Class Period for ATM withdrawals or POS Debit Card purchases (as reflected in the Settlement Spreadsheet or otherwise demonstrated by submission of other documents by the putative Settlement Class Member) (“Qualifying Overdraft Fees”) multiplied by the Claim Percentage that the Settlement Class Member states on his or her Claim Form, multiplied by the Payment Rate (50%), as set forth in the following formula: (Qualifying Overdraft Fees x Claim Percentage x Payment Rate). b. With respect to Continuous Overdraft Fees, Qualified Claims shall be one (1) Continuous Overdraft Fee for every two (2) Initial Overdraft Fees incurred by the Settlement Class Member after January 25, 2012 for ATM withdrawals or POS Debit Card purchases (as reflected in the Settlement Spreadsheet or otherwise demonstrated by submission of other documents by the putative Settlement Class Member) multiplied by the Payment Rate (50%). 75. If the total amount of the Qualified Claims submitted by Settlement Class Members exceeds $5,200,000, each eligible Settlement Class Member Payment shall be proportionately reduced on a pro rata basis, such that the aggregate value of the cash payments does not exceed $5,200,000. 76. To calculate the pro rata reduction as set forth in Paragraph 75, the Settlement Administrator shall conduct the follow...

Settlement Class Member Payments. Of the $437,500.00 paid or credited into the Settlement Fund, all amounts other than the Service Award, fees paid to Class Counsel, and the amounts paid for Settlement Administrator’s Fees and Costs, the payments from the Net Settlement Fund to the Settlement Class Members shall be calculated as follows: i. Settlement Class Members shall be paid per incurred Retry Fee calculated as follows:

Settlement Class Member Payments. The Net Settlement Fund shall be allocated as follows: 83.334% ($2,546,550.37) is allocated to the Montana Class 16.666% ($509,065.63) is allocated to the Non-Montana Class Based on this allocation, payments to individual Settlement Class Members shall be calculated as follows: i. Payments to Settlement Class Members in the Montana Class shall be calculated as follows: (Net Settlement Fund allocated to Montana Class/Total Montana APPSN Fees and Retry Fees) x total amount of APPSN Fees and Retry Fees paid by each Settlement Class Member in the Montana Class. ii. Payments to Settlement Class Members in the Non-Montana Class shall be calculated as follows: (Net Settlement Fund allocated to Non-Montana Class/Total Non-Montana APPSN Fees and Retry Fees) x total amount of APPSN Fees and Retry Fees paid by each Settlement Class Member in the Non-Montana Class. iii. Settlement Class Member Payments shall be made no later than ten (10) days after the Effective Date, as follows:

Settlement Class Member Payments. Settlement Class Members shall be calculated as follows: Settlement Class Member Payments shall be made by check to Account Holders no later than 30 days after the Effective Date. The Settlement Administrator shall send checks to each Settlement Class Member’s mailing address of record with Defendant, or at such other address as designated by the Settlement Class Member. For jointly held accounts, checks will be payable to all members, and will be mailed to the first member listed on the account. The Settlement Administrator will make reasonable efforts to locate the proper address for any check returned by the Postal Service as undeliverable and will re-mail it once to the updated address or, in the case of a jointly held account, and in the Settlement Administrator’s discretion, to an accountholder other than the one listed first. The Settlement Class Member shall have 180 days to negotiate the check. Any checks uncashed after 180 days shall be distributed pursuant to Section X. Unless this Agreement is terminated or fails to become effective, no portion of the Settlement Fund shall revert to Defendant.

Settlement Class Member Payments i. The Net Settlement Fund shall be paid pro rata to members of the Classes using the following calculation: 1. Each $100 Tow Release Fee paid by a Class Member equals one Class Payment. The Parties recognize that Class Members may have paid more than one Class Payment; 2. Add the number of Class Payments together to obtain a total number of Class Payments; 3. Divide the Net Settlement Fund by the total number of Class Payments; and 4. This results in a pro rata amount payable for each Class Payment. 5. This pro rata Class Payment amount is then paid to the Class Members consistent with the number of Class Payments made by each Class Member. ii. The total of the Class Payments due to each Class Member under the above calculation is to be equal to the total of the Net Settlement Fund. iii. Class Member Payments shall be made no later than 30 days after the Effective Date, as follows: 1. Members of the Classes who have made a Class Payment(s) shall be sent a check by the Settlement Administrator at the address used to provide the Notice, or at such other address as designated by the Class Member. The Settlement Administrator will make reasonable efforts to locate the proper address for any check returned by the Postal Service as undeliverable and will re-mail it once to the updated address. Class Members shall have 90 days to negotiate the check. Any checks uncashed after 90 days shall be distributed pursuant to Section XI.

Settlement Class Member Payments i. The Sufficient Funds Fee Net Settlement Fund shall be paid pro rata to the members of the Sufficient Funds Fee Class using the following calculation: • The dollar amount of the Sufficient Funds Fee Net Settlement Fund divided by the total number of Sufficient Funds Fees paid by all members of the Sufficient Funds Fee Class, which yields a per-fee amount; • Multiply the per-fee amount by the total number of Sufficient Funds Fees charged to and paid by each member of the Sufficient Funds Fee Class. • This results in a Sufficient Funds Fee Settlement Class Member Payment. ii. The Retry Fee Net Settlement Fund shall be paid pro rata to the members of the Retry Fee Class using the following calculation: • The dollar amount of the Retry Fee Net Settlement Fund divided by the total number of Retry Fees paid by all members of the Retry Fee Class, which yields a per-fee amount; • Multiply the per-fee amount by the total number of Retry Fees charged to and paid by each member of the Retry Fee • This results in a Retry Fee Class Settlement Class Member Payment. iii. The total of the Sufficient Funds Fee Class Member Payment and/or the Retry Fee Class Member Payment due to each Settlement Class Member is the total Settlement Class Member Payment. iv. Settlement Class Member Payments shall be made no later than 30 days after the Effective Date, as follows:

Settlement Class Member Payments. Each Settlement Class Member who does not elect to be excluded as set forth below in Paragraph 18 shall be eligible under this Agreement for a cash payment (the “Settlement Class Member Payment”) for each call that is covered under the settlement class definition set forth below in Paragraph 22 (an “Eligible Call”). Each Settlement Class Member Payment will be in an amount equal to the “Net Settlement Fund” divided by all Eligible Calls that were made to Settlement Class Members who timely and validly submit a claim as described below in Paragraph 3, up to a maximum of Five Thousand Dollars ($5,000) for each Eligible Call. “Net Settlement Fund” means the Settlement Fund less the amount of attorneys’ fees and costs awarded to Settlement Class Counsel, incentive awards awarded to Plaintiffs, and Settlement Administration Costs (as defined in Paragraph 9). Settlement Class Members who received multiple Eligible Calls are entitled to a Settlement Class Member Payment for each such Eligible Call to that Settlement Class Member and the Settlement Administrator may include all Settlement Class Member Payments for any such Settlement Class Member in a single settlement check.