Common use of Settlement Class Member Payments Clause in Contracts

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 payment notices shall include the appropriate release text identified in Section 7.3. 6.7.2.5. The payment notices accompanying the Settlement checks shall notify the recipients that the checks must be cashed within 180 days from the date on the payment notice and that the enclosed check shall not be valid after that date. 6.7.2.6. For a jointly held Account of one or more Current Accountholders, payment will be made as described in Section 6.7.2.3, above, and may be deposited into an account of the primary Accountholder, whether or not such account is jointly held. For a jointly held Account of a Past Accountholder, payment may be made by means of a check that will be payable to the primary Accountholder named on the Account and mailed to the last known address for that primary Accountholder. 6.7.2.7. The Settlement Administrator will make reasonable efforts to locate the proper address for any check returned 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.

Settlement Class Member Payments. 6.7.2.1. Within 14 calendar days after the Effective Date, Popular Bank BPPR shall determine whether the Class List needs to be updated with respect to which Settlement Class Members are Current Accountholders with Popular Bank BPPR 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 accountBPPR Account. 6.7.2.2. Within 35 calendar 28 days after of the Effective Date, the Settlement Administrator shall (i) provide to Class Counsel and to Popular BankBPPR’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 BPPR 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 BPPR the Class List with the applicable Credit Settlement Class Member Payment Amount owed to each Settlement Class Member; and (iii) transmit to Popular Bank BPPR the total Credit Settlement Class Member Payment Amount for deposit by Popular Bank BPPR 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 BPPR shall: (i) directly deposit the Credit Settlement Class Member Payment Amount to each Settlement Class Member who is a Current Accountholder with Popular Bank at that timeBPPR as of the Effective Date, as further described in Section 6.7.2.6 regarding jointly held accounts, into a Settlement Class Member’s Popular Bank BPPR account; and (2) send payment notices to primary Current Accountholders that receive the direct deposit accountof the Credit Settlement Class Member Payment including the appropriate release text identified in Section 7.3. 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 BPPR was unable to complete an account credit per the process described in Section 6.7.2.3, above. The Settlement checks and payment notices shall include the appropriate release text identified in Section 7.3. 6.7.2.5. The payment notices accompanying the Settlement checks shall notify the recipients that the checks must be cashed within 180 days from the date on the payment notice and that the enclosed check shall not be valid after that date. 6.7.2.6. For a jointly held Account of one or more Current Accountholders, payment will be made as described in Section 6.7.2.3, above, and may be deposited into an account of the primary Accountholder, whether or not such account is jointly held. For a jointly held Account of a Past Accountholder, payment may will be made by means of a check that will be payable to the primary Accountholder named on the Account Account, and mailed to the last known address for that primary Accountholder. 6.7.2.7. The Settlement Administrator will make reasonable efforts to locate the proper address for any check returned 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.

Settlement Class Member Payments. 6.7.2.16.6.2.1. Within 14 calendar seven (7) days after the Effective Date, Popular Bank BANA shall determine whether the Class List needs to be updated with respect to which Settlement Class Members are Current Accountholders with Popular Bank BANA as of the Effective Date, 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 accounttheir BANA Account. 6.7.2.26.6.2.2. Within 35 calendar twenty-one (21) days after of the Effective Date, the Settlement Administrator shall provide to (i) provide to Class Counsel and to Popular BankBANA’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 as of the Effective Date who will receive their Settlement Class Member Payments in the form of a credit to a Current Accountholder Popular Bank their BANA primary consumer deposit account (“Credit Settlement Class Member Payment Amount”) and Settlement Class Members who are Past Accountholders that who will receive their Settlement Class Member Payment in the form of a check; (ii) provide to Popular Bank BANA, the Class List with the applicable Credit Settlement Class Member Payment Amount owed to each Credit Settlement Class Member; and (iii) transmit cause to Popular Bank be transmitted to BANA the total Credit Settlement Class Member Payment Amount for deposit by Popular Bank into Current Accountholder the BANA accounts of Settlement Class Members’ Popular Bank deposit accountsMembers who are Current Accountholders as of the Effective Date. 6.7.2.36.6.2.3. Within 60 calendar forty-five (45) days after the Effective Date, contingent upon receipt of the funds for same from the Settlement Administrator, Popular Bank BANA shall directly deposit the Credit Settlement Class Member Payment Amount Payments to each those Settlement Class Member Members who is a are Current Accountholder Accountholders with Popular Bank at that time, BANA as further described in Section 6.7.2.6 regarding jointly held accounts, of the Effective Date into a the Settlement Class Member’s Popular Bank primary consumer deposit accountAccount. 6.7.2.46.6.2.4. Within 60 calendar thirty (30) 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 payment notices shall include the appropriate release text identified in Section 7.3.Settlement 6.7.2.56.6.2.5. The payment notices accompanying the Settlement checks shall notify the recipients that the checks must be cashed within 180 one hundred and eighty (180) days from the date on the payment notice and that the enclosed check shall not be valid after that date. 6.7.2.66.6.2.6. For a jointly held Account of one or more Current AccountholdersAccount, payment will be made as described in Section 6.7.2.3, above, and may be deposited into an account of the primary Accountholder, whether or not such account is jointly held. For a jointly held Account of a Past Accountholder, payment may be made by means of a check that checks will be payable to the primary Accountholder all Accountholders named on the Account and mailed to the last known address for that primary Accountholderfirst Accountholder listed on the Account. 6.7.2.76.6.2.7. The Settlement Administrator will make reasonable efforts to locate the proper address for any check returned 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 Payments. 6.7.2.1. Within 14 calendar Settlement Class Member Payments from the Net Settlement Fund shall be made no later than 45 days after the Effective Date, Popular as follows: i. Within ten days of Final Approval, the Settlement Administrator shall provide to Fifth Third Bank shall determine whether the Class List needs amount determined to be updated due to each Account and a list of the Settlement Class Members who are entitled to receive Settlement Class Member Payments, along with respect the unique identifier associated with those Settlement Class shall be considered conclusive as 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 entitled to receive their a Settlement Class Member Payment via a credit to a Popular Bank deposit accountPayment. 6.7.2.2ii. 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 For those Settlement Class Members who are Current Accountholders that will receive their Account Holders at the time of the distribution of the Settlement Class Member Payments Fund, a credit in the form amount of a credit to a Current Accountholder Popular Bank deposit account (“Credit the Settlement Class Member Payment Amount”) each unique Account is entitled to receive shall be applied to each unique Account. The credits shall be made by Fifth Third Bank. Within 3 business days of making the credits and confirming to Class Counsel and the Settlement Administrator the Accounts who received the credits and the total amount of the credits, the Settlement Administrator will reimburse Fifth Third Bank from the Settlement Fund the amount of the credits. iii. For those Settlement Class Members who are Past Accountholders that will receive their Former Account Holders at the time of the distribution of the Net Settlement Fundor for Current Account Holders where direct deposit is not feasible or successful, a check in the amount of the Settlement Class Member Payment Payment, in a form approved by Class Counsel and Fifth Third y the form of a check; (ii) Settlement Administrator to the address used to provide to Popular Bank the Class List with Notice, or at such other address as designated by 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 For 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 payment notices shall include the appropriate release text identified in Section 7.3. 6.7.2.5. The payment notices accompanying the Settlement checks shall notify the recipients that the checks must be cashed within 180 days from the date on the payment notice and that the enclosed check shall not be valid after that date. 6.7.2.6. For a jointly held Account of one or more Current Accountholders, payment will be made as described in Section 6.7.2.3, above, and may be deposited into an account of the primary Accountholder, whether or not such account is jointly held. For a jointly held Account of a Past Accountholder, payment may be made by means of a check that will be payable to the primary Accountholder named on the all Account Holders, and will be mailed to the last known address for that first/primary Accountholder. 6.7.2.7Account Holder 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 Accountaccount, and in the Settlement Administrator’s discretionSettlement Class Member shall have 180 days to negotiate the check. Any checks uncashed after 180 days shall be distributed pursuant to Section XII. In the event of any complications arising in connection with the issuance or cashing of a check, the Settlement Administrator shall provide written notice to an Accountholder other than Class Counsel and Fifth ons from Class Counsel and Fifth dispute using the one listed firstbest practices and procedures to ensure that the funds are fairly and properly distributed to Settlement Class Member entitled to receive them. iv. As set forth in Section XII, the Parties agree that Fifth Third Bank is entitled to receive up to $200,000 from uncashed checks, defined herein as Residual Funds (as defined below), as reimbursement for a portion of the Settlement Administration Costs that are included in the Settlement Fund. With the exception of up to $200,000.00 in reimburseable Settlement Administration Costs, in no event shall any portion of the Settlement Fund revert to Fifth Third Bank.