Settlement Fund. All payments under this Section IV shall be made into the Settlement Fund, except that, where specified, they shall be made into the Settlement Fund Escrow. The Settlement Fund shall be allocated and used only as specified in Section V.
Settlement Fund. The contents of the Settlement Fund held by The Huntington National Bank (which the Court approves as the Escrow Agent), shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as they shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
Settlement Fund. The interest-bearing fund established pursuant to this Agreement into which the Annual Payments are made under Section IV.
Settlement Fund. The Settlement Fund shall be used for the payment of the costs of Taxes; Tax Expenses; Class Counsel’s Fees and Costs; Plaintiffs’ Incentive Awards; the costs incurred by the Escrow Agent and Settlement Administrator; the costs of delivering notice to the Class; and the claims of Authorized Claimants, and/or the distributions to Cy Pres Recipients described in Section 2.3 and Section 2.4. If any interest or other investment income is earned on the Settlement Fund while in the control of the Escrow Agent, such interest shall be included in the Net Settlement Fund and disbursed as part of the Settlement or, if the Final Settlement Date does not occur, returned to Facebook as provided below.
(a) Within twenty-one (21) calendar days after entry of the Preliminary Approval Order, Facebook shall cause to be paid into an interest-bearing account designated and controlled by the Escrow Agent that portion of the Settlement Fund projected to be adequate to pay for the costs of delivering notice to the Class (as described in Section 3.3 below), based on reasonable estimates provided by the Settlement Administrator and/or any third-party vendor contemplated to be responsible for delivering notice. For the sake of clarity, this payment into the escrow account will exclude any amounts for payment of Class Counsel’s Fees and Costs, Plaintiffs’ Incentive Awards, and the claims of Authorized Claimants, and/or the distributions to Cy Pres Recipients described in Section 2.3 and Section 2.4.
(b) Thereafter, Facebook may, at its discretion, cause to be paid into the escrow account additional portions of the Settlement Fund for the purposes of paying any additional costs of delivering notice to the Class, any costs incurred by the Escrow Agent and Settlement Administrator, any costs of Taxes, or any Tax Expenses. For the sake of clarity, these payments into the escrow account will exclude any amounts for payment of Class Counsel’s Fees and Costs, Plaintiffs’
(c) Within five (5) business days after the Final Settlement Date, Facebook shall cause to be paid into the escrow account the remaining portion of the Settlement Fund that has not previously been paid into the escrow account.
(d) All funds held by the Escrow Agent shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as such funds shall be distributed pursuant to the Settlement Agreement and/or further order(s) of the Court.
(e) Upon...
Settlement Fund. The contents of the Settlement Fund held by Citibank, N.A. (which the Court approves as the Escrow Agent) shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until such time as they shall be distributed pursuant to the Stipulation and/or further order(s) of the Court.
Settlement Fund. All funds held in escrow shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court until such time as such funds shall be disbursed pursuant to the Stipulation and/or further order of the Court.
Settlement Fund. 5.1 All amounts required to be paid pursuant to this Agreement, including, without limitation, Settlement Payments, Administrative Expenses, the Fee Award, and the Service Award, will be paid from a settlement fund (the “Settlement Fund”).
5.2 Within seven (7) business days after the Refund Payment Date, Sephora must establish the Settlement Fund, which it will do by establishing an escrow account with a reputable bank and transferring money into that escrow account. Upon its creation, the escrow account will be deemed to be the Settlement Fund and all references to the Settlement Fund in this Agreement will be deemed to be references to the escrow account unless context requires another meaning. Only Sephora will have the right to instruct the bank regarding the escrow account and the money in it, but Sephora will not remove money from the escrow account except as permitted by this Agreement. The amount of money that Sephora must put into the escrow account will be the Refund Amount, pursuant to and subject to the following terms:
5.2.1 Sephora will put the Refund Amount into the Settlement Fund. If the Refund Amount is less than One Million Seven Hundred Sixty-Five Thousand One Hundred Eight Dollars and Forty-Six Cents ($1,765,108.46) because of a matter or matters primarily within Sephora’s exclusive control, Sephora additionally will put into the Settlement Fund an amount of money equal to the amount by which the matter or matters primarily within Sephora’s exclusive control caused the Refund Amount to fall below One Million Seven Hundred Sixty-Five Thousand One Hundred Eight Dollars and Forty-Six Cents ($1,765,108.46). If, on the other hand, the Refund Amount is less than One Million Seven Hundred Sixty-Five Thousand One Hundred Eight Dollars and Forty-Six Cents ($1,765,108.46) because of a matter or matters not primarily within Sephora’s exclusive control, Sephora will have no obligation to put any money into the Settlement Fund beyond the Refund Amount.
5.2.2 Unless either Party intends to attempt to seek further review of MDOR’s final decision on the Refund Amount pursuant to Paragraph 3.3 or 3.4: (a) if the Refund Amount is less than One Million Seven Hundred Sixty-Five Thousand One Hundred Eight Dollars and Forty-Six Cents ($1,765,108.46) then as soon as reasonably practicable after learning MDOR’s final decision on the Refund Amount, the Parties will confirm in writing their agreement upon the specific dollar amount that Sephora is or will be re...
Settlement Fund. Each Class member shall look solely to the Settlement Fund for settlement and satisfaction, as provided herein, of all claims released by the Releasors pursuant to Paragraphs 11 to 16 herein. Except as provided by order of the Court upon finally approving and giving effect to the Settlement Agreement, no Class member shall have any interest in the Settlement Fund or any portion thereof.
Settlement Fund. 4.1. Within 90 days after entry of the Preliminary Approval Order, TikTok shall cause to be deposited the sum of Ninety-Two Million Dollars ($92,000,000) into an escrow account established by the Settlement Administrator to create the Settlement Fund.
4.2. The Settlement Fund shall be a court-approved Qualified Settlement Fund (QSF) for federal tax purposes pursuant to Treas. Reg. § 1.468B-1. TikTok shall be the “transferor” to the QSF within the meaning of Section 1.468B-1(d)(1) of the Treasury Regulations with respect to the Settlement Fund or any other amount Transferred to the QSF pursuant to this Settlement Agreement. The Settlement Administrator shall be the “administrator” of the QSF within the meaning of Section 1.468B-2(k)(3) of the Treasury Regulations, responsible for causing the filing of all tax returns required to be filed by or with respect to the QSF, paying from the QSF any taxes owed by or with respect to the QSF, and complying with any applicable information reporting or tax withholding requirements imposed by Section 1.468B-2(l)(2) of the Treasury Regulations or any other applicable law on or with respect to the QSF. TikTok shall provide to the Settlement Administrator any documentation required for the Settlement Administrator to facilitate obtaining QFS status for the Settlement Fund pursuant to Treas. Reg. §1.468X-x. All taxes on income or interest generated by the Settlement Fund, if any, shall be paid out of the Settlement Fund.
4.3. Class Counsel shall select the Settlement Fund escrow account and the Settlement Fund escrow bank. The Settlement Fund escrow bank shall invest the Settlement Fund exclusively in an interest-bearing account or accounts where the principal will not decrease and is fully insured by the United States Government or an agency thereof, including certificates of deposit, a U.S. Treasury Fund or a bank account that is either (a) fully insured by the Federal Deposit Insurance Corporation (“FDIC”) or
(b) secured by instruments backed by the full faith and credit of the United States Government. The Settlement Fund escrow bank shall reinvest the proceeds of these instruments as they mature in similar instruments at their then-current market rates. All interest earned on the investment of the Settlement Fund shall be added to the Settlement Fund, for distribution as set forth herein.
4.4. Other than the Settlement Fund, TikTok will have no financial obligations to Class Representatives, Class Members, Class Counse...
Settlement Fund. All monies paid to the Settlement Facility under the terms of the Funding Payment Agreement, and all earnings thereon, if any, except the Litigation Fund, shall be defined as the “Settlement Fund.” The Settlement Fund shall be reserved for the resolution of Settling Personal Injury Claims and all Other Claims not subject to the Litigation Fund and all costs and administrative expenses of the Settlement Facility (not including costs and expenses of the Litigation Facility) and shall not be used or accessible for any other reason. Specifically, the Settlement Fund shall be used for payment of the Allowed amount of Claims of Settling Claimants in Classes 5-10, 6A, 6B, 6C, 6D and, to the extent provided in the Litigation Facility Agreement, Litigated Shareholder Claims, and for the Allowed amount of obligations described at Sections 6.16.5 and 6.16.6 of the Plan, and for payment of the Allowed amount of Claims in Classes 4A and 11-17 to the extent provided in the Plan and the Litigation Facility Agreement. To the extent any such obligations are paid directly by the Reorganized Dow Corning, as specified in the Funding Payment Agreement and the Plan, such amount(s) shall be offset against the amounts to be paid by the Reorganized Dow Corning to the Settlement Facility, as provided in the Funding Payment Agreement. The Claimants’ Advisory Committee must consent to the settlement of any Claim in Classes 11, 13, 14, 15, or 17 that is channeled to the Litigation Facility for resolution and such consent shall not unreasonably be withheld.
