Settlement Fund and Cash Payments Sample Clauses

Settlement Fund and Cash Payments. 1. Defendants shall establish the Settlement Fund in the amount of $2,215,000 by depositing with the Settlement Administrator this amount in an account no later than ten (10) court days after the Effective Date. Timing of payment of Attorneys’ Fees and Expenses is governed by Section VIII.B.1. Until such time as these funds have been deposited with the Settlement Administrator, Defendants shall be responsible for payment of any costs of administration, with any such amounts paid to be deducted from the $2,215,000 deposited with the Settlement Administrator. 2. The Settlement Fund will at all times be deemed a “qualified settlement fund” within the meaning of United States Treasury Reg. § 1. 468B-1. All taxes (including any estimated taxes, and any interest or penalties relating to them) arising with respect to the income earned by the Settlement Fund or otherwise, including any taxes or tax detriments that may be imposed upon Defendants or their counsel with respect to income earned by the Settlement Fund for any period during which the Settlement Fund does not qualify as a “qualified settlement fund” for the purpose of federal or state income taxes or otherwise (collectively “Taxes”), will be paid out of the Settlement Fund. Defendants and their counsel, and Plaintiffs and Class Counsel, will have no liability or responsibility for any of the Taxes. The Settlement Fund will indemnify and hold Defendants and their counsel, and Plaintiffs and Class Counsel, harmless for all Taxes (including, without limitation, Taxes payable by reason of any such indemnification).

Settlement Fund and Cash Payments. 1. Defendants shall establish the Settlement Fund in the amount of Six Hundred Seventy-Five Thousand US Dollars (US$675,000.00) converted into Canadian dollars at the time of execution of the Agreement by depositing with the Escrow Agent this amount no later than thirty (30) Days after the Court renders the Final Judgment Approving Settlement. Until such 2. Upon the establishment of the Escrow Account, the Settlement Fund may be invested in interest-bearing, short-term instruments—to be agreed upon by Class Counsel and Defendants (the “Instruments”). The interest proceeds and the principal may thereafter be reinvested as they mature in similar Instruments, bearing in mind the liquidity requirements of the Escrow Account to ensure that it contains sufficient cash available to pay all invoices, taxes, fees, costs, expenses, and other required disbursements, in a timely manner. Any interest proceeds will be added to the Settlement Fund. Except as otherwise specified herein, the Instruments at all times will remain in the Escrow Account. 3. Defendants, Defendants’ counsel, Plaintiff and Class Counsel, will have no liability or responsibility for any possible taxes related to the Settlement Fund. The Settlement Fund will indemnify and hold Defendants, Defendants’ counsel, Plaintiff and Class Counsel, harmless for all taxes (including, without limitation, taxes payable by reason of any such indemnification). 4. A Settlement Class Member is eligible to obtain Three Dollars and Fifteen Cents (Can$3.15) for each purchase of a Covered Product for up to a maximum of twenty (20) 5. If the Effective Date does not occur, all amounts paid into the settlement fund and any interest proceeds, less amounts incurred for Notice and Claims Administration Expenses, shall be promptly returned to Defendants.