Settlement Payments and Distribution. Settlement Class Members who paid at least one Convenience Fee are entitled to receive a payment of $5.00 from the Net Settlement Fund, with the remainder paid to Settlement Class Members on a pro rata basis, based upon the amount of Convenience Fees paid by each Settlement Class Member during the Class Period. Co-borrowers on a single class account shall be entitled to a single total Settlement Payment per account. Settlement Class Members who receive a Settlement Payment shall be solely responsible for distributing or allocating such payment between or among all co-account holders. Within fourteen (14) days of entry of the Final Approval Order, the Settlement Administrator shall calculate the Net Settlement Fund by deducting (1) the Administrative Costs incurred in connection with the Notice Program and any other Administrative Costs approved by the Parties; (2) any costs, fees, or other expenses that the Settlement Administrator expects reasonably to incur through the conclusion of the Settlement (“Projected Administrative Costs”); (3) the amount of any Court-approved Fee and Expense Award; and (4) the amount of any Court-approved Service Awards. The Settlement Administrator will provide Class Counsel and Carrington’s Counsel with a document demonstrating this calculation. The Parties shall review and approve any Projected Administrative Costs, and approval shall not be unreasonably withheld. If at the conclusion of the Settlement administration not all of the Projected Administrative Costs are incurred, remaining amounts shall be distributed to the Cy Pres Recipient. In no event, however, shall the Settlement Administrator be paid in excess of the actual Administrative Costs, including Projected Administrative Costs. Within thirty (30) days of the occurrence of the Effective Date, the Settlement Administrator shall pay by wire any Fee and Expense Award approved by the Court, and any Service Awards approved by the Court. Wiring instructions and W-9s shall be provided by Class Counsel to the Settlement Administrator on or before this deadline. Within fourteen (14) days of the Effective Date, the Settlement Administrator shall calculate on a percentage basis and dollar basis the allocation to each Settlement Class Member to be made from the Net Settlement Fund and disseminate to the Parties’ counsel a final list identifying each Settlement Class Member, the percentage of the Net Settlement Fund to be paid to each Settlement Class Member, and the amount of...
Settlement Payments and Distribution. Settlement Class Members are entitled to receive payment from the Net Settlement Fund pursuant to the process described herein. Class Members will need to submit a Claim Form, attached hereto as Exhibits 1 and 2, to the Settlement Administrator. In the Claim Form, a claimant must attest under penalty of perjury by check box and signing the Claim Form that he/she/they resided at the Bedford and Victoria Station Apartment Complexes between July 19, 2018, and May 23, 2022, complete a W-9, and submit reasonable proof of the same. Reasonable forms of proof of residency may include, for example, a piece of mail listing his/her/their name and address, a bill listing his/her/their name and address, or any documentation (electronic or otherwise) that demonstrates that he/she/they resided at Bedford and Victoria Station Apartment Complexes between July 19, 2018, and May 23, 2022. In order to be timely, Settlement Class Members must submit their Claim Forms by the Claims Filing Deadline. The Net Settlement Fund will be allocated among Class Members as follows: Individual Apartment Recovery = ((N)*Net Settlement Fund) / (Total Number of Occupancy Years for All Claimed Units) N = Maximum Number of partial years residing at BVS during the Class Period (1, 2 or 3) but no more than 3 for a specific unit Individuals who make a claim on the same apartment and for the same year will divide the apartment’s recovery pro rata for the year. Within 14 days after entry of the Final Approval Order, the Settlement Administrator shall calculate the Net Settlement Fund by deducting: (1) the Administrative Costs incurred in connection with the Notice Program and any other Administrative Costs approved by the Parties;
