Settlement Payments and Procedures. 3.1 Defendant agrees to pay the non-reversionary (all-in) Gross Settlement Amount of One Million Seven Hundred Twenty-Five Thousand dollars ($1,725,000.00) to resolve all pending and potential Penal Code §§ 632, 632.7 and 637.2 claims for all Settlement Class Members during the Class Period, a service award to the Settlement Class Representative, all costs of administration and notice, and Settlement Class Counsel’s attorneys’ fees and costs, all of which will be deducted from the Gross Settlement Amount. In no event shall Defendant or any of the other Released Parties be required to make any payment in excess of the Gross Settlement Amount for any cause or reason whatsoever. Within 20 calendar days after the Court enters the order granting preliminary approval, Defendant shall deposit with the Claims Administrator the estimated amount (no more than $25,000.00) necessary to pay for the notice program described in Section 6 below. Within 30 calendar days of the Settlement Effective Date, Defendant shall fund the remainder of the $1,725,000.00 Gross Settlement Amount. All payments made by Defendant shall be deposited by the Claims Administrator into one or more FDIC-insured institutions in a segregated, FDIC- insured, non-interest-bearing account or accounts to be opened and maintained by the Claims Administrator at banks that have passed the most recent Xxxx-Xxxxx Act Stress Test. The Claims Administrator shall maintain those accounts and allow withdrawals from those accounts only if those withdrawals are consistent with the terms of this Agreement and any orders of the Court. Under no circumstances, including in the event of an appeal or appeals, shall Defendant be obligated to pay more than the Gross Settlement Amount set forth in this Agreement.
Settlement Payments and Procedures. 3.1 Defendant agrees to pay the non-reversionary (all-in) Gross Settlement Amount of $4,000,000 (four million dollars) to resolve all pending and potential Penal Code §§ 632, 632.7 and 637.2 claims for all Settlement Class Members during the Class Period, as well as to pay a service award to the Settlement Class Representative, all costs of administration and notice, and Settlement Class Counsel’s attorneys’ fees and costs, all of which will be deducted from the Gross Settlement Amount. In no event shall Defendant or any of the other Released Parties be required to make any payment in excess of the Gross Settlement Amount for any cause or reason whatsoever. Within 20 calendar days after the Court enters the order granting preliminary approval, Defendant shall deposit with the Claims Administrator the estimated amount (no more than $20,000) necessary to pay for the notice program described in Section 6 below. Within 30 calendar days of the Settlement Effective Date, Defendant shall fund the remainder of the $4,000,000 Gross Settlement Amount. All payments made by Defendant shall be deposited by the Claims Administrator into one or more FDIC-insured institutions in a segregated, FDIC-insured, non-interest-bearing account or accounts to be opened and maintained by the Claims Administrator at banks that have passed the most recent Xxxx-Xxxxx Act Stress Test. The Claims Administrator shall maintain those accounts and allow withdrawals from those accounts only if those withdrawals are consistent with the terms of this Agreement and any orders of the Court. Under no circumstances, including in the event of an appeal or appeals, shall Defendant be obligated to pay more than the Gross Settlement Amount set forth in this Agreement.
Settlement Payments and Procedures. 3.1 Defendants agree to fund a Cash Settlement Fund of up to $450,000.00 to pay Authorized Claimants who submit valid and timely Claim Forms-Cash. Defendants will only be required to fund the amount required to pay $27.00 per documented transaction to each Settlement Class Member who submits a valid and timely Claim Form-Cash (i.e., Authorized Claimant) up to a total of $450,000.00. If the number of valid and timely claims paid out at $27.00 per documented transaction will exceed $450,000.00, the payment to each Authorized Claimant per documented transaction shall decrease on a pro-rata basis with the entire $450,000.00 being distributed to Authorized Claimants who submit valid and timely Claim Forms-Cash. Within 10 business days of Settlement Effective Date, Defendants shall fund the amount of the Cash Settlement Fund required to make all required settlement payments.
Settlement Payments and Procedures
