Tax Treatment of Individual Settlement Payments Sample Clauses

Tax Treatment of Individual Settlement Payments. 8.3.1 Individual Settlement Payments will be allocated seventy percent (70%) reported as IRS Form 1099 payment of non-wages, such as for treble damages, liquidated damages, penalties and interest, and thirty percent (30%) reported as IRS Form W2 payment of wages. 8.3.2 Each recipient of any monies paid in accordance with this Settlement Agreement is responsible for any taxes associated with the monies received by each recipient with the exception of the employee-side payroll taxes and Employer Taxes that would cause the Settlement Amount to be exceeded, which shall be paid from the NSF. 8.3.3 If required by state or federal tax requirements, the Settlement Administrator will prepare appropriate IRS Form W-4 payroll tax deductions for that portion of each Individual Settlement Payment on which payroll tax withholdings are required. Where otherwise required, the Settlement Administrator will prepare a IRS Form 1099 for Settlement Class Members. The IRS Form 1099 will reflect each Settlement Class Member’s non-wage income. The Settlement Administrator will be responsible for preparing these forms timely and correctly. Settlement Class Members will be responsible for correctly characterizing the compensation that they receive pursuant to the IRS Form 1099 and for payment of any taxes owing on said amount. 8.3.4 The Parties acknowledge and agree that neither Defendant nor Defendant’s attorneys nor Class Counsel have made any representations regarding the tax consequences of the settlement payments made under this Settlement Agreement. Settlement Class Members will be required to pay all federal, state or local employee-side taxes, if any, which are required by law to be paid with respect to their Individual Settlement Payments. The Parties further agree that Defendant shall have no legal obligation to pay, on behalf of Settlement Class Members, any taxes, deficiencies, levies, assessments, fines, penalties, interest or costs, which may be required to be paid with respect to the settlement payments other than as provided for in this Agreement.
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Tax Treatment of Individual Settlement Payments. All Individual Settlement Payments will 24 be allocated as non-wages and will be reported on an IRS Form-1099 by the Claims Xxxxxxxxxxxxx.
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Tax Treatment of Individual Settlement Payments. (A) ICRAA Payments. ICRAA payments will be treated as non-wages, for which the Settlement Administrator shall issue an IRS Form 1099-MISC to Participating California ICRAA Class Members. (B) FCRA Payments. FCRA payments will be treated as non-wages, for which the Settlement Administrator shall issue an IRS Form 1099-MISC to Participating National FCRA Class Members.
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Tax Treatment of Individual Settlement Payments. The Individual PAGA Payments will be allocated as 100 percent penalties and reported on an IRS-Form 1099. All Individual Settlement Payments will be allocated as follows: ten percent (10%) of each Individual Settlement Payment will be allocated as wages and ninety percent (90%) will be allocated as non-wages. The portion allocated to wages will be reported on an IRS Form W-2 and the portion allocated to non-wages will be reported on an IRS Form-1099 by the Administrator. The Individual Settlement Payments will be reduced by any required legal deductions for each Class Member. All standard employee payroll deductions will be made for state and federal withholding taxes, including any other applicable payroll deductions owed by the Class Members as a result of the wage component, resulting in a net wage component. The Administrator will issue a check and W-2 Form to each Class Member for the wage component. The Administrator will issue a second check and IRS Form-1099 for the remaining non-wage component. No withholding shall be made on the non- wage portion of the Individual Settlement Payment. The Administrator shall be responsible for issuing the payments and calculating and withholding all required state and federal taxes. The Administrator shall determine the eligibility for, and the amounts of, any Individual Settlement Payments under the terms of this Settlement Agreement. Any disputes not resolved by the Administrator concerning the administration of the Settlement will be resolved by the Court, under the laws of the State of California. Prior to any such involvement of the Court, counsel for the Parties will confer in good faith to resolve the dispute without the necessity of involving the Court.
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Tax Treatment of Individual Settlement Payments a) The Hose Individual Settlement Payments will be allocated as follows: one-third (1/3) of each Individual Settlement Payment will be allocated as wages for which IRS Forms W-2 will be issued; one-third (1/3) will be allocated to alleged interest for which IRS Form 1099-INT will be issued, and one-third (1/3) will be allocated to alleged penalties for which IRS Form 1099-MISC will be issued if the individual penalty payment is equal to or greater than $600. b) The Hose Minimum Payment of $50 will be allocated as a penalty. c) All Xxxxxx Individual Settlement Payments will be allocated entirely as civil penalties for which IRS Form 1099-MISC will be issued if the individual penalty payment is equal to or greater than $600. d) The Settlement Administrator will issue all W-2, 1099-INT and 1099- MISC forms. In the event the Courts are not willing to approve the Settlement with the tax allocation proposed by the Parties, this shall not be a basis for any Party to cancel or withdraw from the Settlement; rather, the parties will work in good faith to propose another tax allocation that might be acceptable to the Courts.
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Tax Treatment of Individual Settlement Payments. (A) FCRA Payments. FCRA payments will be treated as non-wages, for which the Settlement Administrator shall issue an IRS Form 1099-MISC to Participating FCRA Class Members.
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Tax Treatment of Individual Settlement Payments. 18 All Individual Settlement Payments will be allocated as follows: one-third (1/3) of 19 each Individual Settlement Payment will be allocated as wages and two-thirds (2/3) will be 20 allocated as non-wages. The portion allocated to wages will be reported on an IRS Form W-2 and 21 the portions allocated to non-wages will be reported on an IRS Form-1099 by the Claims 23 deductions for each Class Member. All standard employee payroll deductions will be made for 24 state and federal withholding taxes, including any other applicable payroll deductions owed by the 25 Class Members as a result of the Wage Component, resulting in a net wage component. The 26 Claims Administrator will issue a check and W-2 Form to each Class Member for the wage 27 component. No withholding shall be made on the penalty portions of the Gross Individual
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Related to Tax Treatment of Individual Settlement Payments

  • Tax Treatment of Indemnity Payments Seller and Buyer agree to treat any indemnity payment made pursuant to this Article X as an adjustment to the Purchase Price for Tax purposes.

  • Tax Treatment of Payments Except to the extent otherwise required pursuant to a “determination” (within the meaning of Section 1313(a) of the Code or any similar provision of state, local or foreign Law), Seller, Purchaser, the Company and their respective Affiliates shall treat any and all payments under this Article ‎VII, Section ‎‎2.7 and ‎Article ‎X as an adjustment to the Purchase Price for Tax purposes.

  • Tax Treatment of Indemnification Payments All indemnification payments made under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

  • Settlement Payments On the first Business Day of each month (“Interest Settlement Date”), Agent will advise each Lender by telephone, fax or telecopy of the amount of such Lender’s share of interest and fees on each of the Loans as of the end of the last day of the immediately preceding month. Provided that such Lender has made all payments required to be made by it under this Agreement, Agent will pay to such Lender, by wire transfer to such Lender’s account (as specified by such Lender on the signature page of this Agreement or the applicable Assignment and Acceptance Agreement, as amended by such Lender from time to time after the date hereof or in the applicable Assignment and Acceptance Agreement) not later than 3:00 p.m. Toronto time on the next Business Day following the Interest Settlement Date, such Lender’s share of interest and fees on each of the Loans. Such Lender’s share of interest on each Loan will be calculated for that Loan by adding together the Daily Interest Amounts for each calendar day of the prior month for that Loan and multiplying the total thereof by the Interest Ratio for that Loan. Such Lender’s share of the Unused Line Fee described in subsection 2.3(A) shall be an amount equal to (a)(i) such Lender’s average Revolving Loan Commitment during such month, less such Lender’s average Daily Loan Balance of the Revolving Loan for the preceding month, multiplied by (b) the percentage required by subsection 2.3(A). Such Lender’s share of all other fees paid to Agent for the benefit of Lenders hereunder shall be paid and calculated based on such Lender’s Commitment with respect to the Loans on which such fees are associated. To the extent Agent does not receive the total amount of any fee owing by Borrower under this Agreement, each amount payable by Agent to a Lender under this subsection 9.8(A)(4) with respect to such fee shall be reduced on a pro rata basis. Any funds disbursed or received by Agent pursuant to this Agreement, including, without limitation, under subsections 9.7, 9.8(A)(1), and 9.9, prior to the Settlement Date for such disbursement or payment shall be deemed advances or remittances by GE Canada Finance, in its capacity as a Lender, for purposes of calculating interest and fees pursuant to this subsection 9.8(A)(4).

  • Tax Treatment of Swap Payments and Swap Termination Payments For federal income tax purposes, each holder of a Floating Rate Certificate is deemed to own an undivided beneficial ownership interest in a REMIC regular interest and the right to receive payments from either the Net WAC Rate Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate Carryover Amount or the obligation to make payments to the Swap Account. For federal income tax purposes, the Trust Administrator will account for payments to each Floating Rate Certificates as follows: each Floating Rate Certificate will be treated as receiving their entire payment from REMIC III (regardless of any Swap Termination Payment or obligation under the Interest Rate Swap Agreement) and subsequently paying their portion of any Swap Termination Payment in respect of each such Class’ obligation under the Interest Rate Swap Agreement. In the event that any such Class is resecuritized in a REMIC, the obligation under the Interest Rate Swap Agreement to pay any such Swap Termination Payment (or any shortfall in Swap Provider Fee), will be made by one or more of the REMIC Regular Interests issued by the resecuritization REMIC subsequent to such REMIC Regular Interest receiving its full payment from any such Floating Rate Certificate. The REMIC regular interest corresponding to a Floating Rate Certificate will be entitled to receive interest and principal payments at the times and in the amounts equal to those made on the certificate to which it corresponds, except that (i) the maximum interest rate of that REMIC regular interest will equal the Net WAC Pass-Through Rate computed for this purpose by limiting the Swap Notional Amount of the Interest Rate Swap Agreement to the aggregate Stated Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment will be treated as being payable solely from Net Monthly Excess Cashflow. As a result of the foregoing, the amount of distributions and taxable income on the REMIC regular interest corresponding to a Floating Rate Certificate may exceed the actual amount of distributions on the Floating Rate Certificate.

  • Tax Benefit Payments Section 3.1 Payments 12 Section 3.2 No Duplicative Payments 13

  • Tax Treatment If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(iv).

  • Full Settlement; Mitigation The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others, provided that nothing herein shall preclude the Company from separately pursuing recovery from the Executive based on any such claim. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts (including amounts for damages for breach) payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment.

  • Settlement Payment If the resulting net amount is positive, it shall be payable by the Defaulting Party to the Non-Defaulting Party, and if it is negative, then the absolute value of such amount shall be payable by the Non-Defaulting Party to the Defaulting Party.

  • Payment of Settlement Amount (1) Within thirty (30) days of the Execution Date, the Settling Defendants shall pay the Settlement Amount to Siskinds LLP for deposit into the Trust Account. The Settlement Amount shall be converted into Canadian currency upon deposit into the Trust Account. (2) The Settling Defendants shall deposit the Settlement Amount into the Trust Account by wire transfer. Siskinds LLP shall provide the necessary wire transfer information to Counsel for the Settling Defendants with reasonable advance notice so that the Settling Defendants have a reasonable period of time to comply with section 3.1(1) of this Settlement Agreement. (3) The Settlement Amount and other consideration to be provided in accordance with the terms of this Settlement Agreement shall be provided in full satisfaction of the Released Claims against the Releasees. (4) The Settlement Amount shall be all-inclusive of all amounts, including without limitation, interest, costs, Class Counsel Fees and Class Counsel Disbursements. (5) The Releasees shall have no obligation to pay any amount in addition to the Settlement Amount, for any reason, pursuant to or in furtherance of this Settlement Agreement or the Proceedings or any Other Actions. (6) Once a Claims Administrator has been appointed, Siskinds LLP shall transfer control of the Trust Account to the Claims Administrator. (7) Siskinds LLP and the Claims Administrator shall maintain the Trust Account as provided for in this Settlement Agreement. While in control of the Trust Account, Siskinds LLP and the Claims Administrator shall not pay out all or part of the monies in the Trust Account, except in accordance with this Settlement Agreement, or in accordance with an order of the Courts obtained after notice to the Parties.

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