The Class Settlement Amount. 7.1.1. SSM will contribute a minimum of $15 million per year to the Plans during the calendar years of 2019, 2020, 2021, and 2022, for a total of $60 million. SSM may use its discretion when during each year it makes these contributions. SSM will allocate these contributions among the Plans to attempt to have the Plans funded equally on a percentage basis, funding the Plan with the lowest funding percentage first. Any amount paid in excess of $15 million during the calendar years of 2019, 2020, and 2021 may be used to reduce subsequent contributions. SSM may satisfy its obligation by making payments to the Plans totaling $50 million before December 31, 2020.
The Class Settlement Amount. The Settlement Amount deposited in the Qualified Settlement Fund pursuant to Section 8.1 above, plus all interest income earned thereon and less expenditures authorized under this Settlement Agreement, shall constitute the “Class Settlement Amount.”
The Class Settlement Amount. 8.1.1 As provided in § 3.7, thirty (30) days after the Final Approval Order approving the settlement becomes Final and non-appealable, Ascension Health Alliance shall make a one- time eight million dollar ($8,000,000) contribution to the Plans, allocated among the Plans in the sole discretion of Ascension Health Alliance.
8.1.2 The eight million dollar ($8,000,000) contribution pursuant to § 8.1.1 above shall constitute the “Class Settlement Amount.”
The Class Settlement Amount. In consideration of, and expressly in exchange for, all of the promises and agreements set forth in this Settlement Agreement, the Company will cause to be deposited into the Settlement Fund within ten (10) business days after the entry of the Preliminary Approval Order or after the receipt of the wiring instructions and Financial Institution information referenced in Section 7.1.1, whichever is later, the aggregate sum of fifty- one million dollars in United States currency ($51,000,000.00) (the “Class Settlement Amount”).
The Class Settlement Amount. 2.2 In consideration of the terms of this Settlement Agreement, Defendants and/or their insurers will cause to be deposited into the Settlement Fund Account the aggregate sum of Twenty-Nine Million Dollars ($29,000,000) within twenty (20) days following the entry of the Preliminary Approval Order.
The Class Settlement Amount. 7.1.1 The “Class Settlement Amount” shall be forty-two million, five hundred thousand dollars ($42,500,000.00), which consists of the Plan Payment defined in § 7.1.2.
7.1.2 Defendants are obligated to contribute an aggregate amount of $42.5 million to the Plan no later than sixty (60) days after execution of this Settlement Agreement, or at any prior time. Defendants have the discretion either to contribute $42.5 million directly to the Plan or to contribute $42.5 million to an escrow account and then transfer these proceeds (including interest thereon) to the Plan forty-five (45) days after the Settlement Agreement becomes Final. Additionally, in its sole discretion, Defendants may make additional contributions to the Plan at any time.
The Class Settlement Amount. 7.1.1 The “Class Settlement Amount” shall consist of Ascension Health’s $29,500,000 Plan Benefit Guarantee, as defined in §§ 7.1.2, 7.1.3, and 7.1.4.
7.1.2 Assurance of Payment of $29.5
The Class Settlement Amount. 7.4.1 As set forth in § 7.2.1, the “Class Settlement Amount” shall consist of Five Hundred Thousand Dollars ($500,000.00) and Defendants shall cause this Class Settlement Amount to be deposited into the Qualified Settlement Fund within thirty (30) days after the Final Approval Order becomes Final as defined in § 1.13 of this Settlement Agreement.
The Class Settlement Amount. 8.1.1 Defendants will make ten (10) annual contributions to the Plan, each in the amount of $1.1 million (each an “Annual Settlement Payment” and collectively, the “Class Settlement Amount”). Defendants will make the first Annual Settlement Payment within sixty (60) days of when the Final Approval Order approving the Settlement becomes Final. Defendants will contribute an Annual Settlement Payment of $1.1 million in each of the subsequent nine (9) calendar years, provided, however, that Defendants may, without penalty, opt to apply any contribution they make to the Plan beyond the amount of the Annual Settlement Payment as a prepayment toward any future Annual Settlement Payment(s) and toward the Class Settlement Amount.
The Class Settlement Amount. In consideration of, and expressly in exchange for, all of the promises and agreements set forth in this Settlement Agreement, the Carrier will, within ten business days after execution of the Settlement Terms Sheet by all parties (by February 27, 2006), cause to be deposited the sum of $28,000,000 plus interest since December 28, 2005 (with a deduction of $11 for the wire transfer fee) into the Settlement Fund. At least five business days prior to such funding deadline, Class Counsel shall provide to the Defendants and the Carrier any information needed to fund the Settlement Fund. The Carrier will provide Class Counsel all information and materials necessary to calculate any taxes and expenses due on the Class Settlement Amount from December 28, 2005 through the date such Class Settlement Amount is deposited into the Settlement Fund and Class Counsel agree to cause the taxes to be paid from the Settlement Fund, including taxes due on the interest earned from December 28, 2005, in a timely manner. In the event that the Court does not grant preliminary approval of the Settlement Agreement or if the Settlement Agreement does not become effective for any reason, Class Counsel will return the money held in escrow, together with the interest thereon, to the Carrier. In the event final approval is not granted by the Court, the only deductions from this Settlement Fund before the amount is returned to the Carrier will be the expenses associated with class notice and any costs incurred to date by Class Counsel in connection with the implementation of the Settlement Agreement, including expenses necessary to calculate and allocate the Class Settlement Amount and any related taxes or fees associated with establishment and maintenance of the Settlement Fund.
