THE QUALIFIED SETTLEMENT FUND. 2.1 The Settlement Administrator shall establish an interest-bearing escrow account to serve as the Qualified Settlement Fund, at Western Alliance Bank, which shall be maintained pursuant to Treasury Regulation § 1.468B-1, et seq.
THE QUALIFIED SETTLEMENT FUND. 55. The Notice and Claims Administrator will establish an interest-bearing escrow account to serve as the Qualified Settlement Fund, at a bank or another financial institution approved by Class Counsel, which shall be maintained pursuant to Treasury Regulation § 1.468B-1, et seq.
56. By no later than ten (10) days of an order granting Preliminary Approval, 23andMe will deposit the Notice Payment into the Qualified Settlement Fund for purposes of facilitating the Notice Plan. The Notice Payment shall be credited against the total Settlement Fund required to be paid into the Qualified Settlement Fund.
57. No amounts may be withdrawn from the Qualified Settlement Fund prior to the Effective Date unless: (i) expressly authorized by this Agreement; or (ii) approved by the Court, except that the Notice Payment may be used to provide notice to Settlement Class Members under the Notice Plan as approved by the Court. The Notice and Claims Administrator shall be judicious and prudent in incurring notice and administrative expenses.
58. Not later than ten (10) days following the issuance of a Final Approval Order, the Defendant shall deposit the remainder of the Settlement Fund into the Qualified Settlement Fund for a total deposit of $30,000,000.
59. As further described in this Agreement, the Qualified Settlement Fund shall be the sole source of monetary funds for all relief in the Settlement—excluding any amounts needed to affect the Business Practice Commitments described in Section IV, which sums and value will be in addition to the monetary relief being provided from the Qualified Settlement Fund—and shall be used by the Notice and Claims Administrator to pay for:
a) Taxes and Tax-Related Expenses as described in ¶ 63;
b) Payments required under the Settlement Benefits Plan;
c) Preparing and sending CAFA Notice;
THE QUALIFIED SETTLEMENT FUND. 8.1.1. As noted above in Section 3.7, Bessemer Trust Company shall cause the Settlement Amount to be deposited into the Qualified Settlement Fund within thirty (30) days after the date on which both of the following have occurred: (i) the Court has issued the Preliminary Approval Order; and (ii) Bessemer Trust Company has been provided wiring instructions and a completed W-9 from the Settlement Administrator. The Qualified Settlement Fund is an interest-bearing escrow account, trusteed by the Escrow Agent.
8.1.2. The Qualified Settlement Fund shall: (a) bear interest for the benefit of the Settlement Class; (b) be structured and managed to qualify as a Qualified Settlement Fund under Section 468B-1 of the Internal Revenue Code and Treasury regulations promulgated thereunder; and
THE QUALIFIED SETTLEMENT FUND. The Gross Fund will be deposited in an account titled Bank of America Settlement Fund (the <Settlement Fund=), intended by the Parties to be a <Qualified Settlement Fund= as described in Section 468B of the Internal Revenue Code of 1986, as amended, and Treas. Reg.
Section 1. 468B-1, et seq. The Settlement Fund shall be established as a Qualified Settlement Fund within the meaning of Section 468B of the Internal Revenue Code of 1986, as amended, the Treas. Reg.
Section 1. 468B-1, et seq., and shall be established and administered by the Settlement Claims Administrator, subject to the ultimate authority of the Court.
THE QUALIFIED SETTLEMENT FUND. The Gross Settlement Fund will be deposited in an account established by the Settlement Administrator (the “Qualified Settlement Fund”), which the Settlement Administrator shall establish as a “Qualified Settlement Fund” within the meaning of Section 468B of the Internal Revenue Code of 1986, as amended, and Treas. Reg. Section l.468B-l et seq. The Qualified Settlement Fund shall be administered by the Settlement Administrator, subject to the ultimate authority of the Court.
THE QUALIFIED SETTLEMENT FUND. The Settlement Claims
Section 1. 468B-1, et seq. The Settlement Account shall be established as a Qualified Settlement Account within the meaning of Section 468B of the Internal Revenue Code of 1986, as amended, the Treas. Reg.
Section 1. 468B- 1, et seq., and shall be administered by the Settlement Claims Administrator, subject to the ultimate authority of the Arbitrator.
