The Settlement Proceeds Sample Clauses

The "Settlement Proceeds" clause defines how any funds or assets received as a result of settling a dispute, claim, or lawsuit are to be handled between the parties. Typically, this clause outlines the process for distributing the proceeds, specifying who is entitled to what portion and addressing any deductions for legal fees or costs incurred during the dispute. Its core practical function is to ensure transparency and prevent future disagreements by clearly allocating the financial outcome of a settlement.
The Settlement Proceeds. Defendant agrees that the Settlement Class shall be entitled to claims in Defendant’s bankruptcy case which in the aggregate shall equal the greater of (1) the funds which remain in Debtor’s possession after payment of all other allowed claims in the bankruptcy case, or (2) $1,950,000 gross, (hereinafter defined as the “Settlement Proceeds”), subject to Superior Court and Bankruptcy Court approval. Under either (1) or (2) above, the Settlement Proceeds would be comprised of multiple distributions. A portion .of the Settlement Class’s claims are wage claims entitled to priority status (the proposed amount of which is detailed below in Section II.C.1., subject to bankruptcy court approval) (“Priority Portion”). The Priority Portion would be paid as a Class Five claim consistent with RCKC’s confirmed plan. The remaining portion of the Settlement Proceeds includes a non-priority claim (“Remaining Portion”). The Remaining Portion would be treated as a Class Seven general unsecured claim, to be paid on a pro-rata basis with the other allowed claims in Class Seven. Under either scenario, from the Settlement Proceeds, the following distributions will be made: 1. Incentive awards to Plaintiffs of $5,000 each, subject to King County Superior Court and Bankruptcy Court approval, for their service as Settlement Class representatives. If the Courts award anything less than $5,000 each in relation to the incentive award request, then the difference between the amounts proposed and the amounts received by Plaintiffs shall be treated as part of the Class Fund. 2. Settlement administration expenses not to exceed $20,000, subject to King County Superior Court and Bankruptcy Court approval. If the Courts award anything less than $20,000 and/or the actual cost of the settlement administration expenses in relation to the administration expenses request, then the difference between the amount awarded by the Court(s) and the actual cost of the expenses shall be treated as part of the Class Fund.
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The Settlement Proceeds. Subject to the Superior Court’s entry of the Final Approval Order and it becomes Final, , Defendants agree to pay a maximum amount of One Million Three Hundred Seventy-Five Thousand Dollars ($1,375,000.00) (“Settlement Proceeds”). This amount does not include the employer’s share of payroll taxes and associated payment that an employer is required to make when making standard wage payment to employees, such as FICA, FUTA, which Defendants agree to pay separately and in addition to the Settlement Proceeds. From the Settlement Proceeds, the following distributions will be made, subject to Superior Court’s approval: 1. Incentive awards to Plaintiffs of $2,500 each for their service as Settlement Class representatives. If the Courts award anything less than $2,500 each in relation to the incentive award request, then the difference between the amounts proposed and the amounts received by Plaintiffs shall be treated as part of the Class Fund. 2. Settlement administration expenses not to exceed $6,000. If the Courts award anything less than $6,000 (for example, the actual cost of the settlement administration expenses is less than $6,000), then the difference between the amount awarded by the Court shall be treated as part of the Class Fund.
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The Settlement Proceeds. Defendants agree to make the following payments, which total $385,000 in the aggregate (the “Settlement Fund”), as part of this Settlement Agreement. This total amount is broken down into the following payments: 1. Defendants shall pay $4,583.33 on or before April 10, 2019, as the first Monthly Payment. 2. Each month thereafter, Defendants shall pay $4,583.33 (the “Monthly Payment”) no later than the tenth (10th) day of the month in which the payment is due. Class Counsel will provide a bank account into which the Defendants shall make direct deposit of the Monthly Payments. Class Counsel shall hold the Monthly Payments in trust until the Effective Date. If the Court does not order final approval of the settlement, the Monthly Payments shall be refunded to Defendants. 3. Within five (5) days of the Effective Date, Defendants shall pay $275,000.00 (“Bulk Payment”) to Class Counsel.
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The Settlement Proceeds. Subject to Court approval, Defendants agree to make the following non-reversionary payments, which total $750,000 in the aggregate (the “Settlement Proceeds”), as part of this Settlement Agreement:
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The Settlement Proceeds. Subject to Court approval, Defendant agrees to make the following non‐ reversionary payments, which total $2,550,000 in the aggregate (the “Settlement Proceeds”), as part of this Settlement Agreement: 1. A payment to the Settlement Classes of $1,100,000 (the “Class Fund”). Subject to Section II.D.3., below, this payment will be distributed to members of the Settlement Classes in accordance with Section II.C. 2. A payment of $7,500 to each named Plaintiff for his service as a representative of the Settlement Classes. If the Court awards the named Plaintiffs anything less than $7,500 each ($30,000 total) in relation to the incentive award request, then the difference between the amounts proposed and the amounts received by Plaintiffs shall be treated as part of the Class fund. 3. A payment of $20,000 for settlement administration expenses. If the Court awards anything less than $20,000 in relation to the settlement administration expenses request, then the difference between the amount proposed and the amount received by the settlement administrator shall be treated as part of the Class Fund. 4. A payment of $1,400,000 for attorneys’ fees and costs of litigation in accordance with relevant statutory fee‐shifting and cost‐ shifting principles. Within seven days of the Effective Date of this Settlement Agreement, Defendant shall pay a total of $2,550,000 into a Qualified Settlement Fund (“QSF”) established by the Settlement Administrator for this Settlement. The Settlement Administrator shall be responsible for making the payments described below from the QSF. The Settlement Proceeds in the QSF shall be used to satisfy all of the following: (1) the settlement awards to be paid to members of the Settlement Classes (hereafter, the “Settlement Awards”), (2) all employee‐side payroll taxes and withholdings associated with the Settlement Awards, (3) the service awards to be paid to the Plaintiffs (hereafter, the “Service Awards”), (4) the award of attorneys’ fees and costs to Class Counsel (hereafter, the “Attorneys’ Fees and Costs Award”), and (5) the award of settlement administration expenses (hereafter, the “Settlement Administration Expenses Award”) to be paid to the Settlement Administrator, all as approved by the Court. Except as set forth in Section II.D.3., below, the Settlement Proceeds are not subject to any reversion of funds to Defendant, such that the entire amount of the Settlement Proceeds will be payable if the settlement is approved by the Court a...
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The Settlement Proceeds. The Settlement Administrator shall be responsible for establishing a Qualified Settlement Fund (“QSF”) pursuant to Section 468B(g) of the Internal Revenue Code for purposes of administering the Settlement, as well as issuing the necessary checks for all Settlement Awards, issuing all required tax documents (such as Forms W-2 and 1099-MISC), performing all related tax reporting to taxing authorities and to Defendants. Subject to Court approval, Defendants agree to transfer $1,100,000 (i.e., the Gross Settlement Fund) to the QSF as consideration for this Settlement Agreement. As detailed below, the Gross Settlement Fund shall be used to pay for the following expenditures as set forth in Section II.C, subject to Court approval: (1) all Settlement Awards to Settlement Class Members; (2) the Class Representative Service Award; (3) the Settlement Administration Costs Award; and (4) the Attorneys’ Fees and Costs Award.
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Related to The Settlement Proceeds

  • The Settlement Following mediation with a neutral party, a Settlement has been reached. As part of the Settlement, a Qualified Settlement Fund of $39,500,000 will be established to resolve the Class Action. The Net Settlement Amount is $39,500,000 minus any Administrative Expenses (including taxes and tax expenses), Court-approved Attorneys’ Fees and Costs, and Class Representative Compensation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court.

  • Liquidation Settlement Procedures If at any time on or prior to the Termination Date for such Class the Aggregate Percentage Factor is greater than the Maximum Percentage Factor, then the Transferor shall immediately pay to the Administrative Agent, for the benefit of the Class Investors from previously received Collections, an amount equal to the amount such that, when applied in reduction of the Aggregate Net Investment, will result in an Aggregate Percentage Factor less than or equal to the Maximum Percentage Factor. Such amounts shall be applied pro rata to the reduction of the Net Investment for each Class of the Tranche Periods selected by the Class Agent for such Class. With respect to each Class, on the Termination Date for such Class and on each day thereafter, and on each day on which a Termination Event or Potential Termination Event has occurred and is continuing for such Class, the Collection Agent shall set aside and hold in trust for the applicable Class Investors for such Class (or deposit into the Collection Account if so required pursuant to Section 2.12 hereof) the Percentage Factor for such Class of all Collections received on such day and shall set aside and hold in trust for the Transferor such portion of Collections not allocated to the Class Investors. On each such Termination Date or the day on which a Termination Event or Potential Termination Event for such Class for which there is no grace period occurs, the Collection Agent shall deposit to the Administrative Agent’s account, for the benefit of the applicable Class Investors for such Class, any amounts set aside pursuant to Section 2.5 above. With respect to each Class, on the last day of each Tranche Period to occur on or after such Termination Date for such Class or during the continuance of a Termination Event or Potential Termination Event for such Class, the Collection Agent shall deposit to the Administrative Agent’s account to the extent not already so deposited, for the benefit of the Class Investors for such Class, the amounts so set aside for such Class Investors, pursuant to the second preceding sentence, but not to exceed the sum of (i) the accrued Discount (which, in the case of Discount computed by reference to the CP Rate with respect to any Class Conduit that utilizes “pool” funding, shall be determined for such purpose using the CP Rate most recently determined by the related Class Agent, multiplied by the Fluctuation Factor) for such Tranche Period (ii) the portion of the Net Investment allocated to such Tranche Period and (iii) all other Aggregate Unpaids owing to such Class Investors. On such day, the Collection Agent shall deposit to its account, from the amounts set aside for such Class, pursuant to the preceding sentence which remain after payment in full of the aforementioned amounts, the accrued Servicing Fee for such Tranche Period. If there shall be insufficient funds on deposit for the Collection Agent to distribute funds in payment in full of the aforementioned amounts, the Collection Agent shall distribute funds first, if the Transferor, Tech Data or any Affiliate of the Transferor or Tech Data is not then the Collection Agent, to the Collection Agent’s account, in payment of the Servicing Fee payable to the Collection Agent, second, in payment of all fees payable by the Transferor to the Administrative Agent or any of the Class Investors, third, in payment of the accrued Discount to each Class, fourth, in reduction of the Net Investment allocated to any Tranche Period ending on such date, fifth, in payment of all other Aggregate Unpaids owing to the Class Investors, as applicable, and sixth, if the Transferor, Tech Data or any Affiliate of the Transferor or Tech Data is the Collection Agent, to its account as Collection Agent, in payment of the Servicing Fee payable to such Person as Collection Agent. The Administrative Agent, upon its receipt of such amounts in the Administrative Agent’s account, shall distribute such amounts to the Class Investors, each as entitled thereto as set forth above; provided that if the Administrative Agent shall have insufficient funds to pay all of the above amounts in full on any such date, the Administrative Agent shall pay such amounts in the order of priority set forth above and, with respect to any such category above for which the Administrative Agent shall have insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to such Persons) among all such Persons entitled to payment thereof. Following the date after all Termination Dates on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees have been paid in full and all other Aggregate Unpaids have been paid in full, (i) the Collection Agent shall recompute the Percentage Factor for each Class, (ii) the Administrative Agent, on behalf of the Class Investors, shall be considered to have reconveyed to the Transferor all of the Class Investors’ right, title and interest in and to the Affected Assets (including the Transferred Interest), (iii) the Collection Agent shall pay to the Transferor any remaining Collections set aside and held by the Collection Agent pursuant to the third sentence of this Section 2.6 and (iv) the Administrative Agent, on behalf of the applicable Class Investor(s), shall execute and deliver to the Transferor, at the Transferor’s expense, such documents or instruments as are necessary to terminate the Class Investors’ respective interests in the Affected Assets. Any such documents shall be prepared by or on behalf of the Transferor. On the last day of each Tranche Period, the Collection Agent shall remit to the Transferor such portion of Collections set aside for the Transferor pursuant to this Section 2.6.

  • Loss Settlement In this Condition D., the terms "cost to repair or replace" and "replacement cost" do not include the increased costs incurred to comply with the enforcement of any ordinance or law, except to the extent that coverage for these increased costs is provided in E.11. Ordinance Or Law under Section I – Property Coverages. Covered property losses are settled as follows: 1. Property of the following types: a. Personal property; b. Awnings, carpeting, household appliances, outdoor antennas and outdoor equipment, whether or not attached to buildings; c. Structures that are not buildings; and d. Grave markers, including mausoleums; 2. Buildings covered under Coverage A or B at replacement cost without deduction for depreciation, subject to the following: a. If, at the time of loss, the amount of insurance in this policy on the damaged building is 80% or more of the full replacement cost of the building immediately before the loss, we will pay the cost to repair or replace, without deduction for depreciation, but not more than the least of the following amounts: (1) The limit of liability under this policy that applies to the building; (2) The replacement cost of that part of the building damaged with material of like kind and quality and for like use; or (3) The necessary amount actually spent to repair or replace the damaged building. b. If, at the time of loss, the amount of insurance in this policy on the damaged building is less than 80% of the full replacement cost of the building immediately before the loss, we will pay the greater of the following amounts, but not more than the limit of liability under this policy that applies to the building: (1) The actual cash value of that part of the building damaged; or (2) That proportion of the cost to repair or replace, without deduction for depreciation, that part of the building damaged, which the total amount of insurance in this policy on the damaged building bears to 80% of the replacement cost of the building. c. To determine the amount of insurance required to equal 80% of the full replacement cost of the building immediately before the loss, do not include the value of: (1) Excavations, footings, foundations, piers, or any other structures or devices that support all or part of the building, which are below the undersurface of the lowest basement floor; (2) Those supports described in (1) above which are below the surface of the ground inside the foundation walls, if there is no basement; and (3) Underground flues, pipes, wiring and drains. d. We will pay no more than the actual cash value of the damage until actual repair or replacement is complete. Once actual repair or replacement is complete, we will settle the loss as noted in 2.a. and b. above. However, if the cost to repair or replace the damage is both: (1) Less than 5% of the amount of insurance in this policy on the building; and (2) Less than $2,500;

  • Working Capital Trust Account Proceeds Upon consummation of the Offering, $250,000 of the proceeds from the sale of the Firm Units will be released to the Company to fund the working capital requirements of the Company, and the remainder of the proceeds from the sale of the Firm Units will be deposited into the Trust Account and held pursuant to the terms of the Trust Agreement.

  • Trust Account Proceeds Prior to the liquidation of the Trust Account in the event the Company has not completed a Business Combination as required by its Charter Documents (the “Termination Date”), interest income on the funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus.