Alternative Cash Payment definition
Examples of Alternative Cash Payment in a sentence
A Settlement Class Member shall not be required to submit any documentation or additional information in support of their claim for an Alternative Cash Payment.
In the event of any ambiguities in the Claim Form, the Settlement Administrator must contact the Settlement Class Member prior to making a determination as to its validity and, specifically, to determine whether the Settlement Class Member wishes to file a claim for an Alternative Cash Payment or any other benefits made available under this Settlement Agreement.
Settlement Class Members can elect to make a claim for a $250 Alternative Cash Payment, and California Subclass Members may make a claim for a $400 Alternative Cash Payment (in recognition of their superior statutory claims) in lieu of all the settlement benefits outlined above.
Settlement Class Members who are eligible for both the Tier 1 Alternative Cash Payment and the Tier 2 Alternative Cash Payment may only elect one of these Settlement benefits.
In the event that the aggregate amount of all Settlement Payments exceeds the total amount of the Net Settlement Fund after payment of Court-approved attorneys’ fees and Litigation Costs and Expenses, then all valid Ordinary and Extraordinary Loss Claims and each valid Lost Time Claim shall be paid in full, all Credit Monitoring shall be awarded, and then Alternative Cash Payment Claim shall be proportionately determined on a pro rata basis.
In the event that the aggregate amount of all Settlement Payments does not exceed the Net Settlement Fund, then each Settlement Class Member who is entitled to receive payment for Ordinary and Extraordinary Loss Claim, a Lost Time Claim and/or an Alternative Cash Payment Claim shall receive additional funds increased on a pro rata basis (in other words, the same additional amount is added to each claimant’s payment) so that the Net Settlement Fund is depleted.
The amount of each Alternative Cash Payment shall be calculated by dividing the Post-Loss Net Settlement Fund by the number of valid claims for Alternative Cash Payments.
However, the Claim Form must clearly indicate that the Settlement Class Member is electing to claim the Alternative Cash Payment in lieu of any other monetary benefits made available under this Settlement Agreement and, specifically, Paragraph 2.3.2(a), 2.3.2(b), and 2.3.2(c) above.
As an alternative to filing a Settlement Claim for reimbursement of ordinary losses or extraordinary losses, Settlement Class Members may submit a claim to receive an Alternative Cash Payment, as explained in ¶ 2.3.2(d).
The Settlement Administrator shall have the sole discretion and authority to determine whether and to what extent a claim for Credit Monitoring Services, Unreimbursed Losses, Lost Time, or Alternative Cash Payment is valid.