Examples of First Settlement Payment in a sentence
This First Settlement Payment shall be used by Class Counsel to pay for settlement administration and notice costs.
Defendant shall transmit to the Financial Institution a check in the amount of the First Settlement Payment within fifteen (15) business days from the later of: (a) entry of the Preliminary Approval Order by the Court; or (b) receipt from Class Counsel of the information needed to issue the Total Settlement Payment (identity and address of the payee, W-9 form and taxpayer identification number).
In addition to the Cash Payment, as good and valuable consideration, the sufficiency of which is hereby acknowledged, Defendants agree to waive and release any Defendants’ Claims they hold against all Participating Class Members as advanced in their proposed Cross-Complaint effective on the date of mailing of the First Settlement Payment.
The Settlement Administrator shall allocate the Unclaimed Amounts among the members of the Settlement Class who accepted the First Settlement Payment and Later Identified Members who accepted their payment (collectively, “Accepting Members”).
No later than five (5) business days after the entry of the Preliminary Approval Order, Class Counsel shall: (a) establish at a Financial Institution through the Settlement Administrator, an account (the “Escrow Account”) for the purpose of holding the Total Settlement Payment; and (b) provide notice to Defendant of the information needed to deposit the First Settlement Payment and Second Settlement Payment into the Escrow Account.
Within 180 days of the First Settlement Payment, the Administrator shall provide a declaration to counsel for all Parties for filing with the Court, detailing the number and total dollar amount of settlement checks sent and cashed, the number of Later Identified Members and those who declined to accept the settlement, and the number and total amount of payments sent to Later Identified Members and those cashed.
The Second Settlement Payment shall be made by check sent via First Class U.S. Mail to the same address as the Initial Payment, or such updated address provided by the Participating Class Member, 60 days after the last outstanding check from the First Settlement Payment or any subsequent payment to a Later Identified Member, is voided or cashed.