Settlement Fund Payment definition

Settlement Fund Payment means the $45 million committed by GPC to be used to pay Final Payment Amounts to Successful Claimants, all Attorneys’ Fees and Litigation Expenses and Enhancement Payments approved by the Court, and all Administrative Expenses incurred by the Settlement Administrator in implementing the Settlement, and whose unclaimed Remainder after such payments have been made shall be distributed as required by Section 6. This Fund is separate and distinct from the additional funds committed by GPC to pay for the affirmative relief as required by Section 10 below.

Settlement Fund Payment means the $8 million committed by Defendant to be used to pay Payment Amounts to Class Members, all Attorneys’ Fees and Litigation Expenses and Enhancement Payments approved by the Court, and all Administrative Expenses incurred by the Settlement Administrator in implementing the Settlement, and whose unclaimed Remainder Funds after such payments have been made shall be distributed as required by Section 6.3.

Settlement Fund Payment means two million dollars ($2,000,000.00) as described in Section IV Paragraph A.

Examples of Settlement Fund Payment in a sentence

• In the event no money remains in the Settlement Fund within one year plus 30 days after the first Settlement Fund Payment is mailed, the Parties shall have no obligation whatsoever to make any residual cy pres distribution.

• Untimely Claim Forms will be rejected and those Settlement Class Members will not receive a Settlement Fund Payment.

• The amount of each cash distribution shall be determined by the following formula: Net Settlement Fund divided by total number of Settlement Class Members = Settlement Fund Payment.

• Any unused portion of the Preliminary Settlement Fund Payment, including interest accrued thereon, shall be returned to the Settling Defendants.

• The Total Settlement Payment, including the Preliminary Settlement Fund Payment, constitutes remediation (as defined in 26 U.S.C. § 162(f)) for the claims alleged by Plaintiffs on behalf of themselves and the Settlement Class Members.

• Within twenty (20) days of Preliminary Approval, Settling Defendants shall pay TEN MILLION DOLLARS ($10,000,000) in cash (the Preliminary Settlement Fund Payment) into the Escrow Account to create the Preliminary Settlement Fund for the benefit of the Settlement Class Members to pay Preliminary Administrative Expenses.

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• No portion of the Total Settlement Payment, including the Preliminary Settlement Fund Payment, constitutes a fine, penalty, punitive damages, disgorgement of profits, or reimbursement for investigation or litigation costs within the meaning of 26 U.S.C. § 162(f), or an amount paid in settlement of any claim for any of the foregoing; and if a determination were made to the contrary, the amounts paid would qualify under the exceptions in Subsections 162(f)(2) and (3).

• Notwithstanding any other provision of the Settlement Agreement, Defendant’s total monetary contribution shall not under any circumstances exceed the $8 million Settlement Fund Payment (which includes any payments for Administrative Expenses, Attorneys’ Fees and Litigation Expenses, Enhancement Payments), plus the reasonable cost of the first mailing of the Class Settlement Notice and the CAFA notices, as provided in Section 5.3.

• This shall be referred to as the “Nuisance Payment Allocation.” All interest earned on the Preliminary Settlement Fund Payment deposited in the Escrow Account shall after Final Approval also be allocated to the Nuisance Settlement Class and be added to this allocation.

More Definitions of Settlement Fund Payment

Settlement Fund Payment means fourteen million three hundred thousand dollars ($14,300,000.00) as described in Section IV Paragraph B.

Settlement Fund Payment means payments to Claimants whose Claims the Settlement Administrator has approved in accordance with the distribution directive in Section XIII hereof.

Settlement Fund Payment means the cash dollar amount of the Settlement Fund that each Settlement Class Member will receive.

Settlement Fund Payment means the sum of two million and six-hundred thousand dollars ($2,600,000), one million and six-hundred thousand dollars ($1,600,000) of which is to come directly from TASC, and one million ($1,000,000) of which TASC will obtain from its insurer in order to resolve the claims in the Litigation, which at the time of the execution of this Settlement Agreement is Philadelphia Insurance Companies.