Common use of Calculation of Settlement Payments Clause in Contracts

Calculation of Settlement Payments. 6.2.1 Upon determining the Net Settlement Amount in accordance with the preceeding sections, the Settlement Administrator shall divide the Net Settlement Amount into 24 equal Quarterly Settlement Allocations. 6.2.2 Each Quarterly Settlement Allocation will be allocated proportionally based on each Class Member's account balance at the close of each quarter of the Class Period (that Class Member's “Quarterly Balance”). 6.2.3 For each quarter of the Class Period, the settlement administrator shall, calculate the total of all Quarterly Balances for that quarter. For each Class Member who had a balance in a given quarter, the Settlement Administrator shall divide that Class Member’s Quarterly Balance for such quarter by the total Quarterly Balances for such quarter where (i.e. the numerator is the Class Member's Quarterly Balance for a given quarter and the denominator is the sum of all Class Members' Balances for that quarter). This is each Class Member’s Quarterly Proportion. 6.2.4 The Settlement Administrator shall then multiply each Class Member’s Quarterly Proportion for a given quarter by the Quarterly Settlement 6.2.5 The Settlement Administrator shall then add all the Quarterly Payments for each respective Class Member, resulting in the Class Member Total Payment. Class Members other than Class Representative who no longer have an account in the Plan and who have a Class Member Total Payment of less than $10 (ten dollars) (the "De Minimis Amount") shall receive no allocation from the Net Settlement Amount. The Settlement Administrator shall then, taking into account the Class Members who will receive nothing because they do not satisfy the De Minimis Amount, recalculate the amount to distribute to Class Members to arrive at the amount ot be paid to each remaining Class Member. The amounts paid to each individual Class Member is referred to as the Payment. The sum of the Payments must equal the Net Settlement Amount.