Common use of Consideration for Settlement and Class Payments Clause in Contracts

Consideration for Settlement and Class Payments. 1. Subject to the terms of this Settlement Agreement, Apple’s total financial commitment under this Settlement Agreement is the Gross Settlement Amount of $95,000,000.00. Apple shall have no other financial obligations under this Settlement Agreement. 2. Within 30 days after an order granting Preliminary Approval of this Settlement, Apple shall transfer an amount sufficient to cover the Settlement Administrator’s estimated cost for Notice and administration to the Settlement Administrator. Within 5 days of the Effective Date, Apple shall transfer the balance of the $95,000,000 to the Settlement Administrator for distribution of the Settlement fund and any Attorneys’ Fees and Expenses Payment, Service Award, or further administrative costs, provided there are no appeals that delay the Effective Date from occurring. If an appeal is filed to challenge final approval, Apple shall transfer the balance of the $95,000,000 to the Settlement Administrator within 30 days of the Effective Date. The Settlement Administrator will thereafter manage distribution of the Settlement fund. Any taxes owed by the Settlement fund will be paid by the Settlement Administrator out of the Settlement fund. If final approval is not granted for any reason, the balance of the Settlement fund account, less monies expended toward Settlement administration, shall be returned to Apple within 10 business days. 3. The Gross Settlement Amount shall be applied as follows: a. To pay the costs of Notice and the costs of administering the Settlement and any taxes owed by the Settlement fund, as set forth in Section F below; b. To pay any approved Attorneys’ Fees and Expenses Payment to Plaintiffs’ Counsel and any Service Award to the Class Representatives, as set forth in Section G below; c. To distribute the Net Settlement Amount to Settlement Class Members as set forth in Sections B.4–B.7 below.