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

Consideration for Settlement and Class Payments. 1. Apple’s total financial commitment under this Agreement shall be $20,000,000.00. Within 60 days after an order granting preliminary approval of this Settlement, Apple shall transfer $20,000,000.00 into an account established by the Settlement Administrator for the Settlement Fund. The Settlement Administrator shall agree to hold the Settlement Fund in an interest-bearing account and administer the Settlement Fund, subject to the continuing jurisdiction of the Court and from the earliest possible date, as a qualified settlement fund as defined in Treasury Regulation § 1.468B-1 et seq. 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, and interest earned on the balance of the account will accrue to the Settlement Fund. 2. The Settlement Fund shall be applied as follows: a. To pay the costs of notice and the costs of administering the Settlement, as set forth in Section F below; b. to pay any approved Attorneys’ Fees and Expense Payment to Class Counsel and any Service Award to the Class Representatives, as set forth in Section G below; c. to distribute the Net Settlement Fund to Settlement Class Members as set forth in Sections B.3 and B.4 below. 3. The Net Settlement Fund will be distributed according to the following Plan of Allocation. Settlement Class Members will be given the option of providing information to the Settlement Administrator to receive the Class Payment by physical check, electronic check, Automated Clearing House (“ACH,” a/k/a direct deposit), or a virtual prepaid Visa or MasterCard. Settlement Class Members who have not selected a payment method by the Response Deadline and for whom valid, current payment information can be confirmed will receive a direct payment. The direct payment will be provided via electronic payment for Settlement Class Members for whom the Settlement Administrator has a valid, current email address, and by physical check for Settlement Class Members for whom the Settlement Administrator does not have sufficient information to make an electronic payment but has a valid, current mailing address.