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 $35,000,000.00. Within 45 days after an order granting preliminary approval of this Settlement, Apple shall transfer $35,000,000.00 into the Escrow 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 Award 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 Section B.4 below. 3. The Net Settlement Fund will be distributed according to the following Plan of Allocation. OOP Payees who provide payment information will each receive an equal payment of at least $50 and no more than $349. Complainants who provide payment information will each receive an equal payment of up to $125, but in any event no higher than 75% of the payment amount paid to OOP Payees. Depending on the number of Settlement Class Members who provide payment information, this allocation is subject to modification by agreement of the Parties without further notice to members of the Settlement Class, provided any such modification is approved by the Court. Any such modification will, to the extent practicable, maintain the ratio of payment amounts to Complainants as compared to payment amounts to OOP Payees. 4. Settlement Class Members will be required to provide their payment information by the Response Deadline as a condition of receiving payment under the Settlement. Settlement Class Members may elect to receive their payment by physical check, electronic check, Automated Clearing House (“ACH,” a/k/a direct deposit). For those Settlement Class Members who provide their payment information, a transfer reflecting their payment shall be transmitted to the Settlement Class Members within 60 calendar days after the Effective Date. 5. To the extent economically feasible, the Settlement Administrator shall follow up and communicate with Settlement Class Members who have not provided their payment information within 60 days of the Notice Date. 6. To the extent economically feasible, the Settlement Administrator shall follow up and communicate with Settlement Class Members who have not cashed their checks or whose ACH transfer failed within 60 days of the payments being provided. 7. Following distribution of the Settlement Fund as set forth above, if ACH transfers to Settlement Class Members fail after 120 days or checks attributable to Settlement Class Members remain uncashed after 120 days after the Class Payment is distributed pursuant to Section