Common use of Distribution of Net Settlement Fund Clause in Contracts

Distribution of Net Settlement Fund. 148. As soon as practicable, but in no event sooner than 30 days from the Effective Date, TD Bank and the Settlement Administrator shall distribute the Net Settlement Fund as set forth in this Section XII. 149. The Net Settlement Fund is equal to the Settlement Payment Amount plus any interest earned from the Instruments, less the following: a. the amount of the Court-awarded attorneys’ fees, costs, and expenses to Class Counsel; b. the amount of the Court-awarded Service Awards to the Plaintiffs; c. the costs of Notice and administration of the Settlement, including a reservation of a reasonable amount of funds for prospective costs of Notice and administration of the Settlement including tax administration as agreed upon by Settlement Class Counsel and TD Bank; and d. all other costs and/or expenses incurred in connection with the Settlement not specifically enumerated in subsections (a) through (c) of this paragraph that are expressly provided for in this Agreement or have been approved by Settlement Class Counsel and TD Bank. 150. Every Settlement Class Member shall be paid from the Net Settlement Fund the Total Settlement Payment Amount to which he or she is entitled, calculated as set forth in paragraphs 142 and 143 above (“Settlement Fund Payments”). In no event, however, shall TD Bank be required to pay more than a total of Forty Three Million and 00/100 Dollars ($43,000,000.00) to satisfy its monetary obligations under this Settlement (exclusive of the costs of CAFA notice and implementation of account credits as provided in paragraphs 151 and 152 of this Agreement).