Common use of Distribution of Net Settlement Fund Clause in Contracts

Distribution of Net Settlement Fund. 70. Within 7 days after Final Approval, the Settlement Administrator shall identify to Navy Federal the full amount of Settlement Class Member Payments, along with the amount of each Settlement Class Member’s Payment to be credited to Current Account Holders’ Accounts, as well as the remaining amount of the $16,000,000.00 Settlement Fund that shall be paid by Navy Federal into the Escrow Account. 71. Within 15 days after Final Approval if there are no objections to the Settlement or 10 days after the Effective Date if there are objections or an appeal, Navy Federal shall wire to the Escrow Account the remainder of the $16,000,000.00 Settlement Fund. 72. Within 30 days after the Effective Date, Navy Federal shall deposit the Settlement Class Member Payments into Current Account Holders’ Accounts. 73. Within 30 days after the Effective Date, the Settlement Administrator shall pay from the Escrow Account Former Account Holders their Settlement Class Member Payments by check.