Common use of Distribution of Settlement Payments Clause in Contracts

Distribution of Settlement Payments. Payments to Authorized Claimants shall be made from the Settlement Fund, after the adjustments to the Settlement Fund described above. Each Authorized Claimant shall be entitled to a pro rata payment from the Settlement Fund (defined above as the “Settlement Payment”), in accordance with a formula established by the Settlement Administrator which will result in the pro rata distribution of the Settlement Fund in proportion to the amount of Service Fees charged to the Authorized Claimant submitting a Valid Claim as compared to the total amount of Service Fees charged to all Authorized Claimants. Authorized Claimants who were charged more in Service Fees will receive larger payments than Authorized Claimants who were charged less in Service Fees; and, each Authorized Claimant’s payment amounts will increase or decrease proportionally based upon the total number of Valid Claims filed. Settlement Class Members who are not Authorized Claimants shall not receive a payment under the Settlement. (1) The Settlement Payment to each Authorized Claimant shall be in the form of a check or an Electronic Payment. Initial Settlement Payments shall be issued to Settlement Class Members by the Settlement Administrator on a date that is forty-five (45) days after the Effective Date or the Claims Deadline, whichever is later. (2) For Authorized Claimants for whom the Settlement Administrator has a valid e-mail address, the Settlement Administrator shall notify those individuals that requested an Electronic Payment to provide them a reasonable opportunity to update their electronic payment information (or request payment by check) prior to disbursement of the Settlement Payment. Once that period has expired and the Settlement Administrator issues payment to the Authorized Claimant using the confirmed electronic payment information, no reissuance of the electronic payment may be requested. (3) For Authorized Claimants who elect to receive a Settlement Payment by check, paper checks in the amount of the Settlement Payment will be mailed. All settlement checks shall be void one-hundred twenty (120) days after issuance and shall include language to that effect. If a check issued to an Authorized Claimant cannot be used for any reason (for example, the check is lost) the Authorized Claimant shall have until one hundred twenty (120) days after issuance of the initial check to request re-issuance. After one hundred twenty (120) days from the issuance of the initial check to an Authorized Claimant, requests for re-issuance shall not be honored. (4) In the event that the funds in the Settlement Fund are not fully exhausted after all initial Settlement Payments have expired and become void, due to uncashed checks or otherwise, the Settlement Administrator shall calculate whether the remaining funds are sufficient to make a second distribution of $5.00 or more to Participating Settlement Class Members. The Settlement Administrator shall make this calculation pursuant to the following formula: (𝑅𝑒𝑚𝑎𝑖𝑛𝑖𝑛( 𝑆𝑒𝑡𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝐹𝑢𝑛𝑑) = 𝑃𝑎𝑟𝑡𝑖𝑐𝑖𝑝𝑎𝑡𝑖𝑛( 𝑆𝑒𝑡𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝐶𝑙𝑎𝑠𝑠 𝑀𝑒𝑚𝑏𝑒𝑟𝑠 𝐴𝑚𝑜𝑢𝑛𝑡 𝑓𝑜𝑟 𝑃𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙 𝑆𝑒𝑐𝑜𝑛𝑑 𝐷𝑖𝑠𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛 If the Potential Second Distribution Payment equals or exceeds $5.00, Participating Settlement Class Members shall be entitled to receive that amount from the Settlement Fund. If the Potential Second Distribution Payment is less than $5.00, then Participating Settlement Class Members shall not be entitled to receive the Potential Second Distribution Payment. The Potential Second Distribution Payment, if any, shall be in the form selected by Participating Settlement Class Members in their Claim Form, unless the Participating Settlement Class Member had initially requested the first payment by check and wishes to switch to Electronic Payment. Second Distribution Payments, if any, shall be issued to Participating Settlement Class Members by the Settlement Administrator within forty-five (45) days after making the calculations required under this subparagraph. All checks for Potential Second Distribution Payments shall be void one-hundred twenty (120) days after issuance and shall include language to that effect. If a Potential Second Distribution Payment check issued to an Authorized Claimant cannot be used for any reason (for example, the check is lost) the Authorized Claimant shall have until one hundred twenty (120) days after issuance of the Potential Second Distribution Payment check to request re-issuance. After one hundred twenty (120) days from the issuance, requests for re-issuance shall not be honored.

Distribution of Settlement Payments. 1. Payments to Authorized Claimants shall be made from the Settlement Fund, after the adjustments to the Settlement Fund described above. Each Authorized Claimant shall be entitled to a pro rata payment from the Settlement Fund (defined above as the “Settlement Payment”), in accordance with a formula established by the Settlement Administrator which will result in the pro rata distribution of the Settlement Fund in proportion to the amount of Service Fees administration fees charged to the Authorized Claimant submitting a Valid Claim as compared to the total amount of Service Fees administration fees charged to all Authorized Claimants. Authorized Claimants who were While YES Energy has information about the exact amount of Administration Fees charged more in Service Fees will receive larger payments than Authorized Claimants who were charged less in Service Fees; and, each Authorized Claimant’s payment amounts will increase or decrease proportionally based upon the total number of Valid Claims filed. for those Settlement Class Members who are made direct payments to YES Energy, it does not Authorized Claimants shall have access to the exact amount of payments of Administration Fees by Settlement Class Members who did not receive a payment under the Settlementmake direct payments to YES Energy, but instead made payments of Administration Fees to another party (such as their landlord or property manager). (1) The 2. To the extent that Defendants can identify the precise Administration Fees paid by any particular Settlement Payment to each Authorized Claimant Class Member, that information shall be in included on the form of a check or an Electronic Payment. Initial Class List, and the Web Claim Form for that particular Settlement Payments Class Member shall be issued pre-populated with the amount of Administration Fees paid. 3. To the extent Defendants cannot identify the precise fees paid by any particular Settlement Class Member, it will be presumed for purposes of this Agreement and calculating a pro rata share that any such Settlement Class Member paid an Administration Fee for twelve (12) months during the Class Period at a rate of $4 per month (($48 / Administration Fees Charged) x Settlement Fund = Gross Settlement Class Member Payment) (the “Payment Floor”). The Parties recognize that such a formula could result in an over or under payment to Settlement Class Members by who had shorter or longer term leases, but anticipate that scenario would involve a relatively small portion of the Settlement Administrator on a date that is forty-five (45) days after the Effective Date Class. Moreover, because Settlement Class Members will receive notice to their last known physical address or the Claims Deadline, whichever is later. (2) For Authorized Claimants for whom the Settlement Administrator has a valid elast known E-mail address, or via another method to attempt to reach any potential Settlement Class Member who could not be identified by name, the Settlement Class Members will be provided the option in the Claim Form to attest to whether they paid additional fees beyond the Payment Floor by providing to the Settlement Administrator shall notify those individuals that requested an Electronic Payment information regarding same. Such information offered to provide them a reasonable opportunity the Settlement Administrator will be subject to update their electronic payment information (or request payment by check) prior to disbursement the satisfaction of the Settlement Payment. Once that period has expired Parties and the Settlement Administrator issues payment to the Authorized Claimant using the confirmed electronic payment information, no reissuance of the electronic payment may be requestedAdministrator. (3) For Authorized Claimants who elect to receive a Settlement Payment by check, paper checks in the amount of the Settlement Payment will be mailed. All settlement checks shall be void one-hundred twenty (120) days after issuance and shall include language to that effect. If a check issued to an Authorized Claimant cannot be used for any reason (for example, the check is lost) the Authorized Claimant shall have until one hundred twenty (120) days after issuance of the initial check to request re-issuance. After one hundred twenty (120) days from the issuance of the initial check to an Authorized Claimant, requests for re-issuance shall not be honored. (4) In the event that the funds in the Settlement Fund are not fully exhausted after all initial Settlement Payments have expired and become void, due to uncashed checks or otherwise, the Settlement Administrator shall calculate whether the remaining funds are sufficient to make a second distribution of $5.00 or more to Participating Settlement Class Members. The Settlement Administrator shall make this calculation pursuant to the following formula: (𝑅𝑒𝑚𝑎𝑖𝑛𝑖𝑛( 𝑆𝑒𝑡𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝐹𝑢𝑛𝑑) = 𝑃𝑎𝑟𝑡𝑖𝑐𝑖𝑝𝑎𝑡𝑖𝑛( 𝑆𝑒𝑡𝑡𝑙𝑒𝑚𝑒𝑛𝑡 𝐶𝑙𝑎𝑠𝑠 𝑀𝑒𝑚𝑏𝑒𝑟𝑠 𝐴𝑚𝑜𝑢𝑛𝑡 𝑓𝑜𝑟 𝑃𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙 𝑆𝑒𝑐𝑜𝑛𝑑 𝐷𝑖𝑠𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛 If the Potential Second Distribution Payment equals or exceeds $5.00, Participating Settlement Class Members shall be entitled to receive that amount from the Settlement Fund. If the Potential Second Distribution Payment is less than $5.00, then Participating Settlement Class Members shall not be entitled to receive the Potential Second Distribution Payment. The Potential Second Distribution Payment, if any, shall be in the form selected by Participating Settlement Class Members in their Claim Form, unless the Participating Settlement Class Member had initially requested the first payment by check and wishes to switch to Electronic Payment. Second Distribution Payments, if any, shall be issued to Participating Settlement Class Members by the Settlement Administrator within forty-five (45) days after making the calculations required under this subparagraph. All checks for Potential Second Distribution Payments shall be void one-hundred twenty (120) days after issuance and shall include language to that effect. If a Potential Second Distribution Payment check issued to an Authorized Claimant cannot be used for any reason (for example, the check is lost) the Authorized Claimant shall have until one hundred twenty (120) days after issuance of the Potential Second Distribution Payment check to request re-issuance. After one hundred twenty (120) days from the issuance, requests for re-issuance shall not be honored.