Common use of Distribution of Settlement Payments Clause in Contracts

Distribution of Settlement Payments. a. The Settlement Administrator will first pay for CMIS claimed by a Settlement Class Member who submits a valid and timely Claim Form. The cost of CMIS validly claimed will be paid from the Settlement Fund. The Settlement Administrator will next use the Net Settlement Fund to pay all valid Documented Loss Payments. The amount remaining after all Documented Loss Payments are applied and the payments for the CMIS are made shall be referred to as the “Net Settlement Fund.” b. The Settlement Administrator shall utilize the Net Settlement Fund to make all Cash Award payments pursuant to Paragraph 28(a). The amount of each Cash Award payment shall be calculated by dividing the Net Settlement Fund by the total number of valid and timely Claim Forms submitted by Settlement Class Members who elected a Cash Award.