Distribution of the Net Settlement Fund Clause Samples

The 'Distribution of the Net Settlement Fund' clause defines how the remaining funds from a legal settlement, after deducting fees and expenses, are allocated among eligible claimants. Typically, this clause outlines the process for determining who qualifies to receive a portion of the fund, the method for calculating individual payments, and the timeline for distribution. Its core function is to ensure a fair and transparent allocation of settlement proceeds, addressing the need for an orderly and equitable distribution to all entitled parties.
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Distribution of the Net Settlement Fund. 8.1. At the discretion of Bondholder Plaintiffs’ Counsel, in consultation with the Claims Administrator, the Net Settlement Fund in this Settlement may be held for future distribution with net settlement funds from other settlements either already entered into or to be entered into in the future in this Action. 8.2. At a time and in a manner determined by the Court, Bondholder Plaintiffs’ Counsel shall submit for Court approval a Distribution Plan for the Bondholder Class that will provide for the distribution of the Net Settlement Fund in accordance with the following: (i) The Distribution Plan will establish eligibility and the procedures for allocation and distribution of the Net Settlement Fund. (ii) Except as otherwise ordered by the Court, each Bondholder Class Member who fails to submit a Proof of Claim and Release within such period as may be ordered by the Court or otherwise allowed, shall be forever barred from receiving any payments pursuant to this Settlement Agreement and the Settlement set forth herein, but shall in all other respects be subject to and bound by the provisions of this Agreement, the releases contained in this Settlement Agreement, and the Judgment. (iii) The Net Settlement Fund shall be distributed to Authorized Claimants, and in no event shall there be any reversion to Citi except as expressly provided for in this Settlement Agreement. The distribution to Authorized Claimants shall be substantially in accordance with the Distribution Plan to be approved by the Court upon such further notice to the Bondholder Class as may be required. Any such Distribution Plan is not a part of this Agreement. No funds from the Net Settlement Fund shall be distributed to Authorized Claimants until the Effective Date. (iv) Each Class Member shall be subject to and bound by the provisions of this Agreement, the releases contained herein, and the Judgment, regardless of whether such Class Member seeks or obtains by any means, including, without limitation, by submitting a Proof of Claim and Release or any similar document, any distribution from the Net Settlement Fund. (v) Except for the obligation to fund the Settlement or cause it to be funded as detailed in this Settlement Agreement, Citi shall have no liability, obligation, or responsibility for the administration of the Settlement or disbursement of the Net Settlement Fund. 8.3. Bondholder Plaintiffs’ Counsel will apply to the Court for the Class Distribution Order. 8.4. If there is any bala...
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Distribution of the Net Settlement Fund. The Settlement Administrator will use reasonable efforts to distribute Settlement Payments from the Net Settlement Fund to Authorized Claimants within thirty (30) calendar days after the Effective Date, but in no event before twenty-one (21) days after the Effective Date. Such disbursements shall be made by check via first-class mail. For those Settlement Payments for which the Settlement Administrator attempts payment by check but such check is returned as undeliverable, the Settlement Administrator shall make a diligent effort to obtain updated mailing addresses and attempt a second disbursement. The Settlement Administrator shall send with each Settlement Payment disbursement an explanation of how the Authorized Claimant’s Settlement Payment was calculated; an explanation of the fact that, if the Authorized Claimant endorses the Settlement Payment disbursement check, the Authorized Claimant is releasing all claims released under this Agreement; and instructions for how the Authorized Claimant may challenge that calculation (as set forth in Section III(8)(f)). Additionally, each Settlement Payment check shall carry a legend that states: “By endorsing this check, I consent to join the Settlement Class in ▇▇▇▇▇ et al. v. Lyft Inc. and agree to release all of my California wage and hour claims that are covered by the Settlement, in addition to the other claims I have released as a Settlement Class Member.” Regardless of whether a Settlement Class Member submits a Claim or endorses a Settlement Payment check, the Settlement Class Member’s FLSA claims will be released by operation of law.
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Distribution of the Net Settlement Fund. A. Each Participating Class Member shall be entitled to a payment from the settlement in the amount of his/her Pro Rata Share. B. The Pro Rata Share shall be calculated as follows: (1) Each Plaintiff will be allotted 1.75 points for a Week Worked in a Brooklyn Depot and 1 point for any Week Worked in the Bronx Depot. The sum of each Plaintiff’s total points is referred to herein as their “Individual Allotted Points.” (2) The sum of all of the Participating Class Members’ Individual Allotted Points combined is referred to herein as the “Total Points.” (3) The Pro Rata Share for each Participating Class Member will then be calculated by dividing the Participating Class Member’s Individual Allotted Points (as calculated in 3.4.B(1) above) by the Total Points (as calculated in 3.4.B(2) above) and multiplying the resulting fraction by the Net Settlement Amount. C. In the event any amount of the Net Settlement Fund is not paid to the Participating Class Members (whether because of delivery failures, failures by Participating Class Members to timely and properly present Settlement Distribution Checks for payment, or otherwise), such amount shall be refunded to Defendants. Such refund payment shall be made by the Administrator on or around ninety (90) calendar days following the final deadline for cashing the Settlement Distribution Checks.
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Distribution of the Net Settlement Fund. This is a claims-based settlement. There will be no reversion of the Settlement Fund to LensCrafters unless the Court does not approve the Settlement or the Settlement is reversed on appeal. All Class members who submit an Approved Claim, as defined above, will receive a pro rata share of the Net Settlement Fund according to the following guidelines: 3.2.1 Those Class members who submit an Approved Claim shall each be eligible to receive up to $ for each set of prescription eyeglasses purchased from LensCrafters during the Class Period subject to pro rata reduction if the total claims exceed the Net Settlement Fund. 3.2.2 In the event that after distribution of Settlement benefits to the Class described above, there would be sufficient funds (after payment of administrative costs associated with a second distribution) to pay at least $1 to each Approved Claimant, then such funds will be distributed in a second distribution to the Approved Claimants on a pro rata basis.
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Distribution of the Net Settlement Fund. This is a non-reversionary common fund settlement, whose net proceeds are to be distributed by the Settlement Administrator and UPS to Class Members. The Net Settlement Fund shall be distributed on a per claim point basis according to the formula in Sections 3.2.1-3.2.3 of this Agreement. Claims forms are not required; however, Class Members may be required reasonably to (1) attest to the number of Covered Packages they sent between January 1, 2011 and June 30, 2013, or (2) verify their identity and payment information at the request of the Settlement Administrator if UPS’s records are not sufficient to verify same. 3.2.1 For every U.S. origin package shipped under contract with UPS with a declared value in excess of $300 charged pursuant to UPS’s published non-Retail rates or in excess of $200 charged pursuant to UPS’s published Retail rates (“Covered Package”) between July 1, 2013, and December 29, 2013, each Covered Package will be entitled to two (2) claim points. Covered Packages shipped during this period shall be determined by reference to UPS records. 3.2.2 For every Covered Package shipped between January 1, 2011, and June 30, 2013, each Covered Package will be entitled to one (1) claim point. Covered Packages shipped during this period shall be determined by reference to UPS records. For the period from January 1, 2011 to December 31, 2012, because UPS records reflect total number of packages with declared value (without regard to whether declared value charge exceeds the minimum charge), the Settlement Administrator will use an estimate of the percentage of declared value packages with charges over the minimum charge to arrive at the number of Covered Packages. 3.2.3 Within ten (10) Days of the Effective Date, the Settlement Administrator shall divide the Net Settlement Fund by the total number of claim points calculated under Sections 3.2.1 and 3.2.2 above to determine the value of one claim point (“Claim Point Value”). Each Class Member will be entitled to a share of the Net Settlement Fund equal to the number of claim points that Class Member is entitled to multiplied by the Claim Point Value. 3.2.4 Class Members shall receive their per claim point distribution of the Net Settlement Fund via account credit if they have Active Accounts with UPS. These account credits (the “Total Account Credits”) will be issued by UPS no later than forty-five (45) Days after the Effective Date. As to Class Members who do not use their credits, UPS will attempt...
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Distribution of the Net Settlement Fund. For purposes of determining the extent, if any, to which an Eligible Stockholder shall be entitled to be treated as an Authorized Claimant, the following conditions shall apply:
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Distribution of the Net Settlement Fund. The Net Settlement Fund shall be
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Distribution of the Net Settlement Fund. (a) The Net Settlement Fund shall be distributed to the Final Class Members pursuant to a plan of allocation proposed by Class Counsel and approved by the Court, or such other plan of allocation as approved by the Court. AXA Equitable shall not oppose any such proposed plan of allocation. (b) Within 30 calendar days after the Final Settlement Date, the Settlement Administrator shall calculate each Final Class Member’s distribution pursuant to the plan of allocation proposed by Class Counsel and approved by the Court, or such other plan of allocation as approved by the Court, and within 14 days after that, send for delivery to each Final Class Member by U.S. mail, first-class postage prepaid, a settlement check in the amount of the share of the Net Settlement Fund to which he/she/it is entitled. Settlement checks will be automatically mailed without any proof of claim or further action on the part of the Final Class Members. Within one year plus 30 days after the date the Settlement Administrator mails settlement checks pursuant to this paragraph, the Settlement Administrator shall mail additional checks to distribute any funds remaining in the Settlement Fund, as set forth in the plan of allocation approved by the Court, and subject to the economic and administrative feasibility of mailing such additional checks. (c) The Parties and their respective counsel shall not be responsible for any claims, damages, liabilities, losses, suits or actions arising out of, or relating to the distributions made by the Settlement Administrator, including determinations of ownership of a Policy.
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Related to Distribution of the Net Settlement Fund

  • Distribution of UDP and TCP queries DNS probes will send UDP or TCP “DNS test” approximating the distribution of these queries.

  • The Settlement Fund 34. The Escrow Account shall be established as a “qualified settlement fund” as defined in Section 1.468B-1(a) of the U.S. Treasury Regulations or other appropriate escrow account as agreed to by the Settling Parties. 35. After preliminary approval of the Settlement, Co-Lead Counsel may utilize up to $100,000 from the Notice Fund to provide notice of the Settlement to potential members of the Settlement Class and for notice administration, without an order from the Court. The amount spent or incurred for notice and notice administration is not refundable to Settling Defendants in the event the Settlement Agreement is disapproved, rescinded, or otherwise fails to become effective. 36. From the Notice Fund and the Settlement Fund shall be paid the cost of settlement notice, claims administration, class representatives’ incentive awards, attorneys’ fees, reimbursement of all actual expenses of the Action, any other litigation costs of Plaintiffs, and all applicable taxes, if any. The Settling Parties shall have the right to audit amounts paid from the Settlement Fund prior to the final approval of the Settlement. 37. The Settlement Fund shall be invested in United States Government Treasury obligations or United States Treasury money market funds. The Notice Fund may be deposited in a bank account, in which case it will be deposited in a federally insured interest-bearing account. 38. Settling Defendants shall not have any responsibility, financial obligation, or liability whatsoever with respect to the investment, distribution, use, or administration of the Settlement Fund, including, but not limited to, the costs and expenses of such investment, distribution, use or administration except as expressly otherwise provided in this Settlement Agreement. 39. Settling Defendants’ only payment obligation is to pay the Settlement Amount. Settling Defendants shall not be liable for any costs, expenses, or fees of any of Plaintiffs’ respective attorneys, experts, advisors, agents, or representatives. Payment of all such costs, expenses, and fees, as approved by the Court, shall be paid only out of the Settlement Fund or the Opt-Out Fee and Expense Account. No disbursements shall be made from the Notice Fund or the Settlement Fund prior to the Effective Date of this Settlement Agreement except as described in Paragraphs 35 and 36, above. 40. The distribution of the Settlement Fund shall be administered pursuant to a plan of allocation (the “Plan of Allocation”) proposed by Co-Lead Counsel and subject to the approval of the Court. If such approval is not obtained, Co-Lead Counsel shall revise the Plan of Allocation as necessary until approval of the Court is obtained. Settling Defendants shall have no participatory or approval rights with respect to the Plan of Allocation and the Court’s rejection of the Plan of Allocation shall not affect the validity or enforceability of this Settlement Agreement. 41. Settling Defendants will take no position on any application for fees and reimbursement of expenses made by Co-Lead Counsel or by the Settlement Class Members or any application for class representatives’ incentive awards out of the Settlement Fund.

  • Qualified Settlement Fund The Administrator shall establish a settlement fund that meets the requirements of a Qualified Settlement Fund (“QSF”) under US Treasury Regulation section 468B-1.

  • Distribution of Funds Deliver (i) to Seller, or order, the cash portion of the Purchase Price, adjusted for prorations, charges and other credits and debits provided for herein; and (ii) to Buyer, or order, any excess funds delivered to Escrow Agent by Buyer. Such funds shall be delivered by wire transfer or cashier’s check in accordance with instructions for Seller and Buyer; if no instructions are given, Escrow Agent shall deliver such funds by Escrow Agent’s check via overnight courier (or as otherwise requested by the intended recipient) to the appropriate party at the address set forth for notice in this Agreement.

  • Payment Fund “Payment Fund” is defined in Section 2.6(a) of the Agreement.