Common use of DISTRIBUTION OF THE SETTLEMENT AMOUNT Clause in Contracts

DISTRIBUTION OF THE SETTLEMENT AMOUNT. (1) On or after the Effective Date, the Administrator shall distribute the Net Settlement Amount in accordance with the following priorities: (a) to pay Class Counsel Fees as awarded by the Courts; (b) to pay all of the costs and expenses reasonably and actually incurred in connection with the provision of the Second Notice; (c) to pay all of the Administration Expenses. For greater certainty, the Defendants and the Class are specifically excluded from eligibility for any payment of costs and expenses under this subsection; (d) to pay any taxes required by law to be paid to any governmental authority; and (e) to pay a pro rata share of the balance of the Settlement to each Authorized Claimant in proportion to his, her or its claim as recognized in accordance with the Distribution Protocol. (2) Class Counsel shall propose for approval by the Courts a Distribution Protocol in the form attached as Schedule “J” or such other form as Class Counsel may advise. The approval of the Distribution Protocol may be considered separately from the approval of the Settlement and is not a condition of the approval of the Settlement itself.