Common use of Monetary Payments Clause in Contracts

Monetary Payments. A. Pursuant to a formula agreed to by the Settling Defendants in a separate agreement, the Settling Defendants agree to pay the sum of $2,119,000 for Consumer compensation for alleged actual losses arising from the acts alleged in the Complaint. The Settling Defendants further agree to pay $731,000 to cover Class Counsel's costs of investigation and litigation and other related costs as well as legal fees. These amounts shall be deposited with the Escrow Agent pursuant to mutually agreeable escrow instructions within ten (10) days of the Court entering the Preliminary Approval Order and together shall constitute the “Settlement Account.” These payments by the Settling Defendants shall be the total amount to be paid by the Settling Defendants under this Settlement Agreement or in connection with the Released Claims. The Settling Defendants have also agreed to pay the State of Minnesota $75,000 in the State of Minnesota Settlement and that payment shall be made directly to the State within ten (10) calendar days after the later of (1) the date of approval of the Minnesota Settlement Agreement and (2) the Effective Date of this Agreement. B. The Settling Defendants previously have each made payments of $750,000 to the Settlement Cost Account established for their settlement of State of Texas, et al.