Common use of Payments to Current Clause in Contracts

Payments to Current. Participants Who Have a $0 Account Balance as of the Date the Settlement Payments are Made. For each Current Participant who has an account balance of zero as of the date the settlement payments are made, the Settlement Administrator shall issue a check from the Qualified Settlement Fund and mail the check to the address of the Current Participant then on file. The checks shall be issued as follows: 6.7.1 For each check issued, the Settlement Administrator shall: (i) calculate and withhold any applicable taxes associated with the payments allocable to the Current Participant; (ii) report such payments and remit such tax withholdings to the Internal Revenue Service and applicable state revenue agents; and (iii) issue appropriate tax forms to the Current Participant. 6.7.2 Settlement payments that cannot be made by the Plan’s Recordkeeper within thirty (30) calendar days of receiving direction from the Settlement Administrator, as described in § 6.6, because the Current Participant has an account balance of zero in the Plan, shall be returned by the Plan’s trustee to the Settlement Administrator for distribution pursuant to this § 6.7 within twenty (20) calendar days thereafter.