Common use of The Settlement Amount Clause in Contracts

The Settlement Amount. 2.1 Lexmark shall cause its insurers, on behalf of all Defendants, to pay the Settlement Amount of $12,000,000.00 by wire transfer or check sent by overnight mail in accordance with instructions to be provided by the Clerk of the Court within twenty-one (21) calendar days of the entry of an order granting preliminary settlement approval. The Settlement Amount shall be paid by means of check(s) or money order(s) made out to the Clerk of the Court, with a cover letter identifying Lexmark International, Inc. as a Defendant in this Litigation, setting forth the title and civil action number of this Litigation, and the name of the Court, and specifying that payment is made pursuant to the order preliminarily approving the Settlement. The Clerk of the Court shall deposit the funds into an interest bearing account with the ▇▇▇▇. These funds, together with any interest and income earned thereon shall constitute the Settlement Fund. In accordance with 28 U.S.C. § 1914 and the guidelines set by the Director of the Administrative Office of the United States Courts, the Clerk of the Court is directed, without further order of this Court, to deduct from the income earned on the money in the Settlement Fund a fee equal to ten percent of the income earned on the money in the Settlement Fund. Such fee shall not exceed that authorized by the Judicial Conference of the United States. The Clerk of the Court shall provide to Lead Counsel the monthly statement of interest earned by the Settlement Fund. The Settlement Fund shall be held by the ▇▇▇▇ until further order of the Court, except that prior to the time the Court enters the Judgment, $250,000 may be drawn upon the ▇▇▇▇ account to pay Notice and Administration Expenses. If the entire Settlement Amount is not timely paid to the Clerk of the Court, Lead Counsel may terminate the Settlement but only if: (i) Lead Counsel has notified Defendants’ Counsel in writing of Lead Counsel’s intention to terminate the Settlement; and (ii) the entire Settlement Amount has not been transferred to the Clerk of the Court within ten (10) calendar days after Lead Counsel provides such written notice. 2.2 The obligations incurred pursuant to this Stipulation shall be in full and final disposition and settlement of all Released Claims. The Settlement Amount paid by Lexmark’s insurers on behalf of the Defendants is the sole monetary responsibility under this Stipulation, and Class Members who do not timely seek to exclude themselves from the Class shall not look to any of the Defendants or their respective Released Persons for satisfaction of any and all Released Claims. The Defendants are not responsible for payment of Notice and Administration Expenses as defined below, or any out-of-pocket expenses, other than out of the Settlement Amount, as provided herein.