Common use of The Settlement Amount Clause in Contracts

The Settlement Amount. (a) In consideration of all the promises and agreements set forth in this Agreement, the Company will pay the Settlement Amount. No other of the Defendant Released Parties shall have any obligation to contribute financially to this Settlement. (b) The Company shall pay the Settlement Amount in two segments, and this funding shall constitute the Settlement Fund. First, the Company shall cause five hundred thousand dollars ($500,000) of the Settlement Amount to be deposited by wire transfer into the Escrow Account within twenty (20) business days of the entry of the Preliminary Approval Order to fund any Administrative Costs that arise before the Effective Date. Second, the Company shall cause the remaining one million seven hundred and fifty thousand dollars ($1,750,000) of the Settlement Amount to be deposited by wire transfer into the Escrow Account within twenty (20) business days following the Effective Date. (c) The Settlement Amount shall be used solely for the purposes set forth in Section 3.1(j) below. (d) Subject to Court approval and oversight, the Escrow Account will be controlled by the Settlement Administrator. Neither Defendants nor Plaintiff shall have any liability whatsoever for the acts or omissions of the Settlement Administrator appointed by the Court. The Settlement Administrator shall not disburse the Settlement Amount or any portion thereof except as provided for in this Agreement, by an order of the Court, or with prior written agreement of Class Counsel and Defendants’ Counsel. (e) The Settlement Administrator is authorized to execute transactions on behalf of the Settlement Class Members that are consistent with the terms of this Agreement and with orders of the Court. (f) All funds held in the Escrow Account shall be deemed to be in the custody of the Court and shall remain subject to the jurisdiction of the Court until the funds are distributed in accordance with this Agreement. (g) The Settlement Administrator shall, to the extent practicable, invest the Settlement Amount in discrete and identifiable instruments backed by the full faith and credit of the United States Government or fully insured by the United States Government or an agency thereof and shall reinvest the proceeds of these instruments as they mature in similar instruments at their then current market rates. The Settlement Administrator shall maintain records identifying in detail each instrument in which the Settlement Amount or any portion thereof has been invested, and identifying the precise location (including safe deposit box number) of each such instrument. Neither the Settlement Amount nor any portion thereof shall be commingled with any other monies in any instruments. Any cash portion of the Settlement Amount not invested in instruments of the type described in the first sentence of this Section shall be maintained by the Settlement Administrator, and not commingled with any other monies, at a bank account, which shall promptly be identified to the Parties at either party’s request by account number and any other identifying information. The Settlement Administrator and Settlement Class Members shall bear all risks related to investment of the Settlement Amount. (h) The Escrow Account is intended to be a “Qualified Settlement Fund” within the meaning of Treasury Regulation § 1.468B-1. The Settlement Administrator, as administrator of the Qualified Settlement Fund within the meaning of Treasury Regulation § 1.468B-2(k)(3), shall be solely responsible for filing tax returns for the Escrow Account and paying from the Escrow Account any Taxes owed with respect to the Escrow Account. Defendants agree to provide the Settlement Administrator with the statement described in Treasury Regulation §1.468B-3(e). Neither Defendants, Defendants’ Counsel, Plaintiff, nor Class Counsel shall have any liability or responsibility of any sort for filing any tax returns or paying any taxes with respect to the Escrow Account. (i) All (i) taxes on the income of the Escrow Account (“Taxes”) and (ii) expenses and costs incurred in connection with the taxation of the Escrow Account (including, without limitation, expenses of tax attorneys and accountants) (“Tax-Related Costs”) shall be timely paid by the Settlement Administrator out of the Escrow Account. (j) The Settlement Amount, together with any interest accrued thereon, will be used to pay the following amounts associated with the Settlement: (1) Compensation to Settlement Class Members determined in accordance with Section 3.2; (2) Any Case Contribution Award approved by the Court; (3) All Attorneys’ Fees and Expenses approved by the Court; (4) Independent Fiduciary Fees and Costs (up to $25,000); (5) Administration Costs, including, without limitation, the Class Action Fairness Act Notice; and (6) Taxes and Tax-Related Costs.

The Settlement Amount. ‌ (a) In consideration of all of the promises and agreements set forth in this Agreement, the Company will pay make a monetary payment of Three Million Dollars ($3,000,000) (the “Settlement Amount”). No other of the Defendant Released Parties shall have any obligation to contribute financially to this Settlement.Settlement.‌ (b) The Company shall pay the Settlement Amount in two segments, and this funding shall constitute the Settlement Fund. First, the Company shall cause five five-hundred thousand dollars ($500,000) of the Settlement Amount to be deposited by wire transfer into the Escrow Account within twenty fifteen (2015) business days of the entry of the Preliminary Approval Order to fund any Administrative Costs that arise before the Effective Date. Second, the The Company shall cause the remaining one two-and-a-half million seven hundred and fifty thousand dollars ($1,750,0002.5 million) of the Settlement Amount to be deposited by wire transfer into the Escrow Account within twenty fifteen (2015) business days following of the Effective Date.Date.‌ (c) The Settlement Amount shall be used solely for the purposes set forth in Section 3.1(j(j) below. (d) Subject to Court approval and oversight, the Escrow Account will be controlled by the Settlement Administrator. Neither Defendants nor Plaintiff shall have any liability whatsoever for the acts or omissions of the Settlement Administrator appointed by the Court. The Settlement Administrator shall not disburse the Settlement Amount or any portion thereof except as provided for in this Agreement, by an order Order of the Court, or with prior written agreement of Class Counsel and Defendants’ Counsel. (e) The Settlement Administrator is authorized to execute transactions on behalf of the Settlement Monetary Relief Class Members that are consistent with the terms of this Agreement and with orders Orders of the Court. (f) All funds held in the Escrow Account shall be deemed to be in the custody of the Court and shall remain subject to the jurisdiction of the Court until the funds are distributed in accordance with this Agreement. (g) The Settlement Administrator shall, to the extent practicable, invest the Settlement Amount in discrete and identifiable instruments backed by the full faith and credit of the United States Government or fully insured by the United States Government or an agency thereof and shall reinvest the proceeds of these instruments as they mature in similar instruments at their then current market rates. The Settlement Administrator shall maintain records identifying in detail each instrument in which the Settlement Amount or any portion thereof has been invested, and identifying the precise location (including safe deposit box number) of each such instrument. Neither the Settlement Amount nor any portion thereof shall be commingled with any other monies in any instruments. Any cash portion of the Settlement Amount not invested in instruments of the type described in the first sentence of this Section shall be maintained by the Settlement Administrator, and not commingled with any other monies, at a bank account, which shall promptly be identified to the Parties at either party’s request by account number and any other identifying information. The Settlement Administrator and Settlement Monetary Relief Class Members shall bear all risks related to investment of the Settlement Amount. (h) The Escrow Account is intended to be a “Qualified Settlement Fund” within the meaning of Treasury Regulation § 1.468B-1. The Settlement Administrator, as administrator of the Qualified Settlement Fund within the meaning of Treasury Regulation § §1.468B-2(k)(3), shall be solely responsible for filing tax returns for the Escrow Account and paying from the Escrow Account any Taxes owed with respect to the Escrow Account. Defendants agree to provide the Settlement Administrator with the statement described in Treasury Regulation §1.468B-3(e). Neither Defendants, Defendants’ Counsel, Plaintiff, nor Class Counsel shall have any liability or responsibility of any sort for filing any tax returns or paying any taxes with respect to the Escrow Account. (i) All (i) taxes on the income of the Escrow Account (“Taxes”) and (ii) expenses and costs incurred in connection with the taxation of the Escrow Account (including, without limitation, expenses of tax attorneys and accountants) (“Tax-Related Costs”) shall be timely paid by the Settlement Administrator out of the Escrow Account.Account.‌ (j) The Settlement Amount, together with any interest accrued thereon, will be used to pay the following amounts associated with the Settlement:Settlement:‌ (1) Compensation to Settlement Monetary Relief Class Members determined in accordance with Section 3.2; (2) Any Case Contribution Award approved by the Court; (3) All Attorneys’ Fees and Expenses approved by the Court; (4) Independent Fiduciary Fees and Costs (up to $25,000)Fees; (5) Administration Costs, including, without limitation, the Class Action Fairness Act Notice; and (6) Taxes and Tax-Related Costs.

The Settlement Amount. (a) In consideration of all the promises and agreements set forth in this Agreement, the Company will pay the Settlement Amount. No other of the Defendant Released Parties shall have any obligation to contribute financially to this Settlement. (b) The Company shall pay the Settlement Amount in two segments, and this funding shall constitute the Settlement Fund. First, the Company shall cause five hundred thousand dollars ($500,000) of the Settlement Amount to be deposited by wire transfer into the Escrow Account within twenty fifteen (2015) business days of the entry of the Preliminary Approval Order to fund any Administrative Costs that arise before the Effective Date. Second, the Company shall cause the remaining one three million seven and three hundred and fifty thousand dollars ($1,750,0003,300,000) of the Settlement Amount to be deposited by wire transfer into the Escrow Account within twenty fifteen (2015) business days following the Effective Date. (c) The Settlement Amount shall be used solely for the purposes set forth in Section 3.1(j4.1(j) below. (d) Subject to Court approval and oversight, the Escrow Account will be controlled by the Settlement Administrator. Neither Defendants nor Plaintiff Plaintiffs shall have any liability whatsoever for the acts or omissions of the Settlement Administrator appointed by the Court. The Settlement Administrator shall not disburse the Settlement Amount or any portion thereof except as provided for in this Agreement, by an order Order of the Court, or with prior written agreement of Class Counsel and Defendants’ Counsel. (e) The Settlement Administrator is authorized to execute transactions on behalf of the Settlement Monetary Relief Class Members that are consistent with the terms of this Agreement and with orders Orders of the Court. (f) All funds held in the Escrow Account shall be deemed to be in the custody of the Court and shall remain subject to the jurisdiction of the Court until the funds are distributed in accordance with this Agreement. (g) The Settlement Administrator shall, to the extent practicable, invest the Settlement Amount in discrete and identifiable instruments backed by the full faith and credit of the United States Government or fully insured by the United States Government or an agency thereof and shall reinvest the proceeds of these instruments as they mature in similar instruments at their then current market rates. The Settlement Administrator shall maintain records identifying in detail each instrument in which the Settlement Amount or any portion thereof has been invested, and identifying the precise location (including safe deposit box number) of each such instrument. Neither the Settlement Amount nor any portion thereof shall be commingled with any other monies in any instruments. Any cash portion of the Settlement Amount not invested in instruments of the type described in the first sentence of this Section shall be maintained by the Settlement Administrator, and not commingled with any other monies, at a bank account, which shall promptly be identified to the Parties at either party’s request by account number and any other identifying information. The Settlement Administrator and Settlement Monetary Relief Class Members shall bear all risks related to investment of the Settlement Amount. (h) The Escrow Account is intended to be a “Qualified Settlement Fund” within the meaning of Treasury Regulation § 1.468B-1. The Settlement Administrator, as administrator of the Qualified Settlement Fund within the meaning of Treasury Regulation § 1.468B-2(k)(3), shall be solely responsible for filing tax returns for the Escrow Account and paying from the Escrow Account any Taxes owed with respect to the Escrow Account. Defendants agree to provide the Settlement Administrator with the statement described in Treasury Regulation §1.468B-3(e). Neither Defendants, Defendants’ Counsel, PlaintiffPlaintiffs, nor Class Counsel shall have any liability or responsibility of any sort for filing any tax returns or paying any taxes with respect to the Escrow Account. (i) All (i) taxes on the income of the Escrow Account (“Taxes”) and (ii) expenses and costs incurred in connection with the taxation of the Escrow Account (including, without limitation, expenses of tax attorneys and accountants) (“Tax-Related Costs”) shall be timely paid by the Settlement Administrator out of the Escrow Account. (j) The Settlement Amount, together with any interest accrued thereon, will be used to pay the following amounts associated with the Settlement: (1) Compensation to Settlement Class Members determined in accordance with Section 3.2; (2) Any Case Contribution Award approved by the Court; (3) All Attorneys’ Fees and Expenses approved by the Court; (4) Independent Fiduciary Fees and Costs (up to $25,000); (5) Administration Costs, including, without limitation, the Class Action Fairness Act Notice; and (6) Taxes and Tax-Related Costs.