Election By Settlement Class Members of Form of Distribution Clause Samples

Election By Settlement Class Members of Form of Distribution. (a) On the Claim Form, a Settlement Class Member must elect to receive payment in the form of either cash or Vouchers. (i) Settlement Class Members who elect to receive cash will receive a payment of five dollars ($5.00), subject to pro rata upward or downward adjustment pursuant to Section 4.5. (ii) Settlement Class Members who elect to receive Vouchers will receive at least one Voucher worth twelve dollars ($12.00) to purchase Merchandise in any of ANN’s ▇▇▇ ▇▇▇▇▇▇ Factory or LOFT Outlet stores, subject to pro rata adjustment pursuant to Section 4.5. (b) The Settlement Administrator shall begin making payments or distributing Vouchers to Settlement Class Members who submit timely, valid, and approved Claims via first- class mail or electronic transfer no later than sixty (60) calendar days after the Effective Date. The Settlement Administrator may begin to pay timely, valid, and approved Claims sooner upon ANN’s and Class Counsel’s joint direction, but not before the Effective Date. (c) The Settlement Administrator shall have completed the payment to Settlement Class Members who have submitted timely, valid, and approved Claims no later than one-hundred twenty (120) calendar days after the Effective Date.