Settlement Fund Account Clause Samples
The Settlement Fund Account clause establishes a dedicated account where funds are deposited to facilitate the payment of settlements arising from a legal dispute or agreement. Typically, this account is managed by a neutral third party, such as an escrow agent or trustee, who oversees the receipt and disbursement of funds according to the terms agreed upon by the parties. By centralizing and controlling the flow of settlement monies, this clause ensures transparency, prevents misuse of funds, and provides assurance to all parties that payments will be handled securely and in accordance with the settlement terms.
Settlement Fund Account. 4.1. The Settlement Fund monies shall be held in the Settlement Fund Account, which shall be established and maintained by the Settlement Administrator.
4.2. All funds held in the Settlement Fund Account shall be deemed to be in the custody of the Court until such time as the funds shall be disbursed pursuant to this Agreement or further order of the Court.
4.3. No amounts may be withdrawn from the Settlement Fund Account unless (i) authorized by this Agreement; (ii) authorized by the Consumer Settlement Benefits Plan or Notice Plan, after approval by the Court; or (iii) otherwise approved by the Court.
4.4. The Parties agree that the Settlement Fund Account is intended to constitute a “qualified settlement fund” within the meaning of Treasury Regulation § 1.468B-1, et seq., and that the Settlement Administrator shall be the “administrator” within the meaning of Treasury Regulation § 1.468B-2(k)(3). The Parties further agree that the Settlement Fund Account shall be treated as a qualified settlement fund from the earliest date possible and agree to any relation-back election required to treat the Settlement Fund Account as a qualified settlement fund from the earliest date possible.
4.5. Upon or before establishment of the Settlement Fund Account, the Settlement Administrator shall apply for an employer identification number for the Settlement Fund Account utilizing IRS Form SS-4 and in accordance with Treasury Regulation § 1.468B- 2(k)(4), and shall provide T-Mobile with that employer identification number on a properly completed and signed IRS Form W-9.
4.6. The Settlement Administrator shall file or cause to be filed, on behalf of the Settlement Fund Account, all required federal, state, and local tax returns, information returns, including, but not limited to, any Form 1099-series return, and tax withholdings statements, in accordance with the provisions of Treasury Regulation § 1.468B-2(k)(l) and Treasury Regulation § l.468B-2(1)(2). Any contract, agreement, or understanding with the Settlement Administrator relating to the Settlement Fund Account shall require the Settlement Administrator or its agent to file or cause to be filed, on behalf of the Settlement Fund Account, all required federal, state, and local tax returns, information returns, including, but not limited to any Form 1099-series return, and tax withholdings statements, in accordance with the provisions of Treasury Regulation § 1.468B-2(k)(1) and Treasury Regulation § l.468B-2(1)(2). Th...
Settlement Fund Account. 4.1. The Settlement Fund monies shall be held in the Settlement Fund Account, which shall be established and maintained by the Settlement Administrator.
4.2. All funds held in the Settlement Fund Account shall be deemed to be in the custody of the Court until such time as the funds shall be disbursed pursuant to this Agreement or further order of the Court.
4.3. No amounts may be withdrawn from the Settlement Fund Account unless (i) authorized by this Agreement; (ii) authorized by the Notice Plan approved by the Court; or
Settlement Fund Account. 82. In exchange for the mutual promises and covenants in this Agreement, including, without limitation, the Releases as set forth in Section XVI hereof and the dismissal of the Action upon Final Approval, within seven (7) calendar days of the Effective Date, Chase shall transfer to the Administrator the remainder of the Cash Settlement Amount (i.e., the Cash Settlement Amount less the amount of any Administrative Costs that Chase has already transferred to the Administrator or deposited in the Settlement Fund Account) for deposit into the Settlement Fund Account.
83. The monies in the Settlement Fund Account at all times shall be deemed a “qualified settlement fund” within the meaning of United States Treasury Reg. §
1. 468▇-▇. All taxes (including any estimated taxes, and any interest or penalties relating to them) arising with respect to the income earned by the Settlement Fund Account or otherwise, including any taxes or tax detriments that may be imposed upon Settlement Class Counsel, Chase, or Chase’s counsel with respect to income earned by the Settlement Fund Account for any period during which the Settlement Fund Account does not qualify as a “qualified settlement fund” for the purpose of federal or state income taxes or otherwise (collectively “Taxes”), shall be paid out of the Settlement Fund Account. Plaintiffs and Settlement Class Counsel, and Chase and its counsel, shall have no liability or responsibility for any Taxes. The Settlement Fund Account shall indemnify and hold Plaintiffs and Settlement Class Counsel, and Chase and its counsel, harmless for all Taxes (including, without limitation, Taxes payable by reason of any such indemnification).
84. The Settlement Fund Account shall be used for the following purposes:
a. Distribution of Class Member Awards;
b. Payment of the Court-ordered Fee & Expense Award pursuant to Section XII hereof;
c. Payment of the Court-ordered Service Awards to Plaintiffs pursuant to Section XII hereof;
d. Payment of any Administrative Costs, including but not limited to costs related to the Notice Program;
e. Payment of any Taxes pursuant to Sections VI and XI hereof, including, without limitation, taxes owed as a result of interest earned on the Settlement Fund Account, in a timely manner, subject to approval by Settlement Class Counsel and Chase; and
f. Payment of additional fees, costs, and expenses not specifically enumerated in subsections (a) through (e) of this Section, consistent with the purposes of this ...
Settlement Fund Account. Defendant shall provide the Total Payment to the Settlement Administrator as set forth herein to establish a common settlement fund (“Settlement Fund”), which payment shall be deposited in an interest-bearing account (“Settlement Fund Account”). The Settlement Fund Account shall be used to pay the Settlement Awards and the Settlement Costs. All interest on the funds in the Settlement Fund Account shall accrue to the benefit of the Settlement Class except as provided herein. Any interest shall not be subject to withholding and shall, if required, be reported appropriately to the Internal Revenue Service by the Settlement Administrator. The Settlement Administrator is responsible for the payment of all taxes on interest on the funds in the Settlement Fund Account. The Settlement Administrator shall prepare, send, file, and furnish all tax information reporting forms required for payments to be made from the Settlement Fund Account as required by the Internal Revenue Service pursuant to the Internal Revenue Code and related Treasury Regulations. The Parties agree to cooperate with the Settlement Administrator, each other, and their tax attorneys and accountants to the extent reasonably necessary to carry out the provisions set forth herein.
Settlement Fund Account. Within thirty (30) days after the Effective Date, the Contractor will deposit a total of $1,023,000 in an FDIC-insured interest-bearing account maintained by the Contractor at the prevailing interest rate. By the deadline set forth in the Timeline, the Contractor will notify OFCCP when this action is complete and provide appropriate documentation, including the name and address of the FDIC-insured banking institution, the account number for the settlement fund, the date of deposit, the deposit amount, and bank records showing the deposit amount. By the dates set forth in the Timeline, the Contractor will provide OFCCP with copies of bank records showing the current balance of the account, list of transactions and the amount of accrued interest on the account. The settlement fund is a negotiated amount that represents estimated back pay and accrued interest. The Contractor’s share of taxes on the portion representing back pay (such as federal, state and/or local taxes and Federal Income Contributions Act (FICA) is not part of the Settlement Fund. The Contractor will be responsible for any banking account fees.
Settlement Fund Account. “Settlement Fund Account” means an interest- bearing signature account maintained at Missouri Bank & Trust, ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, or some other FDIC-insured depository institution in Missouri selected by the Fund Administrator.
Settlement Fund Account. Before entry of the Preliminary Approval Order, Co-Lead Class Counsel shall establish at a financial institution (“Financial Institution”), a settlement fund account (“Settlement Fund Account”) which is considered a common fund created as a result of the Action. The account name of the Settlement Fund Account shall not include the words Bear ▇▇▇▇▇▇▇ or JPMorgan Chase. Co-Lead Class Counsel shall promptly provide to Insurer and Defendants written notification of the date of establishment of the Settlement Fund Account, Financial Institution name, address, ABA number, account number, taxpayer identification number, and any additional information needed to deposit the Settlement Amount into the Settlement Fund Account. Co-Lead Class Counsel shall direct the Financial Institution to make distributions by wire transfer or check from the Settlement Fund only in strict accordance with the Settlement Agreement and Court Orders. No other disbursements may be authorized by Co-Lead Class Counsel.
7.3.1. The Settlement Fund Account shall be funded as follows. No later than fifteen
Settlement Fund Account. 79. Within seven (7) calendar days of the filing of Plaintiff’s motion for Preliminary Approval, the Administrator shall provide the Parties an estimate of the costs to implement the Notice Program, establish the Settlement Website, establish toll-free telephone and cell phone numbers, and any other up-front expenses. Within fourteen