SETTLEMENT FUND / MONETARY PAYMENT / BENEFITS DETAILS Clause Samples

SETTLEMENT FUND / MONETARY PAYMENT / BENEFITS DETAILS. 3.1 Rite Aid agrees to make or cause to be made one or more payment(s), to a bank account designated by the Settlement Administrator, totaling a sum of Six Million Eight Hundred Thousand Dollars and No Cents ($6,800,000.00), to create the Settlement Fund. Within 30 days after entry of the Preliminary Approval Order, which shall include an order establishing the Settlement Fund pursuant to pursuant to Treasury Regulation § 1.468B-1(c)(1), Rite Aid agrees to obtain from the Settlement Administrator detailed wire instructions and a completed W-9 form, and shall cause One Million One Hundred and Forty Thousand Dollars ($1,140,000.00) to be deposited in an interest-bearing bank escrow account established and administered by the Settlement Administrator (the “Escrow Account”), with any remaining amount of the Settlement Fund to be deposited within 14 days after entry of the Final Approval Order. The Escrow Account shall be held in a Qualified Settlement Fund (defined below) in interest-bearing bank account deposits with commercial banks with excess capital exceeding One Billion United States Dollars and Zero Cents ($1,000,000,000.00), with a rating of “A” or higher by S&P and in an account that is fully insured by the United States Government or the FDIC. The Settlement Fund will be used to pay Approved Claims, Administrative Expenses (to be agreed upon by both Parties), the Fee Award and Costs, and Service Awards. For the avoidance of doubt, and for purposes of this Settlement Agreement only, Rite Aid’s liability shall not exceed Six Million Eight Hundred Thousand Dollars and No Cents ($6,800,000.00). (a) All interest on the funds in the Escrow Account shall accrue to the benefit of the Settlement Class. 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 Administrator is responsible for the payment of all Taxes. (b) The funds in the Escrow Account shall be deemed a “qualified settlement fund” within the meaning of Treasury Regulation § 1.468B-1 at all times after the creation of the Escrow Account. All Taxes shall be paid out of the Escrow Account. Defendant, Defendant’s Counsel, Plaintiffs, and Class Counsel shall have no liability or responsibility for any of the Taxes. The Escrow Account shall indemnify and hold Defendant, Defendant’s Counsel, Plaintiffs, and Class Counsel harmless for all Taxes (including, without limitation, Taxes payable by...