Settlement Payments Clause Samples
The Settlement Payments clause defines the procedures and obligations for transferring funds or assets between parties to resolve outstanding balances or claims. Typically, it outlines when and how payments must be made, the acceptable methods of payment, and any conditions or timelines that must be met for settlement to be considered complete. This clause ensures that both parties have a clear understanding of their financial responsibilities, reducing the risk of disputes and facilitating the smooth conclusion of transactions.
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Settlement Payments. 56. GDIT agrees to pay a Maximum Settlement Amount of Nine Hundred Thousand Dollars ($900,000), inclusive of (a) all settlement payments to Class Members and PAGA Members; (b) all PAGA penalty settlement payments to the LWDA and PAGA Members; (c) any award of attorneys’ fees and out-of-pocket litigation costs and expenses to Plaintiff’s Counsel; (d) any award of a Service Enhancement; and (e) all payroll taxes and other applicable taxes for the settlement payments, excluding GDIT’s share of employer taxes on the amounts allocated to wages which will be paid separately from and in addition to the Maximum Settlement Amount. The parties specifically agree, subject to Court approval, to the following allocations to be paid from the Maximum Settlement Amount:
(a) From the Maximum Settlement Amount, Plaintiff’s Counsel may seek from the Court attorneys’ fees up to 33 1/3% of the Maximum Settlement Amount, and actual litigation costs and expenses up to $15,000. GDIT takes no position on Plaintiff’s request for fees and costs provided it does not exceed these amounts.
(b) From the Maximum Settlement Amount, Plaintiff’s Counsel may seek from the Court a Service Enhancement award to Plaintiff not to exceed $10,000, which GDIT will not oppose provided it does not exceed this amount.
(c) From the Maximum Settlement Amount, Settlement Administration Expenses in a reasonable amount currently estimated at $13,200.
(d) From the Maximum Settlement Amount, a payment of $33,750 to the LWDA (the LWDA PAGA Penalty Amount), representing the LWDA’s 75% share of the settlement attributable to PAGA penalties.
(e) From the Maximum Settlement Amount, a payment of $11,250 to be allocated among PAGA Members based on the number of Covered PAGA pay periods each PAGA Member worked (the PAGA Group Payment).
(f) From the Net Settlement Amount (i.e., the remainder of the Maximum Settlement Amount, including interest accruing to it, after payments have been made for attorneys’ fees and litigation expenses, the Service Enhancement, the Settlement Administration Expenses, the LWDA PAGA Penalty Amount, and the PAGA Group Payment), settlement payments will be allocated as follows:
(g) Out of the Net Settlement Amount, each Settlement Class Member in the Waiting Time Penalties Subclass will receive a payment of $200 as the Waiting Time Penalties Payment.
(h) After deducting the Waiting Time Penalties Payments, the remaining Net Settlement Amount will be the Workweek Fund and will be paid to the S...
Settlement Payments. On the first Business Day of each month in respect of Base Rate Loans or the first Business Day of the month following the month in which any LIBOR Interest Period ends (“ Interest Settlement Date”), Agent will advise each Lender by telephone, fax or telecopy of the amount of such Lender’s share of interest and fees on each of the Loans as of the end of the last day of the immediately preceding month or LIBOR Interest Period, as applicable. Provided that such Lender has made all payments required to be made by it under this Agreement, Agent will pay to such Lender, by wire transfer to such Lender’s account (as specified by such Lender on the signature page of this Agreement or the applicable Assignment and Acceptance Agreement, as amended by such Lender from time to time after the date hereof or in the applicable Assignment and Acceptance Agreement) not later than 3:00 p.m. New York City time on the next Business Day following the Interest Settlement Date, such Lender’s share of interest and fees on each of the Loans. Such Lender’s share of interest on each Loan will be calculated for that Loan by adding together the Daily Interest Amounts for each calendar day of the prior month for that Loan and multiplying the total thereof by the Interest Ratio for that Loan. Such Lender’s share of the Unused Line Fee described in subsection 2.3(A) will be an amount equal to (a)(i) such Lender’s average Commitment during such month, less (ii) such Lender’s average Daily Loan Balance of the Revolving Loans, in each case for the preceding month, multiplied by (b) the appropriate monthly percentage prescribed by subsection 2.3(A). Such Lender’s share of all other fees paid to Agent for the benefit of Lenders hereunder will be paid and calculated based on such Lender’s Commitment with respect to the Loans on which such fees are associated. To the extent Agent does not receive the total amount of any fee owing by Borrower under this Agreement (except for shortages arising from Borrower’s right to withhold payment of fees for any Defaulting Lender pursuant to subsection 2.3), each amount payable by Agent to a Lender under this subsection 9.8(A)(4) with respect to such fee will be reduced on a pro rata basis. Any funds disbursed or received by Agent pursuant to this Agreement, including, without limitation, under subsections 9.7 and 9.8(A)(1), prior to the Settlement Date for such disbursement or payment will be deemed advances or remittances by GMAC CF, in its capacity as a ...
Settlement Payments. Each Class Member may qualify and submit a claim for one of the following cash Settlement Payments:
Settlement Payments. At any time during the Term, any Party may make payment of the amounts that are allocable to such Party as a result of the cost allocation in accordance with Section 3.1 hereof, regardless of whether an invoice pursuant to Section 4.3 hereof has been issued with respect to such amounts.
Settlement Payments. Subject to Section 3.8(c) of this Schedule "C", all losses, costs, expenses, claims or damages, including legal fees and disbursements, net of any insurance proceeds, incurred and paid by the Operator in settlement of any loss, cost, expense, claim, damage, judgment or similar matter (including a payment made, or an action taken, by the Operator as a result of an action of a governmental agency) shall constitute an Expenditure made by the Operator under the applicable Program. In addition, the non-Operator, in proportion to its Joint Venture Interest calculated on the date that the initial liability was incurred which gives rise to this indemnification obligation, shall indemnify and hold harmless the Operator for any loss, cost, expense, claim or damage, including legal fees and disbursements, suffered or incurred by the Operator in respect of a third party claim (including an action of a governmental agency which results in a payment made, or an action taken, by the Operator), except to the extent that such claim arose from the gross negligence or willful misconduct of the Operator.
Settlement Payments. 3.1 In satisfaction of all claims for civil penalties and attorneys’ fees and costs related to the Notices, Company shall pay a total settlement amount of $95,500 (the “Settlement Amount”) within 10 days of the Effective Date by wire transfer to HLF’s counsel escrow account, for which HLF’s counsel will give Company the necessary account information no later than two days after the Effective Date. HLF shall be solely responsible for allocating the Settlement Amount pursuant to Section 3. Upon request, HLF or its legal counsel shall supply the Company with a completed W-9 form. The Settlement Amount shall be allocated as follows:
Settlement Payments. A. Each Participating Class Member will receive a pro-rata portion of the Net Settlement Amount. The “Net Settlement Amount” is the Settlement Amount (plus any accrued interest thereon) reduced by any sums awarded by the Court for attorneys’ fees, litigation expenses, service payments, and all expenses of settlement administration (including expenses previously incurred and the Settlement Administrator’s good faith estimate of future expenses to be incurred). The pro-rata share of each Participating Class Member shall be computed by dividing the Net Settlement Amount by the number of Participating Class Members. There will be no cap on the settlement payment that a Class Member may receive.
B. As soon as practicable after the Effective Date, the Settlement Administrator will mail to each Participating Class Member a check representing that person’s settlement payment. The Settlement Administrator will indicate on the check stub that the Participating Class Member should consult his or her tax advisor regarding the tax consequences of the settlement payment. In the event any check is returned to the Settlement Administrator as undeliverable, the Settlement Administrator will attempt to contact the Participating Class Member by telephone or perform a skip trace to attempt to locate a current address and re-mail the check. Any check that is not cashed within one hundred and twenty (120) days of its mailing by the Settlement Administrator will be void. Any portion of the Settlement Amount, including any accrued interest, that remains unpaid at the end of one hundred and forty-five (145) days will be paid to a cy pres recipient mutually proposed by the Parties and approved by the Court, unless the Court orders otherwise.
Settlement Payments. Subject to the terms and conditions contained in this Restated Agreement, APS will make settlement payments as specified below (“Settlement Payments”):
Settlement Payments. Borrower fails to make any payment of any settlement amounts, costs, fees and expenses incurred in connection with the dismissal or settling of any appeals of the Order (including, without limitation, the Hargreaves Appeal).
Settlement Payments a. The Trust will return Three Million (3,000,000) shares of Releasor’s common stock to Releasor. Upon execution of this Agreement, the Trust will return the certificate representing the Equity Consideration to Releasor’s transfer agent, VStock Transfer, with instructions to transfer Three Million (3,000,000) shares to Releasor and return a new certificate to the Trust for the balance of Three Million (3,000,000) shares of Releasor’s common stock.
b. The time period under which Royalty Consideration is payable to the Trust by Releasor under the SPA is reduced from seven (7) years to five (5) years.
c. Releasor will issue a warrant in the form of Exhibit A to the Trust.