The Settlement Fund and Distribution Clause Samples

The Settlement Fund and Distribution. (a) Within five (5) days after entry of the Final Approval Order, Defendant shall transfer the Settlement Fund to the Settlement Administrator, less the total amount that will be credited to Class Members by Defendant, as provided in Section 9(d)(iv), below. The Settlement Fund shall be the total amount Defendant is obligated to pay under the terms of this Agreement and includes (a) Class Counsels’ fees and costs; (b) any service award payment to the Named Plaintiff; (c) costs associated with administering the notice in accordance with Section 6, above; and (d) any fees paid to the Settlement Administrator for services rendered in connection with the administration process. Defendant shall not make any additional or further contributions to the Settlement Fund, even if the total amount of all alleged APPSN Fees and Multiple NSF Fees charged to the Class Members exceeds the value of the Net Settlement Fund. (b) All funds held by the Settlement Administrator shall be deemed and considered to be in custodia legis of the Court, and shall remain subject to the jurisdiction of the Court, until distributed pursuant to this Agreement. (c) All funds held by the Settlement Administrator at any time shall be deemed to be a Qualified Settlement Fund as described in Treasury Regulation §1.468B-1, 26 C.F.R. §1. 468B-1. (d) Payments shall be made from the Settlement Fund as follows: