Claimant Account definition
Claimant Account means an account (i) identified as the “Claimant Account”, (ii) held at an Eligible Institution, (iii) in connection with which the Purchaser has online, read-only access, (iv) subject to an account control agreement in favor of the Purchaser and (v) for which the Seller owns any and all accrued interest on such Claimant Account.
Claimant Account means the account from which benefits shall be paid to Class Members who qualify for Claimant Benefits under this Agreement, as more fully described in Paragraph IV.A, below.
Examples of Claimant Account in a sentence
CSX shall make an initial deposit of $200,000 (two hundred thousand dollars) into the Claimant Account by the Claim Deadline, and thereafter, subject to the monetary caps specified herein, shall provide sufficient funding of the Claimant Account to assure that sufficient funds are available for Claimant Benefits by the time as needed for timely payment.
At CSX’s option, the Claimant Account shall be established as a Qualified Settlement Fund within the meaning of Section 468B of the Internal Revenue Code of 1986, as amended, and all rules and regulations thereunder.
If Administrative Costs exceed this amount, such excess costs shall be paid first from any unclaimed funds from the Claimant Account and second, from attorney’s fees.