Settlement Fund definition
Examples of Settlement Fund in a sentence
Columbia may elect to pay more than the minimum amount for any monthly installment payment, in which case any additional amount paid over the minimum monthly payment amount will be credited to future monthly installment payments, with the understanding that Columbia remains obligated to pay a total of $1,000,000.00 to the Settlement Fund by August 1, 2024 and to pay the remaining $500,000.00 to the Settlement Fund by June 1, 2025, for an aggregate amount of $1,500,000.00 by June 1, 2025.
As is required under the national settlement agreements, any distributions to state and local governments that are not used for Approved Abatement Uses must be reported to the Settlement Fund Administrator, which information will be made publicly available.
The Settlement Fund will be paid into and held in an interest-bearing Escrow Account administered by Simpluris as the Escrow Agent and Settlement Administrator in accordance with the terms of the Settlement and as provided in the Settlement Agreement.
The Plaintiff Parties agree and acknowledge that Columbia’s payment of the Settlement Fund constitutes real and valuable consideration that will confer substantial benefit to the Settlement Class, and the Parties agree and acknowledge that the Settlement Class would not have received such benefits but for the Plaintiff Parties’ prosecution of the Action.
In addition, all expenses, fees, taxes, and other costs associated with providing notice and administering the Settlement Fund, as well as reasonable actual attorneys’ fees and costs not to exceed twenty percent of the Settlement Funds, shall be paid out of the Settlement Fund (together with any interest accrued thereon).