Disposition of Residual Funds Sample Clauses

Disposition of Residual Funds. 78. Within one year after the date the Settlement Administrator mails the first Settlement Class Member Payment, any remaining amounts resulting from uncashed checks shall be distributed to an appropriate cy pres recipient agreed to by the Parties and approved by the Court.

Disposition of Residual Funds. 155. Within one year plus 30 days after the date the Settlement Administrator mails the first Settlement Fund Payments, any funds remaining in the Settlement Fund shall, subject to the Court’s approval, be distributed through a residual cy pres program. The residual cy pres recipient(s) shall be agreed upon by Settlement Class Counsel and TD Bank and subject to Court approval. The purpose of any residual cy pres distribution shall be to benefit consumer financial literacy education, and to educate and assist consumers with financial services issues through advisory and related services (excluding litigation). Any residual cy pres distribution shall be paid as soon as reasonably possible following the completion of distribution of Settlement Fund Payments. All costs associated with the disposition of residual cy pres funds shall be paid by the Settlement Fund. In the event no money remains in the Settlement Fund within one year plus 30 days after the first Settlement Fund Payment is mailed, the Parties shall have no obligation whatsoever to make any residual cy pres distribution. If the Court does not approve any cy pres distributions, or if any such approval is reversed on appeal, residual funds shall be distributed in the manner provided by the final order addressing distribution of residual funds.

Disposition of Residual Funds. 74. Within one year after the date the Settlement Administrator mails the first Settlement Class Member Payment, any remaining amounts resulting from uncashed checks shall either be distributed: (a) in a second round of distribution to those Settlement Class Members who are Current Account Holders or who cashed their initial settlement check, if Class Counsel determines that a second distribution is economically reasonable, given the costs of a second distribution (which must be paid out of the Settlement Fund) and the relative amount of such a second distribution; or (b) to an appropriate cy pres recipient agreed to by the Parties and approved by the Court. If a second distribution is made, any amounts remaining unclaimed six months after the second distribution shall be distributed to an appropriate cy pres recipient agreed to by the Parties and approved by the Court.

Disposition of Residual Funds. 101. In the event that there is any residual in the Settlement Fund Account after the distributions required by Sections XIII of this Agreement are completed, then the residual funds may be distributed to Participating Settlement Class Members who deposited (or cashed) their own original check through a secondary, pro-rata distribution of the residual less the cost of the secondary distribution.

Disposition of Residual Funds. 104. Within one year after the date the Settlement Administrator mails the first Settlement Fund Payments, any funds remaining in the Settlement Fund shall be distributed as follows: a. First, any residual funds shall be paid to BancorpSouth to reimburse it for the actual fees, costs, and expenses it incurred and paid to the Notice Administrator and Settlement Administrator in connection with the Settlement; b. Second, any residual funds remaining after distribution pursuant to paragraph 104(a) above shall be distributed on a pro rata basis to participating Settlement Class Members who received Settlement Fund Payments pursuant to Section XII of the Agreement, to the extent feasible and practical in light of the costs of administering such subsequent payments unless the amounts involved are too small to make individual distributions economically viable or other specific reasons exist that would make such further distributions impossible or unfair; c. Third, in the event the costs of preparing, transmitting and administering such subsequent payments pursuant to subparagraph (b) above are not feasible and practical to make individual distributions economically viable or other specific reasons exist that would make such further distributions impossible or unfair, Settlement Class Counsel and BancorpSouth shall file recommendations with the Court for distribution of the residual funds consistent with the American Law Institute, Principles of Aggregate Litigation § 3.07(c), together with supporting materials. The Court shall have the discretion to approve, deny, amend or modify, in whole or in part, the proposed recommendations for distribution of the residual funds in a manner consistent with the American Law Institute, Principles of Aggregate Litigation § 3.07(c). The Parties agree that any residual funds shall not be used for any litigation purpose or to disparage any Party. The Parties further agree that the Court’s approval, denial, amendment or modification, in whole or in part, of the recommendations for distribution of the residual funds pursuant to this paragraph shall not constitute grounds for termination of the Settlement pursuant to paragraph 113 of the Agreement; and d. All costs associated with the disposition of residual funds – whether through additional distributions to Settlement Class Members and/or through an alternative plan approved by the Court – shall be borne solely by the Settlement Fund. Under no circumstances shall BancorpSouth have...

Disposition of Residual Funds. 105. Within one year after the date that the Settlement Administrator mails the first Class Member Award, any funds remaining in the Settlement Fund Account (“Residual Funds”) shall be distributed as follows: a. To the extent feasible and practical in light of the costs of administering such subsequent payments (all such costs to prepare and transmit such additional payments to be paid from the Residual Funds), and subject to agreement by Settlement Class Counsel and Chase, the Residual Funds may be distributed to Settlement Class Members who cashed their Settlement checks on a pro rata basis; or b. If an additional distribution is not feasible and practical, or if an additional distribution is made pursuant to Section XV above and there are funds remaining in the Settlement Fund Account following such additional distribution, the remaining Residual Funds shall be distributed through a residual cy pres program. The residual cy pres recipients shall be nonprofit organizations providing services related to housing, to be agreed upon by the Parties, who shall then be identified in the Long Form Notice and proposed Final Approval Order. Any residual cy pres distribution shall be paid as soon as reasonably possible following the completion of distribution of Class Member Awards and any additional distribution to Settlement Class Members. c. If Settlement Class Counsel and Chase are unable to agree on a distribution plan for the Residual Funds, they shall bring the matter, together with supporting materials and argument, to the Court for determination. d. The Settlement Fund Account shall pay all costs associated with the disposition of Residual Funds, whether through an additional distribution to Settlement Class Members or through a residual cy pres program.

Disposition of Residual Funds. (a) Within one (1) year after the date the Settlement Administrator first mails the Settlement Class Member Payments, any remaining amounts resulting from uncashed checks or returned checks (“Residual Funds”) shall be distributed as follows: (i) First, the amount of the Net Settlement Fund attributable to uncashed checks or returned checks sent by the Settlement Administrator shall be held by the Settlement Administrator for one (1) year from the date that the check was first mailed by the Settlement Administrator. During this time, the Settlement Administrator shall make reasonable effort to locate intended recipients of Settlement Class Member Payments whose checks were returned to effectuate delivery of such checks. The Settlement Administrator shall make only one (1) such additional attempt to identify updated addresses and re-mail or re-issue a check to those for whom an updated address was obtained. (ii) Second, any Residual Funds remaining after distribution shall be to an appropriate cy pres recipient, in accordance with Section 12 below. (iii) All costs of any subsequent distribution will come from the Residual Funds. (b) Except in the event that the Final Approval Order is not entered by the Court, no portion of the Settlement Fund shall revert to Defendant.

Disposition of Residual Funds. In the event there are funds remaining in the Settlement Fund 20 days following the 180-day period for Settlement Class Members to select the form of electronic payment, following payment of Settlement Class Member Payments, any residual shall be distributed to an appropriate mutually agreeable cy pres recipient approved by the Court. The Parties agree to propose the Consumer Federation of America as the cy pres recipient.

Disposition of Residual Funds. 83. Within 1 year after the date the Settlement Administrator mails the first Settlement Class Member Payment, any remaining amounts resulting from uncashed checks (“Residual Funds”) shall be distributed as follows: a. Any Residual Funds remaining after distribution shall be distributed on a pro rata basis to participating Settlement Class Members who received Settlement Class Member Payments, to the extent feasible and practical in light of the costs of administering such subsequent payments unless the amounts involved are too small to make individual distributions economically viable or other specific reasons exist that would make such further distributions impossible or unfair. b. In the event the costs of preparing, transmitting and administering such subsequent payments pursuant to this Section are not feasible and practical to make individual distributions economically viable or other specific reasons exist that would make such further distributions impossible or unfair, Class Counsel and Navy Federal shall seek the Court’s approval to distribute the Residual Funds to a cy pres recipient or recipients. The Parties shall propose as a cy pres recipient or recipients an entity or entities that work to promote financial literacy, including for members of the military or veterans. c. All costs of any second distribution, including Navy Federal’s internal costs of crediting Settlement Class Member Accounts, will come from the Residual Funds, and Navy Federal is not required to pay those costs as Settlement Administration Costs.

Disposition of Residual Funds. 83. Within 1 year after the date the Settlement Administrator mails the first Settlement Class Member Payment, any remaining amounts resulting from uncashed checks (“Residual Funds”) shall be distributed as follows: a. First, any Residual Funds shall be payable to Navy Federal for the amount that it paid in connection with Settlement Administration Costs. b. Second, any Residual Funds remaining after distribution shall be distributed on a pro rata basis to participating Settlement Class Members who received Settlement Class Member Payments, to the extent feasible and practical in light of the costs of administering such subsequent payments unless the amounts involved are too small to make individual distributions economically viable or other specific reasons exist that would make such further distributions impossible or unfair. c. Third, in the event the costs of preparing, transmitting and administering such subsequent payments pursuant to this Section are not feasible and practical to make individual distributions economically viable or other specific reasons exist that would make such further distributions impossible or unfair, Class Counsel and Navy Federal shall seek the Court’s approval to distribute the Residual Funds to a cy pres recipient or recipients. The Parties shall propose as a cy pres recipient or recipients an entity or entities that work to promote financial literacy, including for members of the military or veterans.. d. All costs of any second distribution, including Navy Federal’s internal costs of crediting Settlement Class Member Accounts, will come from the Residual Funds, and Navy Federal is not required to pay these costs as Settlement Administration Costs.