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. 12.1 Within 120 days after the date the Settlement Administrator distributes the first Settlement Class Member Payment, any remaining amounts resulting from unclaimed funds (“Residual Funds”) shall be distributed as follows: 12.2 First, any Residual Funds after distribution shall be distributed on a pro rata basis, using the same methodology as the first distribution, to the Class Members who received and claimed 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 feasible or other specific reasons exist that would make such further distributions impossible or unfair. Should such a second distribution be made, Class Members, who claimed the first distribution, will receive a second distribution. Any second distribution checks shall be valid for 120 days. 12.3 Second, in the event that the costs of preparing, transmitting and administering such pro rata payments to Class Members are not economically feasible, or other specific reasons exist that would make such further distributions impossible or unfair, or if such a pro rata distribution is made and Residual Funds still remain, Class Counsel may seek the Court’s approval to distribute the Residual Funds to a cy pres recipient. Class Counsel shall provide thirty-days (30-days) notice to counsel for Defendant prior to any such donation being made. Defendant reserves the right to object to or otherwise challenge or oppose any motion or other request by Class Counsel for court approval to distribute Residual Funds to a cy pres recipient. 12.4 Within 30 days after the date on which checks issued from the first distribution are no longer valid, the Parties shall submit a report to the Court identifying the total amount that was actually paid to Class Members and whether the Parties request approval of a second distribution or whether instead the cy pres payment should be made. The report will also request Court-approval of the cy pres recipient(s) for any residual funds that remain following the second distribution or that should immediately be paid in the event that there will be no second distribution. 12.5 All costs of any second distribution shall come from the Residual Funds. Costs for delivery of Residual Funds to a cy pres recipient shall also come from the Residual Funds.

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 payment, following payment and/or distribution of any Settlement Class Member Benefits, any residual shall be distributed to an appropriate mutually agreeable cy pres recipient approved by the Court.

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.

Disposition of Residual Funds. The Settlement is designed to exhaust the Settlement Fund. In the event there are funds remaining from uncashed checks in the Settlement Fund within 45 days following the 180- day check negotiation period, a subsequent payment will be evenly made to all Settlement Class Members with approved claims for Cash Payments who cashed or deposited the initial payment they received, provided the average check amount is equal to or greater than $3.00. The distribution of this remaining Net Settlement Fund shall continue until the average check or digital payment in a distribution is less than $3.00, whereupon all remaining funds shall be distributed to an appropriate mutually agreeable cy pres recipient to be approved by the Court.