Common use of Disposition of Residual Funds Clause in Contracts

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. 15557. Within No earlier than one year plus 30 days after the date the Settlement Administrator mails the first Settlement Fund PaymentsPayment check, 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 Berkshire and subject to Court approvalapproval by the Court. The purpose of any residual cy pres distribution shall be to benefit consumer financial literacy educationeducation in western Massachusetts, and and/or 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 payments to Settlement Fund PaymentsClass Members from the Settlement Fund. 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.