Common use of Uncashed Settlement Checks Clause in Contracts

Uncashed Settlement Checks. Any Individual Class Member Settlement Payment checks which are not deposited, endorsed or negotiated within one hundred eighty (180) days of their date of issuance shall be deemed residual funds (“Residual Funds”) on the hundred and eighty-first day (181) following distribution of the Net Settlement Amount by the Class Administrator. All Residual Funds shall revert to the GUC Recovery Trust and be distributed in accordance with Section 9.6 (d) and (e) of the Plan and Section 7.5 and 9.3 of the Trust Agreement.

Uncashed Settlement Checks. Any Individual Class Member Settlement Payment checks which are not deposited, endorsed endorsed, or negotiated within one hundred eighty (180) days of their date of issuance shall be deemed residual funds (“Residual Funds”) on the hundred and eighty-first day (181) following distribution of the Net Settlement Amount by the Class Administrator. All Residual Funds shall revert to the GUC Recovery Trust and be distributed in accordance with Section 9.6 (d) and (e) of the Plan and Section 7.5 and 9.3 of the Trust Agreement.