Cy Pres Distribution. Any amounts remaining in the Settlement Fund after all other payments specified in this Agreement are made shall be distributed as a cy pres award. One-half of any unused or unclaimed funds shall be awarded to recipients chosen by Class Counsel subject to approval by Defendant which approval shall not be withheld unless the recipients are manifestly unreasonable or inconsistent with Rule 23. One-half of any unused or unclaimed funds shall be awarded to recipients chosen by Defendant subject to approval by Class Counsel which approval shall not be withheld unless the recipients are manifestly unreasonable or inconsistent with Rule 23. The cy pres recipients shall be a non-profit charitable organization whose goals are aligned with consumer interests and the funds shall be used for purposes of consumer credit education, counseling, advocacy, or financial literacy. The cy pres recipients shall be identified in connection with the Motion for Final Approval. The Settlement Administrator is responsible for securing from the cy pres recipients wiring instructions, as well as all other information necessary to make the cy pres distributions. The cy pres distribution shall occur not later than sixty (60) calendar days after the void date of the latest dated distribution to any Settlement Class Member.
Appears in 2 contracts
Sources: Class Settlement Agreement, Class Settlement Agreement