Common use of Cy Pres Clause in Contracts

Cy Pres. 10.5.1. The Parties recognize that there likely will be some checks issued by the Settlement Administrator that will not be delivered successfully, or that will not be cashed within one year, and therefore will become void as set forth in Paragraph 10.4.3 of this Agreement. 10.5.2. The Parties agree that the amounts remaining in the Refund Account as a result of such undelivered and uncashed checks shall be distributed to the following organizations as Cy Pres recipients at the following proportional distribution: Community Legal Aid, Inc. (forty-five (45) percent); the Transformational Prison Project (thirty-five (35) percent); and the Tufts Education Reentry Network program (“MyTern”) (twenty (20) percent). 10.5.3. The distribution of funds to the Cy Pres recipients pursuant to Paragraph 10.5.2 shall be conditioned upon the recipients using such funds only to support the organizations identified in Paragraph 10.5.2 and only for charitable purposes, and may be conditioned upon compliance with any additional terms as may be set forth by the Parties prior to such distribution that further the purpose of the Cy Pres distribution. If it becomes improper or impossible for a Cy Pres recipient to comply with these conditions, the Cy Pres recipient must inform Class Counsel and Counsel for the Commonwealth of this development and return any unspent funds to the Settlement Administrator so that the funds may be reallocated to other Cy Pres recipients. 10.5.4. If the amount of the distribution to a Cy Pres recipient exceeds the amount that can be used by the Cy Pres recipient in conformity with the conditions set forth in Paragraph 10.5.3, the Parties may reallocate such excess amounts to other Cy Pres recipients.