Common use of Final Calculation and Cy-Près Distribution Clause in Contracts

Final Calculation and Cy-Près Distribution. (1) If a positive balance remains in the Settlement Trust after one hundred eighty (180) days have passed from the date of distribution of the Net Settlement Amount to the Authorized Claimants, whether as a result of failure to locate any Authorized Claimants, the failure of any Class Member to make a valid claim, or as a result of any tax refunds or any distributed cheques having become stale-dated or ineligible for redemption, or otherwise, Class Counsel and the Administrator, acting reasonably, shall determine whether the remaining balance may be distributed among the Authorized Claimants to the extent reasonably possible. (2) If, in the opinion of Class Counsel and the Administrator acting reasonably, the remaining balance is sufficient to warrant further distribution, the remaining balance shall be distributed to the Authorized Claimants in accordance with the Distribution Protocol. (3) If, in the opinion of Class Counsel and the Administrator acting reasonably, the remaining balance is not sufficient to warrant further distribution to the Authorized Claimants, the remaining balance shall be distributed cy-près to Pro ▇▇▇▇ Ontario.