Common use of Residue Clause in Contracts

Residue. 5.4.1. Within one year plus 30 days after the date the Settlement Administrator distributes the first Settlement Fund Payments, any funds remaining in the Settlement Fund shall be redistributed on a pro rata basis to Settlement Class Members who previously received payment, to the extent feasible and practical in light of the costs of administering such subsequent payments, unless the amounts involved are too small to make individual distributions economically viable or other specific reasons exist that would make such further distributions impossible or unfair. 5.4.2. If the Settlement Administrator determines that any residue of the Settlement Fund cannot be distributed on a pro rata basis to Class Members who submitted a claim, the Court may determine an appropriate alternative plan for distribution of the residue. 5.4.3. All costs associated with the disposition of residual funds – whether through additional distributions to Settlement Class Members and/or through an alternative plan approved by the Court – shall be borne solely by the Settlement Fund.