Common use of Distribution on Termination Clause in Contracts

Distribution on Termination. If, on the Date of Termination, any income remains in the Savings Account such income will be paid: (a) at the request of the Subscriber, as an EAP; (b) at the request of the Subscriber, as an AIP; (c) where required under the applicable Grant Legislation, as a return to the government of the income earned on a Government Grant; and/or (d) at the direction of the Foundation, as a payment to, or to a trust in favour of, a Qualifying Institution.