Termination and Distribution Clause Samples
The 'Termination and Distribution' clause defines the procedures and consequences that apply when an agreement is ended before its natural expiration. It typically outlines how assets, funds, or intellectual property are to be distributed among the parties upon termination, and may specify timelines, responsibilities, and any conditions that must be met. This clause ensures that all parties understand their rights and obligations if the contract is terminated, thereby reducing disputes and providing a clear roadmap for winding down the relationship.
Termination and Distribution. 14.3.1 This Agreement shall continue until terminated. However, it may not be terminated until such time as (1) DWR has accepted the Conveyance Project in accordance with Joint Exercise of Powers Agreement between the Department of Water Resources, State of California and the Construction Authority and (2) DWR has taken over all activities related to the design and construction of the Conveyance Project, and all principal of and interest on any liabilities or other forms of indebtedness of the Construction Authority are paid in full. Thereafter, this Agreement may be terminated by the written consent of 80% of the then current Members; provided, however, that this Agreement and the Construction Authority continue to exist after termination for the purpose of disposing of all claims, distribution of assets and all other functions necessary to conclude the obligations and affairs of the Construction Authority.
14.3.2 After completion of the Construction Authority’s purposes, all assets and any surplus money on deposit in any fund or account of the Construction Authority will be distributed in accordance with the Board’s direction. The Board is vested with all powers of the Delta Conveyance Design and Construction Joint Powers Authority.
Termination and Distribution. In the event this Trust or any Benefit Plan is terminated or partially terminated, the Trustees are authorized and empowered to dispose of the Trust assets attributable to the terminated Benefit Plan (or portion thereof) in accordance with the purposes specified in Article V, Section 10, paragraphs (a) and (b) of this Trust Agreement, and none other, and upon the disbursement of the entire Trust Fund, this Trust shall terminate.
Termination and Distribution. 244 This Agreement may be terminated at any time with written consent of three-fourths of the Parties; 245 provided, however, that this Agreement and the Authority shall exist for the purpose of disposing of all 246 claims, distribution of assets and any other functions necessary to wind up the affairs of the Authority. 247 The Board shall be vested with all the powers of the Authority for the purposes of winding down and 248 dissolving the business affairs of the Authority, including the power to assess past and present Parties in 249 accordance with Coverage Program Documents. 250 251 In accordance with Government Code Section 6512, all assets of the Authority shall be distributed 252 among those who were Parties within ten years of termination, in proportion to the Parties’ 253 Contributions. The Board shall determine when claims and liabilities are sufficiently realized as to not 254 jeopardize the payment of any claim or liability that may arise in the future. 255
Termination and Distribution. In the event that the obligation of all the Employers to make contributions shall terminate, the Trustees shall apply the Trust Fund to the purposes specified in Article V, Section 10, paragraphs (a) and (b) of this Trust Agreement, and none other, and upon the disbursement of the entire Trust Fund, this Trust shall terminate.
Termination and Distribution a. This Agreement continues until terminated by the written consent of a simple majority of the full Board; provided that:
(1) this Agreement cannot be terminated until such time as all principal of and interest on any bonds and other forms of indebtedness that the RCEA may issue are paid in full; and
(2) this Agreement and the RCEA continue to exist following termination for the purpose of disposing of all claims, distributing assets, and all other functions necessary to conclude the obligations and affairs of the RCEA.
b. After completion of the RCEA’s purposes, any surplus money on deposit in any fund or account of the RCEA will be disposed of as required by law. The Board is vested with all powers of the RCEA for the purpose of concluding and dissolving its business affairs.
Termination and Distribution. This Agreement may be terminated at any time with written consent of three‐fourths of the Parties; provided, however, that this Agreement and the Authority shall exist for the purpose of disposing of all claims, distribution of assets and any other functions necessary to wind up the affairs of the Authority. The Board shall be vested with all the powers of the Authority for the purposes of winding down and dissolving the business affairs of the Authority, including the power to assess past and present Parties in accordance with Coverage Program Documents. In accordance with Government Code Section 6512, all assets of the Authority shall be distributed among those who were Parties within ten years of termination, in proportion to the Parties’ Contributions. The Board shall determine when claims and liabilities are sufficiently realized as to not jeopardize the payment of any claim or liability that may arise in the future.
Termination and Distribution. (a) This Agreement continues until terminated. However, it cannot be terminated until such time as all principal of and interest on bonds and other forms of indebtedness issued by ABAG POWER are paid in full. Thereafter, this Agreement may be terminated by the written consent of two-thirds (2/3) of the Members; provided, however, that this Agreement and ABAG POWER continue to exist after termination for the purpose of disposing of all claims, distribution or assets and all other functions necessary to conclude the obligations and affairs of ABAG POWER.
(b) After completion of ABAG POWER’s purposes, any surplus money on deposit in any fund or account of ABAG POWER will be returned as required by law. The Board is vested with all powers of ABAG POWER for the purpose of concluding and dissolving the business affairs of ABAG POWER.
Termination and Distribution. A. This Agreement shall continue in full force and effect until terminated. Termination of this Agreement shall also constitute the termination of all Programs. This Agreement may be terminated at any time by the vote of three-fourths of the Members; provided, however, that this Agreement and ▇▇▇▇ shall continue to exist for the purpose of disposing of all claims and paying its obligations for employees’ health and pension benefits, before the distribution of assets, and any other functions necessary to wind up the affairs of ▇▇▇▇.
B. Upon termination of this Agreement, all assets of each Program of ▇▇▇▇ shall be distributed among the Members which participated in such Programs, in accordance with the retrospective premium adjustment process in effect during the term of this Agreement. Such distributions shall be determined within six [6] months after the disposal of the last pending claim or other liability covered by all Programs of the Authority. The Board may in its sole discretion determine that earlier distributions are appropriate as to Programs for which there remains no claim or liability.
C. Following the termination of this Agreement, any Member which was a participant in any Program of ▇▇▇▇ shall pay any additional amount of premium, determined by the Board or its designee in accordance with a retrospective premium adjustment, which may be necessary to enable final disposition of all claims arising from losses under that Program during the Member’s period of participation.
D. The Board is vested with all powers of ▇▇▇▇ for the purpose of concluding and dissolving the business affairs of ▇▇▇▇. The Board may designate legal counsel and any committee or person to carry out a plan of dissolution adopted by the Board.
Termination and Distribution. This trust shall terminate upon the (1) the death of Primary Beneficiary with no surviving blood issue or (2) the death of all surviving blood issue of Primary Beneficiary after the death of Primary Beneficiary whether born before or after the death of Primary Beneficiary, or (3) the expiration of the term of eighteen (18) years from the death of Primary Beneficiary, whichever of said three events shall first occur. Upon termination of this trust, the Trustees shall transfer and deliver the corpus and all undistributed income then constituting the trust estate, discharged of this trust, as follows:
a. If any blood issue of Primary Beneficiary is living at the time of said termination, then in equal shares to such of Primary Beneficiary's natural children as shall then be living and to the blood issue per stirpes of such of Primary Beneficiary's natural children as shall be dead with blood issue then living--such blood issue representing its parent.
b. If no blood issue of Primary Beneficiary shall be living at the time of said termination, then to ▇▇▇▇▇▇ ▇▇▇▇▇ HOLDING, the child of ▇▇▇▇▇ ▇. HOLDING, if she shall then be living, or to her blood issue per stirpes if she shall be dead with blood issue then living; provided, however, in the event that certain Irrevocable Trust Agreement executed by Grantor of even date herewith for the primary benefit of said ▇▇▇▇▇▇ ▇▇▇▇▇ HOLDING and her blood issue (said trust being hereinafter referred to as "▇▇▇▇▇ ▇. Holding Sibling - Trust") is still in existence at the time of said termination, then any share otherwise payable to said ▇▇▇▇▇▇ ▇▇▇▇▇ HOLDING or her blood issue per stirpes shall instead be transferred and delivered to the Trustees of the said ▇▇▇▇▇ ▇. Holding - Sibling Trust created for the primary benefit of said
c. If no blood issue of Primary Beneficiary is living at the time of said termination, and if none of the above-named children of ▇▇▇▇▇ ▇. HOLDING or their blood issue is living at the time of said termination, and if none of the ▇▇▇▇▇ ▇. Holding - Sibling Trusts is in existence at the time of said termination, then the Trustees shall apportion said trust estate in equal shares so that there is one such equal share apportioned for the below-named children of ▇▇▇▇▇ ▇. HOLDING and their blood issue and one such equal share for the below-named children of ▇▇▇▇▇▇ ▇. HOLDING, JR. and their blood issue (or if but one of the aforesaid named individuals have any of the above-named children or blood issue of...
Termination and Distribution. This Agreement may be terminated by the written consent of two-thirds of the Member