Disposition of Assets Upon Termination. Upon a termination pursuant to this Article IX, the Trustee shall distribute all Assets held and deposited under this Trust Agreement, to the Grantor and shall take any and all steps necessary to transfer absolutely and unequivocally all right, title and interest in such Assets and to deliver physical custody, if applicable, in such Assets to the Grantor or as otherwise directed by the Grantor.
Disposition of Assets Upon Termination. The Association by a 2/3 vote may vote to terminate this Agreement, or termination will occur if only one member is left in the Association. If termination occurs, all surplus money and property of the Association shall be conveyed or distributed to each member in proportion to all funds provided to the Association by that member on behalf of that member during its membership. Each member shall execute any instruments of conveyance necessary to effectuate such distribution or assignment.
Disposition of Assets Upon Termination. Upon termination of this Agreement any money or assets in possession of SANDAG on behalf of SANDAG-ARJIS after the payment of all liabilities, costs, expenses and charges validly incurred under this Agreement shall be returned to the Charter Member Agencies in proportion to their contributions in the most recently completed fiscal year determined as of the time of termination. In-kind contributions made by SANDAG shall be included in this determination.
Disposition of Assets Upon Termination. Upon termination of this Agreement, any surplus money or assets in the possession of the Authority for use under this Agreement, after payment of liabilities, costs, expenses and charges incurred under this Agreement, shall be returned to the then-existing Members in proportion to the contributions made by each. Unless otherwise agreed, all other property, works, rights and interests of the Authority shall be allocated to the then- existing Members in the same manner upon termination. Notwithstanding the foregoing, at the time of termination of this Agreement, upon a vote of the Board of Directors consisting of no less than a majority of the voting shares of all then existing members of the Board to sell the property, works, rights and interests of the Authority to a public utility, governmental agency, or other entity or entities for good and adequate consideration, the Authority shall have the power to consummate such a sale and the net proceeds from the sale shall be distributed in the same manner as set forth above.
Disposition of Assets Upon Termination. Upon expiration or termination of this Agreement for any reason, District shall maintain ownership of its assets, and Foundation shall maintain ownership of its assets.
Disposition of Assets Upon Termination. Upon termination of this Agreement, any money or assets in possession of the Council after payment of all liabilities, costs, expenses and charges validly incurred pursuant to this Agreement shall be returned to the member cities and counties in proportion to their contributions determined as of the date of termination.
Disposition of Assets Upon Termination. Upon termination of this agreement, any money or assets, except real property, in possession of the agency after payment of all liabilities validly incurred under this agreement shall be returned to the City and County in the composite proportion to each of those parties' fiscal support of the agency for its then current budget year and two (2) previous budget years. All real property shall be disposed of with the proceeds being divided equally between the City and County, except real property provided solely by either the City or County in which event such real property shall remain the property of the entity which provided it. Any jointly acquired property may be disposed of prior to the termination of this agreement by the mutual written agreement of City and County. The proceeds shall be divided as provided in this paragraph. Nothing in this section shall preclude transfer of jointly owned property to the sole ownership of one or the other entity for other purposes for an agreed-upon consideration.
Disposition of Assets Upon Termination. Upon termination of this Agreement, any surplus money or assets in the possession of the Authority for use under this Agreement, after payment of liabilities, costs, expenses and charges incurred under this Agreement, will be returned to the then-existing Members in proportion to the total contributions made by each Member. The Board of Directors will first offer the properties, works, rights and interests of the Authority for sale to Members. If such sale is not consummated or only partially consummated, the Board of Directors will offer to sell the properties, works, rights and interests of the Authority to any public utility, governmental agency, or other entity or entities for good and adequate consideration. The Authority will have the power to consummate such sales and the net proceeds from the sales will be distributed among the Members in proportion to their total contributions.
Disposition of Assets Upon Termination. In the event this agreement is terminated, the Fiscal Sponsor and the Sponsored Organization shall comply with any termination conditions imposed by funding organizations. Assets held in the Account may be transferred to another nonprofit organization (“Successor”) acceptable to both parties that (i) is tax-exempt under IRC Section 501(c)(3), (ii) is not classified as a private foundation under IRC Section 509(a) and (iii) is willing and able to sponsor the Project. Such transfer shall be effected at the end of the notice period or any extension thereof, subject to the approval of any third parties that may be required. If no Successor acceptable to both parties is found within a reasonable time, the Fiscal Sponsor may dispose of the Project assets in any manner consistent with applicable tax and charitable trust laws.
Disposition of Assets Upon Termination. While this Agreement is in effect, all property and monies received by the Committee shall be held by the Committee. If this Agreement is terminated as provided for in paragraph 16, all property, both real and personal, shall be disposed of as agreed upon by the parties. All cash on hand at the termination of this agreement shall be returned to the parties in the following ratio: Belvedere: 20% Tiburon: 80%
