Common use of Disposition Upon Termination Clause in Contracts

Disposition Upon Termination. As soon as possible after termination of this Agreement, the Association shall wind up its affairs as follows: (a) All of the Association’s debts, liabilities, and obligations to its creditors and all expenses incurred in connection with the termination of the Association and distribution of its assets shall be paid first. (b) Assets that were transferred to the Association by any Party that remain with the Association at the time of termination shall be returned to that Party.