Common use of Disposition Upon Termination Clause in Contracts

Disposition Upon Termination. If the Members unanimously agree to terminate this Amended and Restated Agreement, the Commission shall wind up its affairs as follows: A. All of the Commission’s debts, liabilities and obligations and all expenses incurred in connection with the termination shall be paid first provided, however, that to the extent any debts are subject to proration based upon the Assessment Rate, such expenses shall be prorated consistent with the Assessment Rate; and B. Title to all remaining property and assets owned by the Commission shall be distributed among the Members as determined by the Member Board.