Common use of Disposition of Assets upon Termination or Expiration of this Agreement or Cessation of Friends Operations Clause in Contracts

Disposition of Assets upon Termination or Expiration of this Agreement or Cessation of Friends Operations. Upon the termination or expiration of this Agreement or cessation of the operations of the Friends organization for any reason, those funds held for Service projects and activities, including all interest and earnings and all in-kind contributions, will be transferred to the Service or to a third-party the Service agrees to and (under such terms and conditions as the Service deems acceptable and consistent with Federal and State law) for use consistent with the purposes for which the donations were made. Nothing in this Agreement shall prevent Friends from satisfying allowable outstanding obligations reasonably incurred in association with this Agreement prior to the termination or expiration of the Agreement, with the funds described herein. Any personal property belonging to the Friends remains property of the Friends. Any Service property or resources held by Friends should be returned to the Service.

Disposition of Assets upon Termination or Expiration of this Agreement or Cessation of Friends Operations. Upon the termination or expiration of this Agreement agreement or cessation of the operations of the Friends organization for any reason, those funds held for Service projects and activitiesthe benefit of the Service, including all interest and earnings and all in-kind contributions, will be transferred to the Service or to a third-party the Service agrees to and deems acceptable (under such terms and conditions as the Service deems acceptable and consistent with Federal and State lawacceptable) for use consistent with the purposes for which the donations were made. Nothing in this Agreement shall prevent document prevents Friends from satisfying allowable outstanding obligations reasonably incurred in association with this Agreement agreement prior to the termination or expiration of the Agreement, with the funds described herein. Any personal property belonging to the Friends remains property of the Friends. Any Service property or resources held by Friends should be returned to the Serviceagreement.