Disposition of Funds Upon Termination. Upon termination of any program of the Authority, the Authority shall retain in a liquidation fund such sums up to the entire amount held by the Authority for the benefit of the Participants in such program as the Board deems sufficient to pay the remaining obligations of the program. In the alternative, the Authority may insure or reinsure all outstanding liabilities of Participants in such program. Any funds remaining after termination of a program of the Authority, after adequate provision for all liabilities and claims thereunder, shall be distributed to the then-current Participants in the same proportion as each Participant’s total contributions paid by that Participant, reduced by the amount of losses and allocated claims expenses paid on behalf of that Participant, bear to all contributions paid by all Participants, reduced by the total losses and allocated claims expenses paid on behalf of all Participants from the inception of that program to its termination. If the Authority insures or reinsures all outstanding liabilities of Participants, any funds remaining in excess of amounts necessary to pay the cost of such insurance or reinsurance shall be distributed to Participants in accordance with this Section, not later than twelve (12) months after payment of the final insurance or reinsurance premium. If the Authority elects to liquidate the liabilities by means of a liquidation fund, any excess funds shall be distributed not later than twenty-five
Disposition of Funds Upon Termination. Upon termination of this Contract any unexpended balance of Contract funds will remain with the County. If termination occurs for cause, the Contractor shall immediately and without notice of presentment return to the County all funds that were expended in violation of the terms of this Contract.
Disposition of Funds Upon Termination. Upon termination of a Group Self-Insurance Program or any other program of BETARMA, BETARMA shall retain in a liquidation Fund such sums up to the entire amount held by BETARMA for the benefit of the Members in such program as the BETA Council deems sufficient to pay the remaining obligations of the Group Self-Insurance Program or other program. In the alternative, BETARMA may insure or reinsure all outstanding liabilities of Members in such program. Any Funds remaining after termination of the Group Self-Insurance Program or other program of BETARMA, after adequate provision for all liabilities and claims hereunder, shall be distributed to Members and former Members in the same proportion as each Member's (or former Member's) net contributions paid by that Member, reduced by the amount of losses and allocated claims expenses paid on behalf of that Member, bear to net contributions paid by all Members, reduced by the total losses and allocated claims expenses paid on behalf of all Members from the inception of the Group Self-Insurance Program or other program of BETARMA to its termination. If BETARMA insures or reinsures all outstanding liabilities of Members, any Funds remaining in excess of amounts necessary to pay the cost of such insurance or reinsurance shall be distributed to Members in accordance with this Section, not later than twelve (12) months after payment of the final insurance or reinsurance premium. If BETARMA elects to liquidate the liabilities by means of a liquidation Fund, any excess Funds shall be distributed not later than twenty-five (25) years following the date of termination of the Group Self-Insurance Program or any other program of BETARMA. The BETA Council shall determine such distribution within six (6) months after disposal of the last pending claim or loss covered by the program being terminated.
Disposition of Funds Upon Termination. Upon termination of this Agreement, any money in possession of the consortium after the payment of all costs, expenses and charges validly incurred under this Agreement, shall be returned to the parties in proportion to their contribution determined as of the time of termination.
Disposition of Funds Upon Termination. Upon termination of this agreement, any money in possession of the Joint Board after the payment of all costs, expenses and charges validly incurred under this agreement shall be returned to the participants in proportion to their contribution determined as of the time of termination.
Disposition of Funds Upon Termination. Upon termination of this MOA, any surplus funds for use under this MOA, after payment of all liabilities, costs, expenses and charges incurred under this MOA, will be returned to the then-existing Parties in proportion to the contributions made by each Party.
Disposition of Funds Upon Termination. Upon termination of this Agreement, any surplus funds in the possession of FWA for use under this Agreement, after payment of all liabilities, costs, expenses and charges incurred under this Agreement, will be returned to the then- existing Parties in proportion to the contributions made by each Party.
Disposition of Funds Upon Termination. 46 This instrument constitutes a Second Restatement of the Agreement and Declaration of Trust which was first entered into on or about April 9, 1985 by and between the “Original Trustor- Employers,” (as that term is defined in Article I, Section 1.32 hereof) and Local 816, International Alliance of Theatrical Stage Employees and Motion Picture Machine Operators of United States and Canada, AFL-CIO, which was thereafter amended and restated as of December 8, 1988 and last amended and restated as of January 1, 1993. This Second Restatement is entered into effective as of October , 2004 by and among Xxxxxx Xxxxxxxxx, Xxxxx Xxxx and Xxxx Xxxxxxx as Employer Trustees (as that term is defined in Article I, Section 1.19 hereof) and on behalf of the Original Trustor-Employers and Xxxxx Xxxxxx as Union Trustee (as that term is defined in Article I, Section 1.40 hereof) and Xxxxx Xxxxxxxx as Union Trustee (as that term is defined in Article I, Section 1.40 and on behalf of Local 800, I.A.T.S.E., Art Directors Guild and Scenic, Title and Graphic Artists (f/k/a Local 816, International Alliance of Theatrical Stage Employees and Motion Picture Machine Operators of United States and Canada, AFL-CIO).
Disposition of Funds Upon Termination. Upon termination of ALPHA Fund, Fiduciary shall retain in a liquidation fund such sums up to the entire amount of ALPHA Fund as the Coordinator deems sufficient to pay the remaining obligations of the program. In the alternative, Coordinator may insure or reinsure all outstanding liabilities of Participants. Any funds remaining after termination of ALPHA Fund and after adequate provision for all liabilities and claims thereunder shall be distributed to each Participant in the same proportion as the total contributions paid by the Participant, reduced by the amount of losses and allocated claims expenses paid on behalf of that Participant, bear to all contributions paid by all Participants, reduced by the total losses and allocated claims expenses paid on behalf of all Participants from the inception of ALPHA Fund to its termination. If Coordinator insures or reinsures all outstanding liabilities of Participants, any funds remaining in excess of amounts necessary to pay the cost of such insurance or reinsurance shall be distributed to Participants in accordance with this Section not later than twelve months after payment of the final insurance or reinsurance premium. If Coordinator elects to liquidate the liabilities by means of a liquidation fund, any excess funds shall be distributed not later than ten (10) years following the date of termination of ALPHA Fund.
Disposition of Funds Upon Termination. Upon the termination of the Trust herein provided, any and all monies remaining in the Fund after payment of all administrative fees and charges will be used for the continuance of one or more benefits of the type provided by the Program, for the benefit of the Employees then covered by the Program, until such monies in the Employee’s Benefit Account have been exhausted. In no event shall any funds of this Trust be used for any purpose other than as provided for in this Agreement and Declaration of Trust, nor returned to the Employer or Employee. This is an amendment to the Second Restatement of the Flex Plan. The Flex Plan is hereby amended effective as if originally included in that Second Restatement of Amended Flex Plan as follows:
