Distributions on Termination Sample Clauses
The "Distributions on Termination" clause defines how assets, profits, or other distributable interests are allocated among parties when an agreement or entity is terminated. Typically, this clause outlines the order of payments, such as settling outstanding debts, returning capital contributions, and dividing any remaining assets according to predetermined shares. Its core function is to ensure a fair and orderly process for winding up affairs, minimizing disputes by clearly specifying each party’s entitlements upon termination.
Distributions on Termination. Upon the dissolution and winding-up of the Company, its assets shall be distributed in the manner prescribed in Article IX.
Distributions on Termination. In connection with a Terminating Sale or Disposition, Cash From Sales or Financings and any remaining working capital reserves shall be allocated among, and distributed to, the Partners first in proportion to, and to the extent of, their positive capital accounts after the Net Income from any Terminating Sale or Disposition has been allocated pursuant to Section 11.4.4 hereof. Distributions pursuant to this Section 11.7 shall be deemed to have been made in satisfaction of the Distributions required by Section 11.6 (in the case of non-terminating Sales or Dispositions) in the order of priority described therein.
Distributions on Termination. Upon termination of the Partnership, the Partners shall take account of all of the Partnership's Property and liabilities. Notwithstanding the foregoing provisions of this Section 6, the proceeds of liquidation of the Property, or Property distributed in kind, shall be applied and distributed in the following order:
Distributions on Termination. In the event that the Plan is completely or partially terminated, the rights of all affected, actively employed Participants to their Accrued Annual Pensions to the date of such termination shall become fully vested and nonforfeitable only to the extent funded. The assets of the Plan available to provide benefits shall be allocated among the persons who are entitled or who may become entitled to benefits under the Plan, subject to and in the manner prescribed by the applicable provisions of Title IV of ERISA. Any other provision of the Plan to the contrary notwithstanding, if there remain any assets of the Plan after all liabilities of the Plan to Participants or Former Participants and their Beneficiaries have been satisfied or provided for, such residual assets shall thereupon be distributed to the Employer subject to and in accordance with Title IV of ERISA.
Distributions on Termination. 24.01 The proceeds from a liquidation, together with assets distributed in kind, shall be applied and distributed in the following order:
(a) First, to the payment of debts and liabilities of the third-party creditors of the Partnership, in the order of priority provided by law and to the expenses of liquidation;
(b) Second, to the establishment of any reserve that the Partnership may deem reasonably necessary for any contingent or unforeseen liabilities of the Partnership or of the Partners arising out of or in connection with the Partnership. Such reserves shall be paid to a trust to be held for the purpose of disbursing such reserves in payment of any contingencies, and, at the expiration of such period as the Partnership shall deem advisable, to distribute the balance thereafter remaining in the manner provided by this Section 25;
(c) Third, to the payment of any net indemnity obligations owed Trigen by either Adwin and/or O'Brien under Section 13 of the Acquisition Agreement, subject to the requirement that any such indemnity payments be deducted from the Unreimbursed Development Costs otherwise payable to Adwin and/or O'Brien under subparagraph (d) below;
(d) Fourth, to the payment of any Unreimbursed Development Costs as set out in Exhibit A (as adjusted pursuant to subparagraph (c)), pro rata to the amounts owed to individual Partners;
(e) Fifth, to the payment of any indebtedness owed to the Partners by the Partnership, pro rata to the amounts owed to individual Partners;
(f) Any balance then remaining shall be distributed to the Partners (i) to the extent of the positive balances of their Capital Accounts (after adjustments, if any, for payments under (c) and (d) and any net indemnity payments owed Adwin and O'Brien by Trigen pursuant to Section 14 of the Acquisition Agreement, which amounts, if any, shall be deducted from Trigen's Capital Account and credited to Adwin's and O'Brien's Capital Accounts, as the case may be), as determined after taking into account all adjustments to Capital Accounts for the Partnership taxable year during which the liquidation occurs, in the proportion of such positive balances and (ii) any excess over Capital Account balances being distributed according to the Partner Percentage of each Partner, by the end of such taxable year or, if later, within ninety (90) days after the date of such liquidation. For purposes of determining Capital Accounts on liquidation, all unrealized gains, losses and accrued income and ded...
Distributions on Termination. Upon the dissolution and winding-up of ---------------------------- the Company, y its assets shall be distributed in the manner prescribed in Section 12.2 hereof.
Distributions on Termination. In connection with the "termination" of the Partnership (deemed as the Sale or Disposition of the last three Properties), Cash From Sales or Financings and any remaining working capital reserves shall be allocated among, and distributed to, the Partners first in proportion to, and to the extent of, their positive capital accounts after the Net Income from any Sale or Disposition of Partnership Property has been allocated pursuant to Paragraph 11.4 hereof. Distributions pursuant to this Paragraph 11.7 shall be deemed to have been made in satisfaction of the Distributions required by Paragraph 11.6 (in the case of nonterminating Sales or Dispositions) in the order of priority described therein.