Common use of Termination and Distribution Clause in Contracts

Termination and Distribution. 244 This Agreement may be terminated at any time with written consent of three-fourths of the Parties; 245 provided, however, that this Agreement and the Authority shall exist for the purpose of disposing of all 246 claims, distribution of assets and any other functions necessary to wind up the affairs of the Authority. 247 The Board shall be vested with all the powers of the Authority for the purposes of winding down and 248 dissolving the business affairs of the Authority, including the power to assess past and present Parties in 249 accordance with Coverage Program Documents. 250 251 In accordance with Government Code Section 6512, all assets of the Authority shall be distributed 252 among those who were Parties within ten years of termination, in proportion to the Parties’ 253 Contributions. The Board shall determine when claims and liabilities are sufficiently realized as to not 254 jeopardize the payment of any claim or liability that may arise in the future. 255

Termination and Distribution. 244 245 This Agreement may be terminated at any time with written consent of three-fourths three‐fourths of the Parties; 245 246 provided, however, that this Agreement and the Authority shall exist for the purpose of disposing of all 246 247 claims, distribution of assets and any other functions necessary to wind up the affairs of the Authority. 247 248 The Board shall be vested with all the powers of the Authority for the purposes of winding down and 248 249 dissolving the business affairs of the Authority, including the power to assess past and present Parties in 249 250 accordance with Coverage Program Documents. 250 251 252 In accordance with Government Code Section 6512, all assets of the Authority shall be distributed 252 253 among those who were Parties within ten years of termination, in proportion to the Parties’ 253 254 Contributions. The Board shall determine when claims and liabilities are sufficiently realized as to not 254 255 jeopardize the payment of any claim or liability that may arise in the future. 255256 257