Automatic Reversion Clause Samples
The Automatic Reversion clause establishes that certain rights, property, or interests will automatically return to their original owner or a specified party upon the occurrence of a defined event or the expiration of a set period. For example, if a licensee fails to meet performance milestones or a lease term ends, the licensed rights or leased property would revert without the need for further action. This clause ensures a clear and efficient process for returning assets or rights, reducing the risk of disputes and providing certainty about what happens when contractual conditions are not met.
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Automatic Reversion. If, at any time, any Unrestricted Subsidiary fails to meet the requirements outlined in Clause 11.1 (Designation of Restricted Subsidiary as Unrestricted Subsidiary) for an Unrestricted Subsidiary, it will immediately cease to be an Unrestricted Subsidiary.
Automatic Reversion. Job share arrangements automatically revert back to the Master ScheduleStaffing Plan for any of the following reasons:
1. One or more of the affected nurses wants out of the arrangement.
2. One or more of the nurses vacates the nurse’s position.
3. The Hospital determines that the arrangement adversely affects patient care, or staff morale.
Automatic Reversion. This easement is subject to an automatic termination and reversion to GRANTOR when, in the opinion of GRANTOR, this easement is not used for the purposes outlined herein, and any costs or expenses arising out of the implementation of this clause shall be borne completely, wholly and entirely by GRANTEE, including attorneys' fees.
Automatic Reversion. 21 Job share arrangements automatically revert back to the Master 22 Staffing Plan for any of the following reasons:
Automatic Reversion. Upon the Expiration Date or earlier termination of this Lease, the Premises shall automatically, and without further act or conveyance on the part of Lessee or City, become the property of City, free and clear of all liens and Encumbrances and without payment therefor by City and shall be surrendered to City upon such date. Upon or at any time after the date of termination of this Lease, if requested by City, Lessee shall promptly deliver to City, without charge, a quitclaim deed to the Premises suitable for recordation and any other instrument reasonably requested by City to evidence or otherwise effect the termination of Lessee's leasehold estate hereunder and to effect such transfer or vesting of title to the Premises or any permitted Improvements or Alterations that City agrees are to remain part of the Premises pursuant to the provisions of Section 8.2 above.
Automatic Reversion. If, at any time, any Unrestricted Subsidiary fails to meet the requirements outlined in Clause 11.1 (
Automatic Reversion. Upon termination of this Agreement for any reason, all rights and licenses granted to Licensee and any Sublicensees under this Agreement shall automatically and immediately revert to Licensor, without further action by either Party, and Licensee shall have no further rights to exploit the Licensed Patents, Licensed Technology, or Licensed Products.
Automatic Reversion. If there is (a) a violation of, or default under, the requirements of Sections 2 or 3 by the Corporation or any successor thereto, (b) an Automatic Section 4 Default, (c) a default under the requirements of Section 7 by the Corporation or any successor thereto which continues for a period of 30 days or more, (d) a final determination that the Corporation’s Code Section 501(c)(3) tax exempt status has been revoked, (e) any amendment to Articles 4, 5, 6 or 10 of the Restated Articles of Incorporation of the Corporation which has not been specifically approved by the County Board, or (f) dissolution of the Corporation without a successor nonprofit corporation to carry out the terms and conditions of this Agreement, the title and ownership to the System and other property as described in Section 12 shall revert or transfer to the County automatically.