Disposition of School’s Assets upon Termination or Dissolution Sample Clauses

Disposition of School’s Assets upon Termination or Dissolution. Upon termination of the Charter for any reason, any assets owned by the School shall be distributed in accordance with Charter Schools Law.
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Disposition of School’s Assets upon Termination or Dissolution. Upon termination of this Contract for any reason or if the School should cease operations or otherwise dissolve, then, at the sole discretion of the District, any assets owned by the School, including tangible, intangible, and real property, remaining after paying the School’s debts and obligations and not requiring return or transfer to donors or grantors, will become the property of the District.
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Disposition of School’s Assets upon Termination or Dissolution. The School Board shall adopt a rule specifying the method to be used for disposing of real and personal property acquired by the Charter School upon the expiration or termination of the Contract or upon failure of the Charter School to continue operations or when the real or personal property is no longer needed. Any real or personal property purchased by the Charter School at any time with public funds shall be retained by the SBE, upon the occurrence of any of said events. However, if the Charter School continues operation in the geographical boundaries of the Sponsor under a new charter contract sponsored by another entity authorized under the Oklahoma Charter Schools Act to sponsor charter schools, then any personal property purchased with state or local funds by the Charter School may be retained by the Charter School for use in operation of the Charter School until termination of the new charter or failure of the Charter School to continue operations, at which time all such personal property shall be retained by the Sponsor. On or before January 1 of each year, the School Board shall provide to the Sponsor a full, detailed and complete inventory of all real and personal property that it has purchased with state or local funds. Upon termination of this Contract for any reason or if the Charter School should cease operations or otherwise dissolve, then, any assets not purchased with state or local funds that are owned by the Charter School, including tangible, intangible, and real property, remaining after paying the Charter School’s debts and obligations and not requiring return or transfer to donors or grantors, or other disposition in accordance with state law, shall be donated to another educational institution or institutions of Charter School’s choosing or remain in Charter School’s possession should Charter School enter into a charter contract with another sponsor.
Sample 1

Related to Disposition of School’s Assets upon Termination or Dissolution

  • Winding Up Affairs Upon Termination In the event that this Contract is terminated for any reason, the parties agree that the provisions of this paragraph survive termination:

  • Withdrawals upon Termination 31.4.1 Notwithstanding anything to the contrary contained in this Agreement, all amounts standing to the credit of the Escrow Account shall, upon Termination, be appropriated in the following order:

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • Dissolution Event If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

  • Actions upon Termination In the event of termination not the fault of the Contractor, the Contractor shall be paid for the services properly performed prior to termination, together with any reimbursable expenses then due, but in no event shall such compensation exceed the maximum compensation to be paid under the Contract. The Contractor agrees that this payment shall fully and adequately compensate the Contractor and all subcontractors for all profits, costs, expenses, losses, liabilities, damages, taxes, and charges of any kind whatsoever (whether foreseen or unforeseen) attributable to the termination of this Contract. Upon termination for any reason, the Contractor shall provide Seattle with the most current design documents, contract documents, writings and other product it has completed to the date of termination, along with copies of all project-related correspondence and similar items. Seattle shall have the same rights to use these materials as if termination had not occurred.

  • Action Upon Termination (a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith:

  • Procedure Upon Termination In the event of termination by Buyer or Seller, as applicable, pursuant to Section 6.1 hereof, written notice thereof shall forthwith be given to the other party and the transactions contemplated by this Agreement shall be terminated without further action by Buyer or Seller. If the transactions contemplated by this Agreement are so terminated:

  • Payments Upon Termination 4.1 The Customer shall pay the Company liquidated damages (total monthly fee as specified in the Sales and Services Agreement x remaining months in the Term) upon the occurrence of any of the following events before the expiry of the Term:

  • Events Upon Termination (a) If this Agreement is terminated, cancelled or ends for any reason, the Operator shall:

  • DISTRIBUTIONS AFTER DISSOLUTION Upon dissolution, the Company must pay its debts before distributing cash, assets, or capital to the Members or the Members’ interests. The Members agree that any distributions occurring after the dissolution of the Company will follow the process outlined in this Agreement and Section 00-00-000 of the Act.

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