Reversion upon Termination Clause Samples

Reversion upon Termination. Notwithstanding any Plan provision or section 1.401(a)-2 of the Income Tax Regulations, upon termination of the Plan, amounts contributed to the Plan that exceed the limitations imposed under section 415(c) of the Code, to the extent set forth in rules prescribed by the Commissioner shall revert to the Employer.

Reversion upon Termination. Upon termination of this Agreement: a. all rights and obligations granted, assigned, conveyed, or transferred under this Agreement will automatically and immediately terminate; b. all rights granted to Assignee in, to, and under the Assigned Intellectual Property will automatically and immediately revert back to Assignor; and c. the PCA shall automatically and immediately terminate. Upon termination of this Agreement, Assignee agrees to, and irrevocably does, assign, transfer, convey, deliver, and set over to Assignor, and its successors, assigns, and other legal representatives, all of Assignee’s right, title, and interest in, to, and under the Assigned Intellectual Property. Upon termination of this Agreement, Assignee agrees to assist Assignor in the preparation and execution of all documents necessary to perfect ownership transfer of the Assigned Intellectual Property from Assignee to Assignor, including execution of the Confirmatory Intellectual Property Assignment attached as Appendix 5.

Reversion upon Termination. Upon termination of the Term Assignment as set forth herein, the Leasehold Interests not included to a Governmental Proration Unit will revert to Next Bridge. Participant shall warrant the interest to revert to Next Bridge per the terms of the Term Assignment to be free and clear of all liens, claims, clouds, and encumbrances caused, suffered or created by, through or under Participant, except those created in the ordinary course of business and routinely expected and accepted in the oil and gas industry generally.

Reversion upon Termination. In the event the School ceases operation or is dissolved or this Agreement is not renewed or is otherwise terminated, any public unencumbered funds of the School shall revert to the Sponsor. In that event, all of the School’s property and improvements, furnishings and equipment purchased with public funds shall be peacefully delivered to the Sponsor and automatically revert to full ownership by the Sponsor. If the School’s accounting records fail to clearly establish whether a particular asset was purchased with public funds or non-public funds, ownership of the asset will revert to the Sponsor. Any assets existing at the time of termination or non-renewal of this Agreement School Agreement which have been funded by both public funds and funds from other sources shall be equitably divided between the parties. Any disputes concerning such equitable division of assets shall be addressed through the dispute resolution provisions available through s. 1002.33,

Reversion upon Termination described in §1002.33(21)(a), F.S. for administrative costs. The Sponsor shall provide certain administrative and educational services to the School at no additional fee. These services shall include contract management services, FTE and data reporting, exceptional student education administration to the extent it is legally responsible for providing LEA services, test administration, processing of teacher certificate data and information services. A total administrative fee for the provision of such services shall be calculated based upon five (5) percent of the available funds defined in §1002.33 (17)(b), F.S. for all students. However, the Sponsor may only withhold five (5) percent enrollment fee for up to and including five hundred (500) students. If the school’s population reaches a population of five hundred one (501) or more students, the difference between the total administrative fee calculation and the amount of the administrative fee withheld may only be used for capital outlay purposes specified in §1013.62(2), F.S. The School shall utilize the standard state codification of accounts as contained in the Financial and Program Cost Accounting and Reporting for Florida Schools (Red Book) as a means of codifying all transactions pertaining to its operations. Federal, state, and local funds shall be maintained according to existing mandates and practices; i.e. separate funds and bank accounts for federal, state, and local funds as required under applicable statutes. Pursuant to §1002.33(8)(e) if the Charter is not renewed or terminated, the School shall be dissolved under the provisions of law under which the School was organized, and any unencumbered public funds, except for capital outlay funds, from the School shall revert to the Sponsor. Capital outlay funds provided pursuant to §1013.62, F.S. and federal charter school program grant funds that are unencumbered shall revert to the department to be redistributed among all eligible charter schools. In the event the School is dissolved or is otherwise terminated, all Sponsor property and improvements, furnishings, and equipment purchased with public funds shall automatically revert to full ownership by the Sponsor, subject to complete satisfaction of any lawful liens or encumbrances. Any unencumbered public education funds from the School, Sponsor property and improvements, furnishings, and equipment purchased with public funds, or financial or other records pertaining to the School, in the possess...

Reversion upon Termination. Upon termination of this Agreement for any reason, or upon Client's failure either to provide payroll data as required herein or to timely pay as required herein, all of BBSI obligations set forth herein (including the payment of wages and the provision of benefits) will revert to Client retroactive to the last date on which BBSI was paid in full for BBSI’s Services.