Reversion of Assets definition

Reversion of Assets. Upon expiration of this agreement, pursuant to 24CFR 570.503 (b)(7), the Contractor shall transfer to the City of Pittsburgh any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of CDBG funds. Such transfer shall occur within thirty (30) days of termination. AGENCY shall give a check made payable to Treasurer, City of Pittsburgh to the City of Pittsburgh. At the expiration of this agreement, pursuant to 24 CFR 570-503 (b)(7), any real property in the Contractors control that was acquired or improved in whole or part with CITY CDBG funds in excess of $25,000.00 must either:
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Examples of Reversion of Assets in a sentence

  • This Agreement shall govern such elements as PI, Reversion of Assets, Records, Reports and Asset Management.

  • For Community Development Block Grant-funded projects, the Subrecipient shall comply with the Reversion of Assets provision of 24 CFR 570.503 (b)(7).

  • Any program income in possession of Subrecipient that has not been returned to County when this Agreement expires or is terminated or is received by Subrecipient after this Agreement expires or is terminated, shall be transferred or paid to County in accordance with the provisions of Paragraph 19, entitled Reversion of Assets.

  • Up to 180 (one hundred and eighty) days after the advent of the termination of the concession, an inspection will be performed in the assets that make it up and a Term of Return and Reversion of Assets will be prepared, with a detailed indication of the state of conservation of same, being an option the follow-up by a representative (or more) from the Concessionaire.

  • The rights and obligations of this Section 9.6 (Use and Reversion of Assets) shall survive the termination or expiration of this Agreement.

  • To the extent Subrecipient is authorized by CCG to acquire or improve real property or equipment with such funds, the requirements of this Section 8.6 (Use and Reversion of Assets) shall apply.

  • Reversions of Assets: CONTRACTOR shall comply with the Reversion of Assets provision of 24 CFR 570.503 (b)(7).

  • Any program income, repayments, or recaptured funds Developer has on hand when this Agreement expires or is terminated, or that are received by Developer after this Agreement expires or is terminated, shall be transferred or paid to the County in accordance with the provisions of the paragraph Reversion of Assets.

  • Comply with the Reversion of Assets provision of 24 CFR 570.503 (b)(7).

  • During the devolution event, the CONCESSIONAIRE and the GRANTOR shall sign the corresponding Certificates of Reversion of Assets.

Related to Reversion of Assets

  • Permitted Asset Sale means any Asset Sale that is permitted under Section 6.8.

  • Permitted Business Investments means Investments by the Company or any of its Restricted Subsidiaries in any Unrestricted Subsidiary of the Company or in any Joint Venture, provided that:

  • Consolidation means, with respect to any Person, the consolidation of the accounts of such Person and each of its Subsidiaries if and to the extent the accounts of such Person and each of its Subsidiaries would normally be consolidated with those of such Person, all in accordance with GAAP. The term “Consolidated” shall have a similar meaning.

  • Permitted Business Investment means any Investment made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business including investments or expenditures for actively exploiting, exploring for, acquiring, developing, producing, processing, gathering, marketing or transporting oil, natural gas or other Hydrocarbons and minerals through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties including:

  • Permitted Assets means any and all properties or assets that are used or useful in a Permitted Business (including Capital Stock in a Person that is a Restricted Subsidiary and Capital Stock in a Person whose primary business is a Permitted Business that shall become a Restricted Subsidiary immediately upon the acquisition of such Capital Stock by the Issuer or by a Restricted Subsidiary, but excluding any other securities).