Non-Reversion. Subject to the provisions of Paragraph K above and Sections 4(b) and 17 of the Plan, this Trust is declared to be irrevocable, and at no time shall any part of the Trust Assets revert to the Company or be used for, or be diverted to, purposes other than for the exclusive benefit of Participants (and their Beneficiaries). However, the Company may, by notice in writing to the Trustee, direct that all or part of the Trust Assets be transferred to a successor trustee under a trust which is for the exclusive benefit of such Participants (and their Beneficiaries) and which satisfies the requirements of Section 401(a) of the Code; and thereupon the Trust Assets, or any part thereof, shall be paid over, transferred or assigned to said successor trustee, free from the Trust created hereunder; provided, however, that no part of the Trust Assets may be used to pay contributions of the Company under any other plan maintained for the benefit of its Employees.
Non-Reversion. All amounts contributed to the Plan by a Plan Sponsor are irrevocable contributions except to the extent provided below. The Plan Sponsors have no right, title, or interest in the assets of the Plan or the Trust and no portion of the Trust or the assets of the Plan or interest therein may at any time revert to or be repaid to the Plan Sponsors, except as otherwise provided below:
(a) If a Plan Sponsor or the Administrator submits an application to the Internal Revenue Service not later than the end of the remedial amendment period, as defined for the purpose of Code §401(b), for a determination that the Plan is qualified under Code §§401(a) and 401(k), and the Internal Revenue Service determines that the Plan is not so qualified (or makes some other determination, such as that the Plan is not a Church Plan or is not a multiple employer plan, that the Administrator believes makes the Plan unworkable and so notifies all Plan Sponsors in writing), and either the period for filing an action for a declaratory judgment challenging such determination expires or such an action is filed and is unsuccessful, the Plan will terminate and all Contributions (adjusted for any gains or losses) will be returned to the Plan Sponsors who made them;
(b) Upon termination of the Plan and the allocation and distribution of the funds as provided in Sections 4 and 5 hereof, any monies remaining because of an erroneous computation after the satisfaction of all fixed and contingent liabilities under the Plan may revert to the applicable Plan Sponsor; and
(c) If a contribution is made to the Plan by the Plan Sponsor by a mistake of fact, then such contribution will be returned to the Plan Sponsor (adjusted for any losses, but not for any gains unless permitted under applicable Code provisions and IRS guidance) to the extent permitted under any applicable correction program (such as to restore a situation that existed before an error) if:
Non-Reversion. It is expressly understood that in no event shall any of the corps or assets of the Pension Fund revert to the Employers or be subject to any claims of any kind or nature by the Employers, except for the return of a contribution made by mistake of fact within the time limits prescribed by law.
Non-Reversion. The Employers shall have no right, title or interest in the Contributions made by them or any of them to the Pension Fund and no part of the Pension Fund shall revert to the Employers or to any of them.
Non-Reversion. In the event that ArQule is entitled to reversion of Licensed Compound(s) under Section 7.4 either by Voluntary Reversion under Section 7.5 or Involuntary Reversion under Section 7.6, PRI shall, at its sole discretion, be entitled to cease development of such Licensed Compound(s) but maintain all rights under Section 4.1. to all such Licensed Compound(s) within a Licensed Compound Set by payment of a license fee in the following amounts: ------------ *Confidential treatment has been requested for the marked portion.
Non-Reversion. This Trust is declared to be irrevocable prior to the Termination Date, and, except as otherwise expressly provided for in this Agreement, including, without limitation, Section 8.2, at no time shall any part of the Trust Fund, other than amounts on deposit in the Reserve Fund, revert or be distributed to the Company or be used, or diverted for purposes other than for the exclusive benefit of the Participants, for the payment of taxes and, to the extent set forth herein, the Trustee. Notwithstanding the foregoing, the Company may, by written notice to the Trustee, direct that all or part of the Trust Fund be transferred to a successor trustee, appointed in accordance with Section 7 hereof, under a trust which is for the exclusive benefit of such Participants; and thereupon the Trust Fund, or any part thereof, shall be paid over, transferred or assigned to said successor trustee, free from the Trust created hereunder; provided, however, that (x) no part of the Trust Fund may be used to pay contributions under any employee benefit plan or arrangement of the Company or any of its affiliates other than the Plans and (y) amounts on deposit in the Reserve Account may not be transferred unless all of the Trust Fund is transferred to a successor and, in connection with a transfer of all of the Trust Fund, the Trustee has been paid all amounts owing to it hereunder.
Non-Reversion. None of the Gross Settlement Amount will revert to FSG. Any uncashed and cancelled settlement checks after the void date shall revert to the State of California Department of Industrial
Non-Reversion. Subject to the provisions of paragraphs 2.03, 6.01 and 6.02 of this Agreement and the corresponding sections of the Plan, the Trust is irrevocable, and at no time shall any part of the assets of the Trust revert to the Company or be used for or diverted to purposes other than to pay Trust expenses or for the exclusive benefit of Participants. However, the Company may, by notice in writing to the Trustee, direct that all or part of the Trust Assets be transferred to a successor trustee under a trust which is for the exclusive benefit of such Participants; and thereupon, the Trust Assets, or any part thereof, shall be paid over, transferred or assigned to said successor trustee, free from the Trust created hereunder; provided, however, that no part of the Trust Assets may be used to pay contributions of the Company under any other plan maintained for the benefit of the Company's employees.
Non-Reversion. In no event shall any of the assets of the Trust revert to the Employers or be subject to any claims of any kind or nature by the Employers, except for the return of an erroneous contribution within the time limits prescribed by law.
Non-Reversion. No amendment will revert to any Employer any portion of the Trust Fund.
