Non-Reversion. Subject to the provisions of Paragraph K above and Sections 4(d) and 19 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:
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. 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. 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 EXECUTION COPY 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. Except as otherwise provided below, assets of the Plan will not be used for any purpose other than for the exclusive benefit of Participants and their Beneficiaries, and to pay the reasonable expenses of the Plan and Trust, to the extent not paid by an Employer, and no assets of the Trust Fund will at any time revert or be repaid to an Employer, except that:
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. No amendment will revert to any Employer any portion of the Trust Fund.
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. 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.
