Common use of PSA's Responsibilities upon Termination, Revocation or Non- Renewal Clause in Contracts

PSA's Responsibilities upon Termination, Revocation or Non- Renewal. (d) If the Contract is terminated, revoked or not renewed, the PSA shall be solely responsible for any and all debts, loans, and obligations incurred at any time by the PSA in connection with the operation of the PSA. In the event of a termination, revocation or non-renewal, within thirty (30) days of notice of such termination, revocation or non-renewal, the Academy shall deposit into a separate Academy account (the “Academy Dissolution Account”) the sum of Ten Thousand Dollars ($10,000) per month, for total not to exceed Thirty Thousand Dollars ($30,000), to be used exclusively for the costs associated with the wind-up and dissolution responsibilities of the Academy. If the Academy has any state aid payments scheduled to be received after notice of termination, revocation or non-renewal, the Academy immediately shall provide DPSCD, in the form and manner determined by the DPSCD, with such account detail information and authorization to enable DPSCD to direct such funds to the Academy Dissolution Account. In the event that the Academy fails to establish the required account, DPSCD, as fiscal agent, is hereby authorized to establish an Academy Dissolution Account out of any remaining Academy state aid in its possession or to be received on behalf of the Academy, to satisfy the provisions of this section.‌

PSA's Responsibilities upon Termination, Revocation or Non- Renewal. (da) If the Contract is terminated, revoked or not renewed, the PSA shall be solely responsible for any and all debts, loans, and obligations incurred at any time by the PSA in connection with the operation of the PSA. In the event of a termination, revocation or non-renewal, within thirty (30) days of notice of such termination, revocation or non-renewal, the Academy shall deposit into a separate Academy account (the “Academy Dissolution Account”) the sum of Ten Thousand Dollars ($10,000) per month, for total not to exceed Thirty Thousand Dollars ($30,000), to be used exclusively for the costs associated with the wind-up and dissolution responsibilities of the Academy. If the Academy has any state aid payments scheduled to be received after notice of termination, revocation or non-non- renewal, the Academy immediately shall provide DPSCDDPS, in the form and manner determined by the DPSCDDPS, with such account detail information and authorization to enable DPSCD DPS to direct such funds to the Academy Dissolution Account. In If the event that the Academy fails to establish the required account, DPSCDDPS, as fiscal agent, is hereby authorized to establish an Academy Dissolution Account out of any remaining Academy state aid in its possession or to be received on behalf of the Academy, to satisfy the provisions of this section.‌section.

PSA's Responsibilities upon Termination, Revocation or Non- Renewal. (da) If the Contract is terminated, revoked or not renewed, the PSA shall be solely responsible for any and all debts, loans, and obligations incurred at any time by the PSA in connection with the operation of the PSA. In the event of a termination, revocation or non-renewal, within thirty (30) days of notice of such termination, revocation or non-renewal, the Academy shall deposit into a separate Academy account (the “Academy Dissolution Account”) the sum of Ten Thousand Dollars ($10,000) per month, for a total not to exceed Thirty Thousand Dollars ($30,000), to be used exclusively for the costs associated with the wind-up and dissolution responsibilities of the Academy. If the Academy has any state aid State School Aid payments scheduled to be received after notice of termination, revocation or non-non- renewal, the Academy immediately shall provide DPSCD, in the form and manner determined by the DPSCD, with such account detail information and authorization to enable DPSCD to direct such funds to the Academy Dissolution Account. In If the event that the Academy fails to establish the required account, DPSCD, as fiscal agent, is hereby authorized to establish an Academy Dissolution Account out of any remaining Academy state aid in its possession or to be received on behalf of the Academy, to satisfy the provisions of this section.‌section.

PSA's Responsibilities upon Termination, Revocation or Non- Renewal. (da) If the Contract is terminated, revoked or not renewed, the PSA shall be solely responsible for any and all debts, loans, and obligations incurred at any time by the PSA in connection with the operation of the PSA. In the event of a termination, revocation or non-renewal, within thirty (30) days of notice of such termination, revocation or non-renewal, the Academy shall deposit into a separate Academy account (the “Academy Dissolution Account”) the sum of Ten Thousand Dollars ($10,000) per month, for total not to exceed Thirty Thousand Dollars ($30,000), to be used exclusively for the costs associated with the wind-up and dissolution responsibilities of the Academy. If the Academy has any state aid payments scheduled to be received after notice of termination, revocation or non-renewal, the Academy immediately shall provide DPSCDDPS, in the form and manner determined by the DPSCDDPS, with such account detail information and authorization to enable DPSCD DPS to direct such funds to the Academy Dissolution Account. In If the event that the Academy fails to establish the required account, DPSCDDPS, as fiscal agent, is hereby authorized to establish an Academy Dissolution Account out of any remaining Academy state aid in its possession or to be received on behalf of the Academy, to satisfy the provisions of this section.‌section.