Forfeited Upon Departure Clause Samples

The 'Forfeited Upon Departure' clause stipulates that certain rights, benefits, or assets are lost when an individual leaves a position, organization, or property. In practice, this could mean that an employee loses unvested stock options upon resignation, or a tenant forfeits a security deposit if they vacate before the lease ends. The core function of this clause is to incentivize individuals to fulfill their commitments and to protect the interests of the party granting the benefit or asset, thereby reducing the risk of premature departure.
Forfeited Upon Departure. In the event that the Resident move out on or before the fourteenth (14) calendar day of the term, the Resident shall be responsible for the cost of fourteen (14) days of the meal plan but will receive a refund equal to the remaining value of the meal plan and Raider Cash in their account. Should the Resident move out after the fourteenth (14) day of the term, the Resident will be responsible for the full value of the meal plan and will forfeit all Raider Cash in their account.
View SourceView Similar (5)
Forfeited Upon Departure. The Resident agrees that after the first fourteen (14) days of the quarter or the Add Deadline without fees, whichever comes first, if the Resident moves out of the residence halls and/or withdraws from University, the value of the unused meal plan and Raider Cash will be forfeited.
View Source

Related to Forfeited Upon Departure

  • Vacation Credits Upon Death Earned but unused vacation entitlement shall be made payable, upon termination due to death, to the employee's dependent, or where there is no dependent, to the employee's estate.

  • Release upon Death (1) If a Securityholder dies, the Securityholder’s escrow securities will be released from escrow. The Escrow Agent will deliver any share certificates or other evidence of the escrow securities in the possession of the Escrow Agent to the Securityholder’s legal representative. (2) Prior to delivery the Escrow Agent must receive: (a) a certified copy of the death certificate; and (b) any evidence of the legal representative’s status that the Escrow Agent may reasonably require.

  • Withdrawals upon Termination 27.4.1 Notwithstanding anything to the contrary contained in this Agreement, all amounts standing to the credit of the Escrow Account shall, upon Termination, be appropriated in the following order: (a) all taxes due and payable by the Concessionaire for and in respect of the Project; (b) 55% (fifty five per cent) of Debt Due excluding Subordinated Debt; (c) outstanding Annual Concession Fee; (d) all payments and Damages certified by the Authority as due and payable to it by the Concessionaire; (e) incurred or accrued O&M Expenses; (f) retention and payments relating to the liability for defects and deficiencies set forth in Article 35; (g) outstanding Debt Service including the balance of Debt Due; (h) outstanding Subordinated Debt; (i) any other payments required to be made under this Agreement; and (j) balance, if any, in accordance with the instructions of the Concessionaire: Provided that no appropriations shall be made under Sub-clause (j) of this Clause 27.4.1 until a Vesting Certificate has been issued by the Authority under the provisions of Clause 34.4. 27.4.2 The provisions of this Article 27 and the instructions contained in the Escrow Agreement shall remain in full force and effect until the obligations set forth in Clause 27.4.1 have been discharged.

  • Vacation Entitlement Upon Dismissal Employees dismissed for cause shall be paid their unused earned vacation allowance pursuant to Articles 28.01 and 28.02.

  • Company Obligations upon Termination Upon termination of Executive’s employment pursuant to any of the circumstances listed in this Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any expense reimbursements owed to Executive pursuant to Section 2(e); and (iii) any amount accrued and arising from Executive’s participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”). Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s sole and exclusive remedy shall be to receive the payments and benefits described in this Section 3(c) or Section 4, as applicable.