ACCELERATION OF INSTALLMENT PAYMENTS Sample Clauses

ACCELERATION OF INSTALLMENT PAYMENTS. In the event MIOA or any successor company causes the Surviving Company or the Holding Corp to undertake a Spin-Off (as hereinafter defined) or Offering (as hereinafter defined) of its stock prior to the expiration of the Formula Periods, the Shareholders shall, at their election, be paid the portion of the unpaid Purchase Price immediately prior to the Spin-Off or Offering by applying the above formula to the proforma Formula Profits for the remainder of the Formula Period(s) calculated based on the immediately preceding twelve (12) month period or such shorter period if less than 12 months. The term "SPIN-OFF" shall mean a spin-off of all or a part of the capital stock of the Surviving Company or the Holding Corp, as the case may be, to the public Shareholders of MIOA resulting in the Surviving Company or the Holding Corp, as the case may be, becoming a separate and independent (non-subsidiary) corporation. The term "OFFERING" shall mean a public offering of the equity securities of the Surviving Company or the Holding Corp, as the case may be. In the event the Shareholders do not elect to accelerate the Installment Payments pursuant to this Section, the Installment Formula shall remain in effect as provided herein.
Sample 1
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ACCELERATION OF INSTALLMENT PAYMENTS. (a) In the event of a Change of Control, UNB Corp. shall within 10 business days pay to the Shareholders 50% of any remaining Installment Payments of the Cash Consideration, without regard to any prior performance of the Surviving Corporation. The Shareholders shall continue to be eligible to receive the remaining 50% by the Surviving Corporation fulfilling the conditions set forth in Article 3.1. (b) In the event of the occurrence of a UNB Termination Event described in subparagraphs a, b, c, or f in Section 3.3 of this Agreement, prior to January 1, 2004, then UNB Corp. shall within ten (10) business days pay to the Shareholders 100% of any remaining Installment Payments of the Cash Consideration, without regard to any prior performance of the Surviving Corporation. (c) In the event of the occurrence of a UNB Termination Event, described in subparagraphs a, b, or c, in Section 3.3 of this Agreement, after January 1, 2004, then UNB Corp. shall within ten (10) business days pay only to the Shareholder who has died, become disabled or whose employment has been terminated without Cause 100% of any remaining Installment Payments of the Cash Consideration owed to said Shareholder without regard to any prior performance of the Surviving Corporation. The remaining Shareholder shall continue to be eligible to receive the remaining Installment Payments of the Cash Consideration in accordance with subparagraph 3.1 of this Agreement. (d) In the event of the occurrence of a UNB Termination Event described in subparagraphs d and e in Section 3.3 of this Agreement, then UNB Corp. shall within ten (10) business days pay to the Shareholders 100% of any remaining Installment Payments of the Cash Consideration, without regard to any prior performance of the Surviving Corporation. (e) In the event Bob and/or Lora's employment with United Insurance is terminated for Cause, as that term is defined in Section 3.3(c)(i-xi) of this Agreement, then UNB Corp. shall within ten (10) business days pay to the terminated Shareholder 100% of any remaining Installment Payments of the Cash Consideration owed to said Shareholder without regard to any prior performance of the Surviving Corporation. (f) Any Installment Payment of the Cash Consideration made to Bob under the provisions of Article 3 shall automatically require that Gail xxxeive her share of any Installment Payment of the Cash Consideration. (g) The accelerated Installment Payments described in Article 3.5 are not intended to b...
Sample 1
ACCELERATION OF INSTALLMENT PAYMENTS. A Participant who has commenced receiving installment payments under the Plan may request acceleration of such payments in the event of Financial Hardship as defined in Section 8.6 above. The Plan Administrator may permit acceleration payments to the extent such accelerated payment does not exceed the amount necessary to meet the Financial Hardship. In the event that a Participant’s employment with his Employer is terminated by the Employer for cause or the Corporation elects to terminate the Plan, then notwithstanding any Participant’s election or request to distribute his Accounts in the form of installment payments, the Plan Administrator may pay the Participant’s Account balances in one or more lump sum payments.
Sample 1
ACCELERATION OF INSTALLMENT PAYMENTS. In the event MIS or any successor company undertakes a public offering, merger, recapitalization, consolidation or otherwise (hereinafter a "Dilutive Transaction") whereby more than 50 percent of its issued and outstanding Capital Stock is issued to third parties prior to the expiration of the Formula Periods, the VPC Class B Common Stockholders shall, at their election, be paid the portion of the unpaid Installment Payments immediately prior to the effectiveness of such Dilutive Transaction by applying the above formula to the proforma Formula Profits for the remainder of the Formula Period(s) calculated based on the immediately preceding twelve (12) month period or such shorter period if less than 12 months.
Sample 1

Related to ACCELERATION OF INSTALLMENT PAYMENTS

  • Treatment of Installment Payments Each payment of termination benefits under this Agreement shall be considered a separate payment, as described in Treas. Reg. Section 1.409A‑2(b)(2), for purposes of Section 409A of the Code.

  • Installment Payments For purposes of Code Section 409A, Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

  • Application of Insufficient Payments If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

  • Default Payment Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by Company to the Holder under this Note, the Purchase Agreement and/or any other Related Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Agreement and the other Related Agreements and all obligations and liabilities of the Company under the Purchase Agreement and the other Related Agreements, to require the Company to make a Default Payment (“Default Payment”). The Default Payment shall be 130% of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable to the Holder pursuant to this Note, the Purchase Agreement, and/or the other Related Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of this Note. The Default Payment shall be due and payable immediately on the date that the Holder has exercised its rights pursuant to this Section 2.3.

  • Payment of Premium Unless otherwise agreed in writing by the Parties, the Buyer shall be obligated to pay the Premium related to an Option no later than its Premium Payment Date.

  • Treatment of Each Installment as a Separate Payment For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

  • Payment Due Payment for services provided by BellSouth, including disputed charges, is due on or before the next xxxx date. Information required to apply payments must accompany the payment. The information must notify BellSouth of Billing Account Numbers (BAN) paid; invoices paid and the amount to be applied to each BAN and invoice (Remittance Information). Payment is considered to have been made when the payment and Remittance Information are received by BellSouth. If the Remittance Information is not received with payment, BellSouth will be unable to apply amounts paid to Freedom’s accounts. In such event, BellSouth shall hold such funds until the Remittance Information is received. If BellSouth does not receive the Remittance Information by the payment due date for any account(s), late payment charges shall apply.

  • Payment Due Date Unless City notifies the Contractor that a dispute exists, Payment shall be made within [Enter number of days, generally ≥ 30] calendar days, measured from (1) the delivery of goods and/or the rendering of services or (2) the date of receipt of the invoice, whichever is later. Payment is deemed to be made on the date on which City has issued a check to Contractor or, if Contractor has agreed to electronic payment, the date on which City has posted electronic payment to Contractor.

  • Payment of Principal, Premium, if any, and Interest The Company covenants and agrees for the benefit of the Holders of the Securities that it will duly and punctually pay the principal of and any premium and interest (including any Additional Interest) on the Securities in accordance with the terms of the Securities and this Indenture.

  • Repayment of Overpayments a. If, at any time, Good Shepherd identifies any Overpayment, Good Shepherd shall repay the Overpayment to the appropriate payor (e.g., Medicare contractor) within 60 days after identification of the Overpayment and take remedial steps within 90 days after identification (or such additional time as may be agreed to by the payor) to correct the problem, including preventing the underlying problem and the Overpayment from recurring. If not yet quantified, within 60 days after identification, Good Shepherd shall notify the payor of its efforts to quantify the Overpayment amount along with a schedule of when such work is expected to be completed. Notification and repayment to the payor shall be done in accordance with the payor’s policies. b. Notwithstanding the above, notification and repayment of any Overpayment amount that routinely is reconciled or adjusted pursuant to policies and procedures established by the payor should be handled in accordance with such policies and procedures.

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