Common use of Benefit Guarantees Clause in Contracts

Benefit Guarantees. On and after the Distribution Date, a ------------------ Retained Employee's, Terminee's or Sunburst director's right to receive benefits under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be the responsibility of Sunburst. However, the payment of any benefits due under the Sunburst Hospitality Corporation Deferred Compensation Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Sunburst. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Deferred Compensation Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Deferred Compensation Plan which are attributable to the transferred accrued benefits earned under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be guaranteed by Sunburst for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.

Appears in 2 contracts

Samples: Allocation Agreement (Choice Hotels Franchising Inc), Allocation Agreement (Choice Hotels International Inc)

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Benefit Guarantees. On and after the Distribution Date, a ------------------ Retained Employee's, 's or a Terminee's or Sunburst director's right right, if any, to receive benefits under the Sunburst Hospitality Corporation Deferred Compensation Supplemental Executive Retirement Plan shall be the responsibility of Sunburst. However, the payment of any benefits due under the Sunburst Hospitality Corporation Deferred Compensation Supplemental Executive Retirement Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Sunburst. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Deferred Compensation Supplemental Executive Retirement Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Deferred Compensation Supplemental Executive Retirement Plan which are attributable to the transferred accrued benefits earned under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be guaranteed by Sunburst for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.

Appears in 1 contract

Samples: Allocation Agreement (Choice Hotels International Inc)

Benefit Guarantees. On and after the Distribution Date, a ------------------ Retained Employee's, Terminee's or Sunburst Manor Care director's right to receive benefits under the Sunburst Hospitality Corporation Manor Care, Inc. Deferred Compensation Plan shall be the responsibility of SunburstManor Care. However, the payment of any benefits due under the Sunburst Hospitality Corporation Manor Care, Inc. Deferred Compensation Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by SunburstManor Care. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice Hotels International, Inc. Deferred Compensation Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Deferred Compensation Plan which are attributable to the transferred accrued benefits earned under the Sunburst Hospitality Corporation Manor Care, Inc. Deferred Compensation Plan shall be guaranteed by Sunburst Manor Care for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.

Appears in 1 contract

Samples: Matters Allocation Agreement (Choice Hotels Holdings Inc)

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Benefit Guarantees. On and after the Distribution Date, a ------------------ Retained Employee's, 's or a Terminee's or Sunburst director's right right, if any, to receive benefits under the Sunburst Hospitality Corporation Deferred Compensation Supplemental Executive Retirement Plan shall be the responsibility of Sunburst. However, the payment of any benefits due under the Sunburst Hospitality Corporation Deferred Compensation Supplemental Executive Retirement Plan for the first thirty (30) months following the Distribution Date shall be guaranteed by Choice, to the extent not otherwise paid by Sunburst. On and after the Distribution Date, a Choice Individual's right to receive benefits under the Choice S Hotels International, Inc. Deferred Compensation Supplemental Executive Retirement Plan shall be the responsibility of Choice. However, the payment of any benefits due under the Choice Hotels International, Inc. Deferred Compensation Supplemental Executive Retirement Plan which are attributable to the transferred accrued benefits earned under the Sunburst Hospitality Corporation Deferred Compensation Plan shall be guaranteed by Sunburst for the first thirty (30) months following the Distribution Date, to the extent not otherwise paid by Choice.

Appears in 1 contract

Samples: Allocation Agreement (Choice Hotels Franchising Inc)

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