Common use of CASHOUT IN THE EVENT OF SALE OR TRANSFER Clause in Contracts

CASHOUT IN THE EVENT OF SALE OR TRANSFER. (a) In the event a hotel is sold or transferred, all employees shall be paid severance pay up to the date of such sale by the outgoing owner or lessee. After payment has been made continuous service for the purpose of severance pay commences a new starting date from date of each sale. No duplication or pyramiding of payments is intended.

CASHOUT IN THE EVENT OF SALE OR TRANSFER. (a) In the event majority ownership of a hotel is sold or transferredchanges through any form of sale, all employees shall be paid severance pay up to the date of such sale by the outgoing owner or lessee. After payment has been made continuous service for the purpose of severance pay commences a new starting date from date of each sale. No duplication or pyramiding of payments is intended.

CASHOUT IN THE EVENT OF SALE OR TRANSFER. (a) In the event a hotel is sold or transferred, all employees shall be paid severance pay up to the date of such sale by the outgoing owner or lesseelessee if the hotel is going to be closed. After payment has been made continuous service for the purpose of severance pay commences a new starting date from date of each sale. No duplication or pyramiding of payments is intended.

CASHOUT IN THE EVENT OF SALE OR TRANSFER. (a) In Subject to paragraph (b) below, in the event a the majority ownership of the hotel is sold or transferredchanges through any form of sale, all employees shall be paid severance pay up to the date of such sale by the outgoing owner or lessee. After payment has been made made, continuous service for the purpose of severance pay commences a new starting date from date of each sale. No duplication or pyramiding of payments is intended.