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. If such payment is not made the new owner or lessee becomes responsible for all accumulated severance. After payment has been made, continuous service for the purpose of severance pay commences a new starting from the date of each sale. No duplication or pyramiding of payments is intended. (b) Transfer of shares or shareholders: In the event of a transfer of shares from one’ shareholder to another and/or in the case of one or more of the shareholders being bought out and new shareholders being put in place, it is understood that: (i) the outgoing shareholder(s) will either pay-out his/her percentage of severance owing to employees, or (ii) the new shareholders will issue in writing reassurance to all employees as well as the Union that he/she is assuming that liability as part of the transfer of shares from the outgoing shareholder. In the event of a company name change, either severance will be paid or a letter will be filed with the employees and the Union verifying severance from the date of hire continues to be payable.

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. If such payment is not made the new owner or lessee becomes responsible for all accumulated severance. After payment has been made, continuous service for the purpose of severance pay commences a new starting from the date of each sale. No duplication or pyramiding of payments is intended. (b) Transfer of shares or shareholders: In the event of a transfer of shares from one’ ' shareholder to another and/or in the case of one or more of the shareholders being bought out and new shareholders being put in place, it is understood that: (i) the outgoing shareholder(s) will either pay-out his/her percentage of severance owing to employees, or (ii) the new shareholders will issue in writing reassurance to all employees as well as the Union that he/she is assuming that liability as part of the transfer of shares from the outgoing shareholder. In the event of a company name change, either severance will be paid or a letter will be filed with the employees and the Union verifying severance from the date of hire continues to be payable.