Condition on Covenant Not to Compete Sample Clauses

Condition on Covenant Not to Compete. If the Executive’s employment with the Company is terminated for any reason other than by the Company for Cause and (X) the Executive is not in default of his obligations under Section 13 hereof and (Y) the Executive has not unreasonably refused to return an executed Release Agreement to the Company; then the Executive shall have the right to be released from the Covenant Not to Compete if the Company fails to render to the Executive two (2) consecutive termination payments, as provided herein. Before the Executive can be released from the Covenant Not to Compete, the Executive must provide written notice to the Company, in the manner described in Section 19, providing ten (10) days for the Company to render the past due termination payments to the Executive. If after ten (10) days the Company still has not paid the required termination payments to the Executive, then the Executive shall be released from the Covenant Not to Compete. Further, if the Executive is released from the Covenant Not to Compete, the Company shall not be relieved from its obligation to pay to the Executive the full Termination Payment Amount or Change of Control Termination Payment Amount, as provided herein.
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Related to Condition on Covenant Not to Compete

  • Covenant Not to Compete 4.1 Employee hereby covenants and agrees with the Company that during the term hereof and for a period expiring 12 months after the termination or expiration of this Agreement, Employee will not directly or indirectly (i) operate, develop or own any interest (other than the ownership of less than 5% of the equity securities of a publicly traded company other than the Company or any entity controlling the Company) in any business which has significant (viewed in relation to the business of the Company) activities relating to the ownership, management or operation of, or consultation regarding a casual dining restaurant of which steak sales constitute 35% or more of total restaurant sales (a "Restaurant"); (ii) compete with the Company or its subsidiaries and affiliates in the operation or development of any Restaurant within the 48 contiguous states of the United States of America; (iii) be employed by or consult with any business which owns, manages or operates a Restaurant; (iv) interfere with, solicit, disrupt or attempt to disrupt any past, present or prospective relationship, contractual or otherwise, between the Company, or its subsidiaries or affiliates, and any customer, client, supplier or employee of the Company, or its subsidiaries or affiliates; or (v) solicit any present or known prospective management employee (including all corporate officers and managers, all area or divisional directors and all restaurant general managers) of the Company, or its subsidiaries or affiliates, to leave their employment with the Company or its subsidiaries or affiliates, or hire any management employee who was employed by the Company within six months prior to the date of such hiring to work in any capacity; provided, however, that this Section 4.1 shall not apply if Employee's employment hereunder is terminated without cause prior to the expiration of the Agreement. 4.2 If a judicial determination is made that any of the provisions of this Section 4 constitutes an unreasonable or otherwise unenforceable restriction against Employee, the provisions of this Section 4 shall be rendered void only to the extent that such judicial determination finds such provisions to be unreasonable or otherwise unenforceable. In this regard, the parties hereto hereby agree that any judicial authority construing this Agreement shall be empowered to sever any portion of the territory or prohibited business activity from the coverage of this Section 4 and to apply the provisions of this Section 4 to the remaining portion of the territory or the remaining business activities not so severed by such judicial authority. Moreover, notwithstanding the fact that any provisions of this Section 4 are determined not to be specifically enforceable, the Company shall nevertheless be entitled to recover monetary damages as a result of the breach of such provision by Employee. The time period during which the prohibitions set forth in this Section 4 shall apply shall be tolled and suspended as to Employee for a period equal to the aggregate quantity of time during which Employee violates such prohibitions in any respect.

  • Prohibition on Non-Compete Restrictions Grantee shall not require any employees or Subcontractors to agree to any conditions, such as non-compete clauses or other contractual arrangements, that would limit or restrict such persons or entities from employment or contracting with the State of Texas.

  • Limitation on Release The foregoing provision with respect to the release to the Servicer of the Required Loan Documents and documents by the Collateral Custodian upon request by the Servicer shall be operative only to the extent that the Administrative Agent has consented to such release. Promptly after delivery to the Collateral Custodian of any request for release of documents, the Servicer shall provide notice of the same to the Administrative Agent. Any additional Required Loan Documents or documents requested to be released by the Servicer may be released only upon written authorization of the Administrative Agent. The limitations of this paragraph shall not apply to the release of Required Loan Documents to the Servicer pursuant to the immediately succeeding subsection.

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