Paragraph 14. Insert as the final sentence: "Lender shall release any and all security interest upon full payment of any amounts due Lender from Borrower."
Paragraph 14. “The same principle would also apply for the second claimant, whose salary would have also increased during the respective contract periods, as such the new salaries should also be utilized in the calculation of the gratuity for 2nd Claimant.” The First Defendant averred that this paragraph was unnecessary, amounted to an argument/submissions as opposed to a pleading, and that it was an attempt to bolster the claim referencing matters related to the second claimant and not the first.
Paragraph 14. 3.4 of this term does not apply if the court makes an order for possession on Ground A or B (the redevelopment grounds) of the estate management grounds (and on no other ground).
Paragraph 14. 4 shall not apply to the extent that the Target Company in question makes a balancing payment to the member of the Retained Group in question in the amount (including any interest) that would otherwise be due to the Seller under paragraph 14.4.
1. RELIEFS AND BENEFITS In determining the amount payable in respect of any Purchaser Obligation or Seller Obligation (other than the Tax Covenant and Tax Warranties, in respect of which paragraph 10 of Part B of this Schedule applies) account shall be taken of any relief or other benefit available to the payee of that amount or another member of its Group in respect of the matter giving rise to the payment.
Paragraph 14. 8.1 shall not apply if the fair value of the relevant asset or assts is, in relation to Opco, ZAR5,000,000 (Indexed) or less, or in relation to Holdco or Plateau, ZAR1,000,000 (Indexed) or less.
Paragraph 14 b. of the Agreement shall be amended by deleting the paragraph in its entirety and replacing it with the following: "An Escrow Account shall have been established at F&M Bank, into which will be deposited the proceeds from the Offering. As funds are raised for the Offering, there will be Closings held, which are expected to be weekly but will not be held unless there is at least a minimum of Fifty Thousand Dollars ($50,000) of funds raised. Only one legal opinion will be required for the offering as a whole. At each Closing, the Placement Agent shall pay out the proceeds to be distributed at the Closing in the following manner: (i) the applicable commission, expense allowance and fees set out in paragraph 6.c to the Placement Agent and Xxxxxxxx, Xxxxx & Company (or other firm, as selected above) and (ii) the remainder of the funds shall be divided one third (the "First Proceeds Amount", i.e., the gross proceeds raised minus commissions, expense allowance and fees) and two thirds (the "Second Proceeds Amount"). The First Proceeds Amount shall be immediately released to Polar who in turn will loan one third of that amount to Xxxxxxx and the remainder will be retained by Polar. The Second Proceeds Amount shall remain in the Escrow Account until such time as the Company shall provide to the Placement Agent, verifiable evidence of enforceable contracts which indicate sales in a minimum amount of One Million Five Hundred Thousand Dollars ($1,500,000), as indicated in the Memorandum, for the first 12 months following the Offering, said revenues being capable of reasonable verification by Placement Agent (it is expected that the verifiable evidence shall be an executed and enforceable Purchase Order). Upon receipt by the Placement Agent of the said verifiable evidence, the Placement Agent shall release the Second Proceeds Amount from the Escrow Account to the Company which in turn will loan one third of that amount to Xxxxxxx and the remainder shall be retained by the Company.
Paragraph 14. “The contracting party concerned shall notify”
