Payment of the Accrued Sample Clauses

Payment of the Accrued. Interest described in Section 1.2(ii) has been provided for by the purchase of a $120,000 market rate certificate of deposit (the "CD") on December 26, 1995. The CD, which matures on May 15, 1997, was purchased to fund such payments. Upon the maturity of the CD a new market rate certificate of deposit shall be purchased with a comparable maturity for the same purpose as long as Cochxxx xx entitled to deferred compensation payments under the Agreement. Any interest earned (the "Accrued Interest") on the CD and any subsequent certificates of deposit purchased under the Agreement shall be paid to Cochxxx xx follows: (i) on the first May 15 on which Cochxxx xx paid his first yearly deferred compensation payment under the Agreement, Cochxxx xxxll also be paid all Accrued Interest earned from the first date the CD and any subsequent certificates of deposit began earning interest through the May 15 of the year in which Cochxxx xx paid such first yearly payment; (ii) on the 15th day of May of each year thereafter through and including May 15, 2004, Cochxxx xxxll be paid all Accrued Interest earned from the CD and any subsequent certificates of deposit from May 15 of the previous calendar year through May 15 of the current payment year.
Sample 1
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Payment of the Accrued. Interest described in Section 1.2(ii) has been provided for by the purchase of a $120,000 market rate certificate of deposit (the "CD") on December 26, 1995. The CD, which has been or shall be replaced upon maturity as required from time to time to fulfill the terms of the Agreement, was purchased to fund such payments. Upon the maturity of the CD a new market rate certificate of deposit shall be purchased with a comparable maturity for the same purpose as long as Employee is entitled to deferred compensation payments under the Agreement. Any interest earned (the "Accrued Interest") on the CD and any subsequent certificates of deposit purchased under the Agreement shall be paid to Employee as follows: (i) on the first May 15 on which Employee is paid his first yearly deferred compensation payment under the Agreement, Employee shall also be paid all Accrued Interest earned from the first date the CD and any subsequent certificates of deposit began earning interest
Sample 1
Payment of the Accrued. Benefits pursuant to this Section 7(a) shall be made as soon as reasonably practicable following the Executive's termination of employment subject to such limitations and adjustments necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code").
Sample 1
Payment of the Accrued. Interest described in Section 1.2(ii) has been provided for by the purchase of a $120,000 market rate certificate of deposit (the "CD") on December 26, 1995. The CD, which matures on May 15, 1997, was purchased to fund such payments. Upon the maturity of the CD a new market rate certificate of deposit shall be purchased with a comparable maturity for the same purpose as long as Employee is entitled to deferred compensation payments under the Agreement. Any interest earned (the "Accrued Interest") on the CD and any subsequent certificates of deposit purchased under the Agreement shall be paid to Employee as follows: (i) on the first May 15 on which Employee is paid his first yearly deferred compensation payment
Sample 1

Related to Payment of the Accrued

  • Obligations of the Employer Upon Termination The following provisions describe the obligations of the Employer to the Executive under this Agreement upon termination of employment. However, except as explicitly provided in this Agreement, nothing in this Agreement shall limit or otherwise adversely affect any rights which the Executive may have under applicable law, under any other agreement with the Employer or any of its affiliates or subsidiaries, or under any compensation or benefit plan, program, policy or practice of the Employer or any of its affiliates or subsidiaries.

  • Payment of Amounts Due (a) In case an Event of Default described in clause (a) of Section 2.01 shall have happened and be continuing, then, upon demand of Beneficiary, Grantor will pay to Beneficiary the whole amount which then shall have become due and payable on the Note, for principal or interest or both, as the case may be, and after the happening of said Event of Default will also pay to Beneficiary interest at the Default Rate on the then unpaid principal of the Note, and the sums required to be paid by Grantor pursuant to any provision hereof, and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to Trustee and Beneficiary, their agents and counsel and any expenses incurred by Trustee or Beneficiary hereunder. In the event Grantor shall fail forthwith to pay all such amounts upon such demand, Beneficiary shall be entitled and empowered to institute such action or proceedings at law or in equity as may be advised by its counsel for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against Grantor and collect, out of the property of Grantor wherever situated, as well as out of the Mortgaged Property, in any manner provided by law, moneys adjudged or decreed to be payable.

  • Obligations of Company Upon Termination (a) In the event of the termination of Executive's employment pursuant to Section 7 (a), (b), (c) or (e), Executive will be entitled only to the compensation earned by him hereunder as of the date of such termination (plus life insurance or disability benefits if applicable and provided for pursuant to Section 4(c)).

  • Non-Payment of the Loans, etc Default in the payment when due of the principal of any Loan; or default, and continuance thereof for five days, in the payment when due of any interest, fee, reimbursement obligation with respect to any Letter of Credit or other amount payable by the Company hereunder or under any other Loan Document.

  • Acceleration of the Obligations Upon or at any time after the occurrence and during the continuance of an Event of Default, (i) the Revolving Loan Commitments shall, at the option of Agent or Majority Lenders be terminated and/or (ii) Agent or Majority Lenders may declare all or any portion of the Obligations at once due and payable without presentment, demand protest or further notice by Agent or any Lender, and Borrowers shall forthwith pay to Agent, the full amount of such Obligations, provided, that upon the occurrence of an Event of Default specified in subsection 10.1.8 hereof, the Revolving Loan Commitments shall automatically be terminated and all of the Obligations shall become automatically due and payable, in each case without declaration, notice or demand by Agent or any Lender.

  • Obligations of the Company Upon Termination (a) Termination by the Company for Cause or by the Executive other than for Good Reason. If, during the Employment Period, or any Additional Employment Period, the Executive’s employment with the Company is terminated by the Company for Cause or by the Executive other than for Good Reason (and not due to death or Disability), the Company shall have no further payment obligations to the Executive or his legal representatives under this Agreement, other than for:

  • Payment of Reimbursement Obligations (a) The Borrower agrees to pay to the Administrative Agent for the account of the Issuing Bank the amount of all Advances for Reimbursement Obligations, interest and other amounts payable to the Issuing Bank under or in connection with any Facility Letter of Credit when due, irrespective of any claim, set-off, defense or other right which the Borrower may have at any time against any Issuing Bank or any other Person, under all circumstances, including without limitation any of the following circumstances:

  • Payment of accrued interest In the case of an Interest Period longer than 3 months, accrued interest shall be paid every 3 months during that Interest Period and on the last day of that Interest Period.

  • Obligations of the Employee Except on behalf of the Employer, the Employee agrees (a) to hold Company Information in strictest confidence, and (b) not to use, duplicate, reproduce, distribute, disclose or otherwise disseminate Company Information or any physical embodiments thereof and may in no event take any action causing or fail to take any action necessary in order to prevent any Company Information from losing its character or ceasing to qualify as Confidential Information or a Trade Secret. In the event that the Employee is required by law to disclose any Company Information, the Employee will not make such disclosure unless (and then only to the extent that) such disclosure is required by law and then only after prior written notice is given to the Employer when the Employee becomes aware that such disclosure has been requested and is required by law. This Section 5 will survive the termination of this Agreement with respect to Confidential Information for so long as it remains Confidential Information, but for no longer than three (3) years following termination of this Agreement, and this Section 5 will survive termination of this Agreement with respect to Trade Secrets for so long as is permitted by the then-current Maryland Trade Secrets Act.

  • Payment of Amounts The Death Benefit payable on the death of the Owner, or after the death of the first Owner, or upon the death of the spouse who continues the Contract, will be distributed to the designated Beneficiary(s) as follows:

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