Common use of Quarterly Cash Distributions Clause in Contracts

Quarterly Cash Distributions. Immediately prior to the date KSL pays a quarterly cash distribution to the owners of KSL Common Shares, KSL shall calculate and pay to KSI, with respect to each participant and former participant in the KSI Deferred Compensation Plans who was employed by KSI or any KSI Company, the aggregate amount of the cash distribution KSL would have paid to him had he been the record owner of the aggregate number of KSL Common Shares equal to those number of non-monetary units then deemed credited to his accounts under the KSL Deferred Compensation Plans.