Release Payments. In the event that Employee is required to execute a release to receive any payments from the Employer that constitute nonqualified deferred compensation under Section 409A of the Code, payment of such amounts shall not be made or commence until the sixtieth (60th) day following such termination of employment. Any payments that are suspended during the sixty (60) day period shall be paid on the date the first regular payroll is made immediately following the end of such period.
Release Payments. In the event that any payments from the Company to Executive to be made under this Agreement by reason of Executive’s termination of employment constitute nonqualified deferred compensation under Section 409A of the Code and are subject to Executive’s satisfaction of the Release Requirement would otherwise be payable at a time prior to the sixtieth (60th) day following Executive’s termination date, then subject to the Release Requirement having been satisfied, the payment of all such amounts shall be delayed and such amounts shall accumulated and paid in a lump sum on the sixtieth (60th) day following Executive’s termination date, unless and to the extent the delay provided by Section 27(a) shall apply. In the event that any payments from the Company to Executive to be made under this Agreement by reason of Executive’s termination of employment do not constitute nonqualified deferred compensation under Section 409A of the Code, but are subject to Executive’s satisfaction of the Release Requirement and would otherwise be payable at a time prior to the satisfaction of the Release Requirement, then the payment of all such amounts shall be delayed and such amount shall be accumulated and paid in a lump sum on the third (3rd) day following Executive’s satisfaction of the Release Requirement.
Release Payments. In the event that Executive is required to execute a release to receive any payments from the Company that constitute nonqualified deferred compensation under Section 409A of the Code and Executive’s termination date and the Release Deadline (or the end of the revocation period, if any) fall in two separate calendar years, any payments required to be made to Executive (or Executive’s estate) in the earlier year that are treated as nonqualified deferred compensation for purposes of Code Section 409A shall be deferred and paid in the later calendar year. Any payments which are delayed under this provision shall be paid to Executive in a lump sum not later than the date of the Company’s first full payroll cycle after the Release Deadline (or the end of the revocation period, if any) and in any case not later than the end of the applicable month. Any payments that are deferred pursuant to this provision shall bear interest at the LIBOR rate in effect on his termination date until paid.
Release Payments. Payments of Release Prices shall be applied by Lender when received in good, collected funds as set forth in Section 2.3(a)(ii) hereof. To the extent that Borrower delivers, or causes to be delivered, all cash down payments, deposits, cash payments, loan proceeds and sales proceeds in respect of the sale of any Pledged Interval, as provided for under this Section 2.3, and such funds are at least equal to any applicable Release Price for such Pledged Interval, such payments and proceeds shall be deemed to have satisfied the Release Price in respect of such Pledged Interval in an amount of, and to the extent that, such moneys are actually applied under Section 2.3(a)(ii). No Release Price shall be payable prior to the occurrence of an Amortization Triggering Event.
Release Payments. In the event that the Executive is required to execute a release to receive any payments from the Company and Bank that constitute nonqualified deferred compensation under Section 409A of the Code, payment of such amounts shall not be made or commence until the sixtieth (60th) day following such termination of employment. Any payments that are suspended during the sixty (60) day period shall be paid on the date the first regular payroll is made immediately following the end of such period. Such timing shall not be deemed a breach or violation of the Release Agreement nor this Employment Agreement.
Release Payments. Encumbered Timeshare Product shall continue to be released from the lien of the Mortgage upon the payment of the required Release Price under conditions set forth below, until the unpaid principal balance of the Loan advanced prior to the Effective Date against Encumbered Timeshare Product within Phase I/II has been paid in full. Thereafter, Lender hereby agrees to release a particular Closing Timeshare contained within Phase I/II upon the sale thereof to a Purchaser, without the payment of a Release Payment. Other than the release of Encumbered Timeshare Product within Phase I/II as provided in the immediately previous sentence and in order to avoid complications arising from a recalculation of the Release Payment prior to the making of the End of Construction Advance, in no event shall any Encumbered Timeshare Product be released from the lien of the Mortgage until the making of the End of Construction Advance. Thereafter, Encumbered Timeshare Product shall be released pursuant to the provisions set forth in Section 2.7(c).
Release Payments. A. In accordance with the terms of the Amended and Restated Employment Agreement made and entered into effective as of the 16th day of October, 1998 by and between the Employer and Stuek (the "Employment Agreement"), and as a settlement payment hereunder, the Employer shall continue to pay Stuek his annual base salary of $500,000 for a period of twenty-four months (through and including September 15, 2001). The amount payable hereunder shall be subject to any payroll or other deductions as may be required to be made pursuant to law, government order, or by agreement with, or consent of, Stuek.
Release Payments a. Upon receipt of payment in the amount of $15,000.00 from KPI, Xxxxxx X. Xxxxxxx shall execute and deliver to KPI a Release and Covenant Not to Xxx in form and substance acceptable to KPI. b. Upon receipt of payment of $75,000.00 from KPI, Xxxxxx shall execute and deliver to KPI a Release and Covenant Not to Xxx in form and substance acceptable to KPI. c. Upon receipt of payment of $25,000.00 from KPI, Xxxxx X. Xxxxxxxxxxx shall execute and deliver to KPI a Release and Covenant Not to Xxx in form and substance acceptable to KPI. 11. Barrier Dunes Building. On or before February 28, 1998, Proactive Technologies, Inc. shall pay or cause to be paid to KPI the sum of $480,000.00. Said sum shall be applied to fully satisfy that certain promissory note dated June 27, 1996, from Barrier Dunes Development Corporation to KPI, in the original principal amount of $550,000.00. 12. KPI's Vehicles a. On or before January 31, 1998, PTE shall deliver to KPI the 1997 Cadillac, VIN #0X0XX00X0XX000000. b. In the event the vehicle is returned in poor operating condition, or with damage beyond normal wear and tear, PTE shall immediately pay to KPI all costs of repair of the vehicle. 13. PTE and Killearn agree that any and all prior verbal or written agreements to buy, sell and/or exchange KPI stock by and between any of the parties hereto are superseded by this Agreement and are of no further force and/or effect. 14. Each party covenants and agrees to execute any and all documents and instruments reasonably requested by any party to consummate the terms and conditions of this Agreement. This Agreement shall survive the consummation of the transactions set forth in this Agreement. 15. This agreement shall be governed by Georgia law. 16. This agreement constitutes the entire agreement and contains all the covenants, promises, understandings and agreements of the parties with respect to the matters it concerns, it supersedes any and all prior covenants, promises, understandings and agreements with respect thereto and no statements or representations not set forth herein shall be enforceable with respect to such matters. In Witness whereof, the undersigned have hereunto set their hands and seals on the date set forth above. Signed, sealed and delivered PROACTIVE TECHNOLOGIES, INC. in the presence of: /s/ Xxxx X. Xxxxxx By: Xxxx X. Xxxxxx, President /s/ Xxxx Xxxxxxx Unofficial Witness /s/ Xxxxxxx Xxxxxxxxxxx Notary Public, Xxxxx County, GA My Commission expires: March 7, 1999 Sig...
Release Payments. At the time of the sale of any Shore Crest Phase II Interval, Borrower shall pay Lender the applicable Shore Crest Phase II Interval Release Payment, which payment shall be applied under the Shore Crest Phase II Loan as follows: (a) first, to any unpaid Costs and expenses owing to Lender hereunder or under any other Shore Crest Phase II Loan Document, (b) second, to all accrued and unpaid interest in respect of the Shore Crest Phase II Loan then due and payable, (c) third, to any other accrued and unpaid interest in respect of the Shore Crest Phase II Loan, (d) fourth, to outstanding principal balance of the Shore Crest Phase II Loan, (e) fifth, to any other Indebtedness or obligations then outstanding and secured by the Shore Crest Phase II Collateral hereunder and (f) lastly, to the Borrower. Borrower agrees only to sell Shore Crest Phase II Intervals and not to sell Shore Crest Phase II Residential Condominium Units as "whole" condominium units.
Release Payments. Lender shall receive from Raintree a certain sum in an amount acceptable to Lender, which shall be used to pay the balance of the Release Payments due with respect to the Units being released from Lender's lien and conveyed into the Trust.
