{"component": "clause", "props": {"groups": [{"size": 7, "snippet": "The Executive will be paid an amount equal to three times the sum of (i) the highest annualized base salary paid to him during the year of termination or the immediately preceding two calendar years, and (ii) the highest bonus paid to him with respect to one of the three calendar years immediately preceding the year of termination. Such amount will be paid to the Executive in 36 equal monthly installments (without interest), beginning 30 days following the date of termination of employment. Notwithstanding the preceding provisions of this subsection to the contrary, in the event this section becomes applicable following a Change in Control, the Executive will, within 30 days after his termination of employment, be paid a lump sum equal to the present value of the amounts otherwise payable under this subsection. For purposes of the preceding sentence, present value will be determined by using the short-term applicable federal rate under Section 1274 of the Internal Revenue Code of 1986, as amended (the \"Code\"), in effect on the date of termination of employment. For purposes of this subsection, to the extent necessary, base salary and bonuses with any predecessor of Main or an affiliate thereof shall be taken into account.", "snippet_links": [{"key": "equal-to", "type": "definition", "offset": [37, 45]}, {"key": "sum-of", "type": "clause", "offset": [62, 68]}, {"key": "annualized-base-salary", "type": "clause", "offset": [85, 107]}, {"key": "year-of-termination", "type": "definition", "offset": [131, 150]}, {"key": "two-calendar-years", "type": "definition", "offset": [180, 198]}, {"key": "highest-bonus", "type": "definition", "offset": [213, 226]}, {"key": "with-respect-to", "type": "clause", "offset": [239, 254]}, {"key": "to-the-executive", "type": "clause", "offset": [359, 375]}, {"key": "equal-monthly-installments", "type": "clause", "offset": [382, 408]}, {"key": "following-the", "type": "definition", "offset": [447, 460]}, {"key": "date-of-termination-of-employment", "type": "definition", "offset": [461, 494]}, {"key": "notwithstanding-the", "type": "definition", "offset": [496, 515]}, {"key": "this-subsection", "type": "definition", "offset": [540, 555]}, {"key": "in-the-event", "type": "clause", "offset": [573, 585]}, {"key": "following-a-change-in-control", "type": "clause", "offset": [618, 647]}, {"key": "days-after", "type": "definition", "offset": [679, 689]}, {"key": "lump-sum", "type": "definition", "offset": [731, 739]}, {"key": "present-value", "type": "definition", "offset": [753, 766]}, {"key": "for-purposes-of-the", "type": "clause", "offset": [823, 842]}, {"key": "applicable-federal-rate", "type": "clause", "offset": [920, 943]}, {"key": "internal-revenue-code-of-1986", "type": "definition", "offset": [970, 999]}, {"key": "as-amended", "type": "definition", "offset": [1001, 1011]}, {"key": "effect-on-the", "type": "clause", "offset": [1029, 1042]}, {"key": "for-purposes-of-this", "type": "clause", "offset": [1078, 1098]}, {"key": "to-the-extent", "type": "clause", "offset": [1111, 1124]}, {"key": "base-salary-and-bonuses", "type": "clause", "offset": [1136, 1159]}, {"key": "an-affiliate", "type": "clause", "offset": [1192, 1204]}], "samples": [{"hash": "lAsrpHVfjU5", "uri": "/contracts/lAsrpHVfjU5#basic-payments", "label": "Employment Agreement (Main Street Bancorp Inc)", "score": 18.0, "published": true}, {"hash": "eCOBxdeQ6Pc", "uri": "/contracts/eCOBxdeQ6Pc#basic-payments", "label": "Employment Agreement (Main Street Bancorp Inc)", "score": 18.0, "published": true}, {"hash": "coS7yu6HIhT", "uri": "/contracts/coS7yu6HIhT#basic-payments", "label": "Employment Agreement (Main Street Bancorp Inc)", "score": 18.0, "published": true}], "hash": "38a1f489f0bac7495af7f134be087d13", "id": 2}, {"size": 6, "snippet": "The Employee shall be paid an amount equal to one (1.0) times the sum of (i) the Employee\u2019s highest annualized base salary paid to the Employee during the year of termination of employment or the immediately preceding two (2.0) calendar years and (ii) the highest cash bonus paid to the Employee in or with respect to the year of termination of employment or the immediately preceding two (2.0) calendar years. Payments under this Section 3(a) shall be made monthly in twelve (12) equal installments (without interest) beginning on the first day of the month immediately following the month in which the Employee delivers the Notice of Termination and continuing on the first day of each month thereafter.", "snippet_links": [{"key": "the-employee-shall", "type": "clause", "offset": [0, 18]}, {"key": "equal-to", "type": "definition", "offset": [37, 45]}, {"key": "sum-of", "type": "clause", "offset": [66, 72]}, {"key": "annualized-base-salary", "type": "clause", "offset": [100, 122]}, {"key": "to-the-employee", "type": "definition", "offset": [128, 143]}, {"key": "termination-of-employment", "type": "definition", "offset": [163, 188]}, {"key": "calendar-years", "type": "clause", "offset": [228, 242]}, {"key": "cash-bonus", "type": "definition", "offset": [264, 274]}, {"key": "with-respect-to", "type": "clause", "offset": [302, 317]}, {"key": "equal-installments", "type": "clause", "offset": [481, 499]}, {"key": "beginning-on-the", "type": "clause", "offset": [519, 535]}, {"key": "day-of", "type": "clause", "offset": [542, 548]}, {"key": "following-the", "type": "definition", "offset": [571, 584]}, {"key": "termination-and", "type": "clause", "offset": [636, 651]}], "samples": [{"hash": "85n4IpsTTRG", "uri": "/contracts/85n4IpsTTRG#basic-payments", "label": "Change in Control Agreement (Vist Financial Corp)", "score": 22.2183436003, "published": true}, {"hash": "4DYUwigI3qB", "uri": "/contracts/4DYUwigI3qB#basic-payments", "label": "Change in Control Agreement (Vist Financial Corp)", "score": 22.2183436003, "published": true}, {"hash": "gI7rYjZPQ18", "uri": "/contracts/gI7rYjZPQ18#basic-payments", "label": "Change in Control Agreement (Vist Financial Corp)", "score": 21.0, "published": true}], "hash": "43212740dbba5a58f5756ee0e2646af6", "id": 3}, {"size": 25, "snippet": "The Executive will be paid an amount equal to two (2) times the sum of (A) his then current Annual Base Salary, and (B) the highest cash bonus paid to him with respect to one of the three calendar years immediately preceding the year of termination. Such amount will be paid to the Executive in a lump sum within ten (10) days following the date of termination of employment.", "snippet_links": [{"key": "equal-to", "type": "definition", "offset": [37, 45]}, {"key": "sum-of", "type": "clause", "offset": [64, 70]}, {"key": "annual-base-salary", "type": "definition", "offset": [92, 110]}, {"key": "cash-bonus", "type": "definition", "offset": [132, 142]}, {"key": "with-respect-to", "type": "clause", "offset": [155, 170]}, {"key": "calendar-years", "type": "clause", "offset": [188, 202]}, {"key": "year-of-termination", "type": "definition", "offset": [229, 248]}, {"key": "to-the-executive", "type": "clause", "offset": [275, 291]}, {"key": "lump-sum", "type": "definition", "offset": [297, 305]}, {"key": "following-the", "type": "definition", "offset": [327, 340]}, {"key": "date-of-termination-of-employment", "type": "definition", "offset": [341, 374]}], "samples": [{"hash": "leMIv0H6BNB", "uri": "/contracts/leMIv0H6BNB#basic-payments", "label": "Employment Agreement (CCFNB Bancorp Inc)", "score": 34.5989048597, "published": true}, {"hash": "kriNq0CGtBd", "uri": "/contracts/kriNq0CGtBd#basic-payments", "label": "Employment Agreement (CCFNB Bancorp Inc)", "score": 34.5961670089, "published": true}, {"hash": "kaBN0MhKLbN", "uri": "/contracts/kaBN0MhKLbN#basic-payments", "label": "Employment Agreement (CCFNB Bancorp Inc)", "score": 34.4893908282, "published": true}], "hash": "0c30e6254a5fbd87e56415bc35c1b3f5", "id": 1}, {"size": 5, "snippet": "The Executive will be paid an amount equal to one and a half times the sum of (i) the highest annualized base salary paid to him during the calendar year of termination or the immediately preceding two calendar years. Such amount will be paid to the Executive in equal monthly installments (without interest), beginning 30 days following the date of termination of employment and commencing on the Agreement ending date disclosed in section 19(a). Notwithstanding the preceding provisions of this subsection to the contrary, in the event this section becomes applicable following a Change in Control, the Executive will, within 30 days after his termination of employment, be paid a lump sum equal to the present value of the amounts otherwise payable under this subsection. For purposes of the preceding sentence, present value will be determined by using the short-term applicable federal rate under Section 1274 of the Internal Revenue Code of 1986, as amended (the \"Code\"), in effect on the date of termination of employment. For purposes of this subsection, to the extent relevant, base salary and bonuses with any predecessor of Medifast or an affiliate thereof shall be taken into account.", "snippet_links": [{"key": "equal-to", "type": "definition", "offset": [37, 45]}, {"key": "a-half", "type": "clause", "offset": [54, 60]}, {"key": "sum-of", "type": "clause", "offset": [71, 77]}, {"key": "annualized-base-salary", "type": "clause", "offset": [94, 116]}, {"key": "year-of-termination", "type": "definition", "offset": [149, 168]}, {"key": "two-calendar-years", "type": "definition", "offset": [198, 216]}, {"key": "to-the-executive", "type": "clause", "offset": [243, 259]}, {"key": "equal-monthly-installments", "type": "clause", "offset": [263, 289]}, {"key": "following-the", "type": "definition", "offset": [328, 341]}, {"key": "date-of-termination-of-employment", "type": "definition", "offset": [342, 375]}, {"key": "the-agreement", "type": "clause", "offset": [394, 407]}, {"key": "ending-date", "type": "clause", "offset": [408, 419]}, {"key": "notwithstanding-the", "type": "definition", "offset": [448, 467]}, {"key": "this-subsection", "type": "definition", "offset": [492, 507]}, {"key": "in-the-event", "type": "clause", "offset": [525, 537]}, {"key": "following-a-change-in-control", "type": "clause", "offset": [570, 599]}, {"key": "days-after", "type": "definition", "offset": [631, 641]}, {"key": "lump-sum", "type": "definition", "offset": [683, 691]}, {"key": "present-value", "type": "definition", "offset": [705, 718]}, {"key": "for-purposes-of-the", "type": "clause", "offset": [775, 794]}, {"key": "applicable-federal-rate", "type": "clause", "offset": [872, 895]}, {"key": "internal-revenue-code-of-1986", "type": "definition", "offset": [922, 951]}, {"key": "as-amended", "type": "definition", "offset": [953, 963]}, {"key": "effect-on-the", "type": "clause", "offset": [981, 994]}, {"key": "for-purposes-of-this", "type": "clause", "offset": [1030, 1050]}, {"key": "to-the-extent", "type": "clause", "offset": [1063, 1076]}, {"key": "base-salary-and-bonuses", "type": "clause", "offset": [1087, 1110]}, {"key": "an-affiliate", "type": "clause", "offset": [1147, 1159]}], "samples": [{"hash": "lH6HqFTpBWX", "uri": "/contracts/lH6HqFTpBWX#basic-payments", "label": "Employment Agreement (Medifast Inc)", "score": 19.0, "published": true}, {"hash": "fBJQJCv7qiI", "uri": "/contracts/fBJQJCv7qiI#basic-payments", "label": "Employment Agreement (Medifast Inc)", "score": 19.0, "published": true}, {"hash": "9WAq2ek1fY5", "uri": "/contracts/9WAq2ek1fY5#basic-payments", "label": "Employment Agreement (Medifast Inc)", "score": 19.0, "published": true}], "hash": "89fb51cfcfcab41f3aae5175bb16ffe8", "id": 4}, {"size": 5, "snippet": "Subject to the Borrower\u2019s right of prepayment granted in Section 8.2 hereof, the Borrower agrees to repay the Loan in installments of Basic Payments as follows:\n(1) During the Term of Loan Agreement, and subject to the prior pledge by the Borrower to make payments under the Project Loan Agreement, the Borrower shall make Basic Payments under this Loan Agreement in immediately available funds as follows:\n(a) On or before the twentieth day of each month, the Borrower shall make Basic Payments in an amount which, (i) commencing on October 20, 2018 and continuing through February 20, 2019, will equal one-fifth of the total interest due on all Outstanding Subordinate Bonds on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; (ii) commencing on March 20, 2019 and continuing thereafter, will equal one-sixth of the total interest due on all Outstanding Subordinate Bonds on the next Interest Payment Date net of the anticipated regularly scheduled semiannual payment on the TIF Note; and (iii) commencing on March 20, 2022 and continuing thereafter, will equal one-sixth of the total principal due on all Outstanding Subordinate Bonds on the next principal payment date (including principal due pursuant to the Mandatory Redemption Schedule after taking into account any credit to which the Borrower may be entitled under Section 3.1(2) of the Indenture net of the anticipated regularly scheduled semiannual payment on the TIF Note). There shall be credited against such payments amounts deposited in the Bond Fund interest earnings retained in or credited to the Bond Fund. Interest payments shall be made from funds in the Capitalized Interest Fund until those funds are depleted.\n(b) In any event the sum of the Basic Payments payable under this Section and amounts deposited in the Bond Fund shall be sufficient to pay all principal, interest and premium, if any, on the Subordinate Bonds as such principal, interest and premium become due, at maturity, upon redemption, acceleration or otherwise, and accordingly if on the Business Day immediately preceding each Maturity Date the balance in the Bond Fund is not sufficient for this purpose, the Borrower will make a Basic Payment on such Business Day to cure the deficiency.\n(2) All payments of Basic Payments shall be made directly to the Trustee at its corporate trust office, for the account of the Issuer and shall be deposited by the Trustee in the Bond Fund. In the event the Borrower should fail to make any of the payments required in this Section 4.2, the item so in default shall continue as an obligation of the Borrower until the amount in default shall have been fully paid, and the Borrower agrees to pay the same with interest thereon (including to the extent permitted by law, interest on overdue installments of interest) at the rate borne by the respective Subordinate Bonds as to which such default exists.\n(3) Except during the continuance of an Event of Default, all available remaining sums on deposit in the Bond Fund not credited against currently payable installments of Basic Payments or applied as provided in Section 7.8, 8.2 or 8.4 hereof shall be credited against the last installments of Basic Payments.\n(4) In no event shall any purchase of any Subordinate Bonds made by or on behalf of the Borrower result in the discharge of either (a) the Subordinate Bonds so purchased; (b) the obligations under this Section 4.2 to make Basic Payments relating to the Subordinate Bonds so purchased; or (c) the Loan made hereunder to the extent of the Subordinate Bonds so purchased, unless and to the extent the Subordinate Bonds so purchased are surrendered to the Trustee and canceled.", "snippet_links": [{"key": "to-the-borrower", "type": "clause", "offset": [8, 23]}, {"key": "right-of-prepayment", "type": "clause", "offset": [26, 45]}, {"key": "section-82", "type": "clause", "offset": [57, 68]}, {"key": "to-repay", "type": "clause", "offset": [97, 105]}, {"key": "the-loan", "type": "clause", "offset": [106, 114]}, {"key": "term-of-loan-agreement", "type": "clause", "offset": [176, 198]}, {"key": "by-the-borrower", "type": "clause", "offset": [232, 247]}, {"key": "make-payments", "type": "clause", "offset": [251, 264]}, {"key": "project-loan-agreement", "type": "clause", "offset": [275, 297]}, {"key": "the-borrower-shall", "type": "clause", "offset": [299, 317]}, {"key": "this-loan-agreement", "type": "definition", "offset": [344, 363]}, {"key": "immediately-available-funds", "type": "clause", "offset": [367, 394]}, {"key": "day-of", "type": "clause", "offset": [438, 444]}, {"key": "payments-in", "type": "clause", "offset": [487, 498]}, {"key": "commencing-on", "type": "clause", "offset": [520, 533]}, {"key": "interest-due", "type": "definition", "offset": [627, 639]}, {"key": "subordinate-bonds", "type": "definition", "offset": [659, 676]}, {"key": "interest-payment-date", "type": "clause", "offset": [689, 710]}, {"key": "regularly-scheduled", "type": "definition", "offset": [734, 753]}, {"key": "tif-note", "type": "definition", "offset": [780, 788]}, {"key": "on-march", "type": "clause", "offset": [806, 814]}, {"key": "principal-due", "type": "clause", "offset": [1148, 1161]}, {"key": "principal-payment-date", "type": "clause", "offset": [1211, 1233]}, {"key": "pursuant-to-the", "type": "clause", "offset": [1259, 1274]}, {"key": "redemption-schedule", "type": "definition", "offset": [1285, 1304]}, {"key": "the-indenture", "type": "clause", "offset": [1404, 1417]}, {"key": "amounts-deposited-in", "type": "definition", "offset": [1544, 1564]}, {"key": "interest-earnings", "type": "clause", "offset": [1579, 1596]}, {"key": "payments-shall-be", "type": "clause", "offset": [1648, 1665]}, {"key": "funds-in", "type": "definition", "offset": [1676, 1684]}, {"key": "capitalized-interest-fund", "type": "clause", "offset": [1689, 1714]}, {"key": "sum-of", "type": "clause", "offset": [1768, 1774]}, {"key": "to-pay", "type": "clause", "offset": [1880, 1886]}, {"key": "at-maturity", "type": "clause", "offset": [2009, 2020]}, {"key": "business-day", "type": "clause", "offset": [2092, 2104]}, {"key": "maturity-date", "type": "clause", "offset": [2132, 2145]}, {"key": "the-balance", "type": "clause", "offset": [2146, 2157]}, {"key": "borrower-will", "type": "clause", "offset": [2215, 2228]}, {"key": "payments-of", "type": "clause", "offset": [2303, 2314]}, {"key": "to-the-trustee", "type": "clause", "offset": [2353, 2367]}, {"key": "corporate-trust-office", "type": "definition", "offset": [2375, 2397]}, {"key": "the-account", "type": "clause", "offset": [2403, 2414]}, {"key": "the-issuer", "type": "clause", "offset": [2418, 2428]}, {"key": "by-the-trustee", "type": "clause", "offset": [2452, 2466]}, {"key": "in-the-event-the", "type": "clause", "offset": [2485, 2501]}, {"key": "payments-required", "type": "definition", "offset": [2542, 2559]}, {"key": "section-42", "type": "clause", "offset": [2568, 2579]}, {"key": "default-shall", "type": "definition", "offset": [2596, 2609]}, {"key": "obligation-of-the-borrower", "type": "clause", "offset": [2625, 2651]}, {"key": "amount-in-default", "type": "definition", "offset": [2662, 2679]}, {"key": "fully-paid", "type": "clause", "offset": [2696, 2706]}, {"key": "with-interest", "type": "definition", "offset": [2748, 2761]}, {"key": "to-the-extent-permitted-by-law", "type": "clause", "offset": [2781, 2811]}, {"key": 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Such amount will be paid to the EXECUTIVE in a lump sum within ten (10) days following the date of termination of employment.", "snippet_links": [{"key": "equal-to", "type": "definition", "offset": [37, 45]}, {"key": "sum-of", "type": "clause", "offset": [61, 67]}, {"key": "annual-base-salary", "type": "definition", "offset": [89, 107]}, {"key": "cash-bonus", "type": "definition", "offset": [129, 139]}, {"key": "with-respect-to", "type": "clause", "offset": [152, 167]}, {"key": "calendar-years", "type": "clause", "offset": [185, 199]}, {"key": "year-of-termination", "type": "definition", "offset": [226, 245]}, {"key": "to-the-executive", "type": "clause", "offset": [272, 288]}, {"key": "lump-sum", "type": "definition", "offset": [294, 302]}, {"key": "following-the", "type": "definition", "offset": [324, 337]}, {"key": "date-of-termination-of-employment", "type": "definition", "offset": [338, 371]}], "samples": [{"hash": "jY82xtO6N3x", "uri": "/contracts/jY82xtO6N3x#basic-payments", "label": "Professional Employment Contract (Mifflinburg Bancorp Inc)", "score": 34.0253251198, "published": true}, {"hash": "ebKzxzT0OYB", "uri": "/contracts/ebKzxzT0OYB#basic-payments", "label": "Professional Employment Contract (Mifflinburg Bancorp Inc)", "score": 34.0253251198, "published": true}, {"hash": "dMamfevZEQL", "uri": "/contracts/dMamfevZEQL#basic-payments", "label": "Professional Employment Contract (Mifflinburg Bancorp Inc)", "score": 34.0253251198, "published": true}], "hash": "f7cc506e239e102e9b509b01d14657f5", "id": 6}, {"size": 4, "snippet": "In the event the Executive\u2019s employment under this Agreement is terminated pursuant to Section 10(a), Executive\u2019s rights and the Company\u2019s obligations hereunder shall cease (except to the extent specifically provided to survive the termination of this Agreement) as of the Effective Termination Date; provided, however, that the Company shall pay the Executive, subject to Executive\u2019s full and complete compliance with the provisions and conditions set forth in Section 10(d)(iii) and (iv), his (i) Monthly Salary, prorated through the Effective Termination Date; (ii) Business Expense Reimbursements through the Effective Termination Date; (iii) Medical Insurance Reimbursement and any other benefits due to the Executive, prorated through the Effective Termination Date. All payments made pursuant to this Section 10(d)(i), will be made in accordance with the Company\u2019s regular payroll procedures through the Effective Termination Date; and the full payment all of payments and benefits due the Executive hereunder upon termination shall completely and fully discharge and constitute a release by the Executive of any and all obligations and liabilities of the Company to the Executive, including, without limitation, the right to receive Monthly Payment, options and all other compensation or benefits provided for in this Agreement, and the Executive shall not be entitled to any further compensation, options, or severance compensation of any kind, and shall have no further right or claim to any compensation, options, benefits or severance compensation under this Agreement or otherwise against the Company or its affiliates, from and after the date of such termination, except as provided by the terms of the stock option agreement entered into between the Executive and the Company, and any benefit plan under which the Executive is participating.", "snippet_links": [{"key": "in-the-event-the", "type": "clause", "offset": [0, 16]}, {"key": "pursuant-to-section", "type": "definition", "offset": [75, 94]}, {"key": "except-to-the-extent", "type": "clause", "offset": [174, 194]}, {"key": "termination-of-this-agreement", "type": "clause", "offset": [232, 261]}, {"key": "effective-termination-date", "type": "clause", "offset": [273, 299]}, {"key": "the-company-shall", "type": "clause", "offset": [325, 342]}, {"key": "to-executive", "type": "clause", "offset": [370, 382]}, {"key": "the-provisions", "type": "clause", "offset": [419, 433]}, {"key": "monthly-salary", "type": "clause", "offset": [499, 513]}, {"key": "business-expense-reimbursements", "type": "clause", "offset": [569, 600]}, {"key": "medical-insurance-reimbursement", "type": "clause", "offset": [647, 678]}, {"key": "other-benefits", "type": "definition", "offset": [687, 701]}, {"key": "to-the-executive", "type": "clause", "offset": [706, 722]}, {"key": "made-pursuant-to", "type": "clause", "offset": [786, 802]}, {"key": "in-accordance-with", "type": "definition", "offset": [839, 857]}, {"key": "payroll-procedures", "type": "clause", "offset": [880, 898]}, {"key": "full-payment", "type": "definition", "offset": [947, 959]}, {"key": "payments-and-benefits", "type": "clause", "offset": [967, 988]}, {"key": "termination-shall", "type": "clause", "offset": [1022, 1039]}, {"key": "release-by-the-executive", "type": "clause", "offset": [1088, 1112]}, {"key": "obligations-and-liabilities-of-the-company", "type": "clause", "offset": [1128, 1170]}, {"key": "without-limitation", "type": "clause", "offset": [1200, 1218]}, {"key": "right-to-receive", "type": "clause", "offset": [1224, 1240]}, {"key": "monthly-payment", "type": "definition", "offset": [1241, 1256]}, {"key": "benefits-provided", "type": "clause", "offset": [1296, 1313]}, {"key": "in-this-agreement", "type": "clause", "offset": [1318, 1335]}, {"key": "further-compensation", "type": "clause", "offset": [1384, 1404]}, {"key": "severance-compensation", "type": "definition", "offset": [1418, 1440]}, {"key": "agreement-or", "type": "definition", "offset": [1571, 1583]}, {"key": "date-of", "type": "clause", "offset": [1652, 1659]}, {"key": "the-stock-option-agreement", "type": "clause", "offset": [1713, 1739]}, {"key": "entered-into", "type": "clause", "offset": [1740, 1752]}, {"key": "executive-and-the-company", "type": "clause", "offset": [1765, 1790]}, {"key": "benefit-plan", "type": "clause", "offset": [1800, 1812]}], "samples": [{"hash": "31eTbdq1ad9", "uri": "/contracts/31eTbdq1ad9#basic-payments", "label": "Executive Engagement Agreement (Himalaya Technologies, Inc)", "score": 35.5544147844, "published": true}, {"hash": "6LBVzwZzZMu", "uri": "/contracts/6LBVzwZzZMu#basic-payments", "label": "Employment Agreement (SolarWindow Technologies, Inc.)", "score": 29.0054757016, "published": true}], "hash": "d6cffbb73e11b59ead480ecb96cb1f81", "id": 7}, {"size": 3, "snippet": "The Officer will be paid an amount equal to two (2) times the sum of (A) the highest annualized base salary paid to him during the year of termination or the immediately preceding two (2) calendar years, and (B) the greater of (i) the target bonus in the year of termination or (ii) the highest bonus paid to him with respect to one of the three (3) calendar years immediately preceding the year of termination. Such amount will be paid to the Officer in a lump sum cash payment not later than the thirtieth (30th) day following the date of termination of employment. For purposes of this Paragraph (i), to the extent necessary, base salary and bonuses with any predecessor of Sovereign or an affiliate thereof shall be taken into account.", "snippet_links": [{"key": "the-officer", "type": "definition", "offset": [0, 11]}, {"key": "equal-to", "type": "definition", "offset": [35, 43]}, {"key": "sum-of", "type": "clause", "offset": [62, 68]}, {"key": "annualized-base-salary", "type": "clause", "offset": [85, 107]}, {"key": "year-of-termination", "type": "definition", "offset": [131, 150]}, {"key": "calendar-years", "type": "clause", "offset": [188, 202]}, {"key": "target-bonus", "type": "clause", "offset": [235, 247]}, {"key": "highest-bonus", "type": "definition", "offset": [287, 300]}, {"key": "with-respect-to", "type": "clause", "offset": [313, 328]}, {"key": "lump-sum-cash-payment", "type": "definition", "offset": [457, 478]}, {"key": "following-the", "type": "definition", "offset": [519, 532]}, {"key": "date-of-termination-of-employment", "type": "definition", "offset": [533, 566]}, {"key": "for-purposes-of-this", "type": "clause", "offset": [568, 588]}, {"key": "to-the-extent", "type": "clause", "offset": [604, 617]}, {"key": "base-salary-and-bonuses", "type": "clause", "offset": [629, 652]}, {"key": "an-affiliate", "type": "clause", "offset": [690, 702]}], "samples": [{"hash": "l8fpKylXxqH", "uri": "/contracts/l8fpKylXxqH#basic-payments", "label": "Employment Agreement (Sovereign Bancorp Inc)", "score": 21.0, "published": true}, {"hash": "G4z9lzuyx7", "uri": "/contracts/G4z9lzuyx7#basic-payments", "label": "Employment Agreement (Sovereign Bancorp Inc)", "score": 21.0, "published": true}], "hash": "643e6dd02ffca9f4cb39e086d0005216", "id": 8}, {"size": 2, "snippet": "Draws Under Letter of Credit --------------------------------------------\n(a) On or before 10:00 a.m. (Atlanta, Georgia time) on each Bond Payment Date, the Users shall pay to the Trustee, for the account of the Issuer, an additional amount required to pay the principal of, premium (if any) on the Bonds and shall deposit an amount necessary to pay the interest on the Bonds (other than Pledged Bonds) due and payable on each Bond Payment Date; provided, however, that (i) any amount already on deposit in the Bond Fund or Bond Purchase Fund on the due date of such Basic Payment and available for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against the amount of such Basic Payment, and (ii) any amount drawn by the Trustee pursuant to the Letter of Credit for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against such Basic Payment.\n(b) On each Bond Payment Date prior to 10:00 a.m. (Atlanta, Georgia time) the Trustee shall, without making any prior claim or demand on the Users for the payment of Basic Payments with respect to Bonds other than Pledged Bonds, make a draw on the Letter of Credit in an amount equal to the amount of principal of, premium (if any) and interest on the Bonds due and payable on such Bond Payment Date on Bonds other than Pledged Bonds. The Users shall receive a credit against Basic Payments for the amount so drawn. No draw shall be made under the Letter of Credit with respect to Pledged Bonds, and the Users shall receive no credit against Basic Payments with respect to Pledged Bonds for any amounts drawn under the Letter of Credit.\n(c) The Users hereby authorize and direct the Trustee to draw moneys under the Letter of Credit in accordance with the provision of the Indenture and this Loan Agreement to the extent necessary to pay the principal and purchase price of, premium (if any) and interest on the Bonds (other than Pledged Bonds) when due and payable pursuant to the Indenture and the Bonds.\n(d) All Basic Payments shall be made in funds immediately available to the Trustee at its Designated Office on the related Bond Payment Date.\n(e) The Users acknowledge, covenant, and agree that until the Indenture Indebtedness is paid in full the Users shall make Basic Payments in such amounts and at such times as shall be necessary to enable the Trustee to pay in full in accordance with the Indenture the principal and purchase price of, premium (if any) and interest on the Bonds (other than Pledged Bonds) when and as the same becomes due and payable.", "snippet_links": [{"key": "draws-under-letter-of-credit", "type": "clause", "offset": [0, 28]}, {"key": "bond-payment-date", "type": "definition", "offset": [134, 151]}, {"key": "to-the-trustee", "type": "clause", "offset": [173, 187]}, {"key": "the-account", "type": "clause", "offset": [193, 204]}, {"key": "the-issuer", "type": "clause", "offset": [208, 218]}, {"key": "amount-required", "type": "clause", "offset": [234, 249]}, {"key": "to-pay", "type": "clause", "offset": [250, 256]}, {"key": "principal-of", "type": "definition", "offset": [261, 273]}, {"key": "interest-on-the-bonds", "type": "clause", "offset": [354, 375]}, {"key": "pledged-bonds", "type": "definition", "offset": [388, 401]}, {"key": "on-deposit", "type": "definition", "offset": [493, 503]}, {"key": "the-bond-fund", "type": "clause", "offset": [507, 520]}, {"key": "bond-purchase-fund", "type": "definition", "offset": [524, 542]}, {"key": "date-of", "type": "clause", "offset": [554, 561]}, {"key": "payment-of-the-principal", "type": "clause", "offset": [603, 627]}, {"key": "and-interest", "type": "clause", "offset": [649, 661]}, {"key": "by-the-trustee", "type": "clause", "offset": [787, 801]}, {"key": "the-letter-of-credit", "type": "clause", "offset": [814, 834]}, {"key": "prior-to", "type": "definition", "offset": [1017, 1025]}, {"key": "trustee-shall", "type": "definition", "offset": [1065, 1078]}, {"key": "claim-or-demand", "type": "definition", "offset": [1105, 1120]}, {"key": "with-respect-to", "type": "clause", "offset": [1168, 1183]}, {"key": "equal-to", "type": "definition", "offset": [1265, 1273]}, {"key": "a-credit", "type": "definition", "offset": [1446, 1454]}, {"key": "payments-for", "type": "clause", "offset": [1469, 1481]}, {"key": "no-credit", "type": "clause", "offset": [1611, 1620]}, {"key": "in-accordance-with", "type": "definition", "offset": [1820, 1838]}, {"key": "provision-of-the", "type": "clause", "offset": [1843, 1859]}, {"key": "to-the-extent", "type": "clause", "offset": [1894, 1907]}, {"key": "purchase-price", "type": "definition", "offset": [1943, 1957]}, {"key": "when-due-and-payable", "type": "clause", "offset": [2032, 2052]}, {"key": "pursuant-to-the-indenture", "type": "clause", "offset": [2053, 2078]}, {"key": "payments-shall-be", "type": "clause", "offset": [2108, 2125]}, {"key": "available-to", "type": "definition", "offset": [2152, 2164]}, {"key": "designated-office", "type": "clause", "offset": [2184, 2201]}, {"key": "related-bond", "type": "definition", "offset": [2209, 2221]}, {"key": "indenture-indebtedness", "type": "definition", "offset": [2298, 2320]}, {"key": "paid-in-full", "type": "clause", "offset": [2324, 2336]}, {"key": "payments-in", "type": "clause", "offset": [2364, 2375]}, {"key": "pay-in-full", "type": "definition", "offset": [2454, 2465]}], "samples": [{"hash": "gNoBvrJFQ6R", "uri": "/contracts/gNoBvrJFQ6R#basic-payments", "label": "Loan Agreement (Color Imaging Inc)", "score": 16.0, "published": true}, {"hash": "b8rQSQtVAwL", "uri": "/contracts/b8rQSQtVAwL#basic-payments", "label": "Loan Agreement (Color Imaging Inc)", "score": 16.0, "published": true}], "hash": "11854c105cb459ce3ea8923851df1bdd", "id": 9}, {"size": 2, "snippet": "The Employee shall be paid an amount equal to two (2) times the sum of (i) the Employee's highest annualized base salary paid to the Employee during the year of termination of employment or the immediately preceding three (3) calendar years and (ii) the highest cash bonus paid to the Employee in or with respect to the year of termination of employment or the immediately preceding three (3) calendar years. Payments under this Section 3(a) shall be made in a lump-sum within fifteen (15) days of the date on which the Employee delivers the Notice of Termination.", "snippet_links": [{"key": "the-employee-shall", "type": "clause", "offset": [0, 18]}, {"key": "equal-to", "type": "definition", "offset": [37, 45]}, {"key": "sum-of", "type": "clause", "offset": [64, 70]}, {"key": "annualized-base-salary", "type": "clause", "offset": [98, 120]}, {"key": "to-the-employee", "type": "definition", "offset": [126, 141]}, {"key": "termination-of-employment", "type": "definition", "offset": [161, 186]}, {"key": "calendar-years", "type": "clause", "offset": [226, 240]}, {"key": "cash-bonus", "type": "definition", "offset": [262, 272]}, {"key": "with-respect-to", "type": "clause", "offset": [300, 315]}, {"key": "the-notice-of-termination", "type": "clause", "offset": [538, 563]}], "samples": [{"hash": "lKMYCKbQtW2", "uri": "/contracts/lKMYCKbQtW2#basic-payments", "label": "Change in Control Agreement (Boardwalk Bancorp Inc)", "score": 18.0, "published": true}, {"hash": "fyhg3HjGj5f", "uri": "/contracts/fyhg3HjGj5f#basic-payments", "label": "Change in Control Agreement (Boardwalk Bancorp Inc)", "score": 18.0, "published": true}], "hash": "4db4af6825855cbdaea49713b8f51983", "id": 10}], "next_curs": "ClcSUWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjMLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhdiYXNpYy1wYXltZW50cyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"title": "Basic Payments", "parents": [["rights-in-the-event-of-certain-terminations-following-change-in-control", "Rights in the Event of Certain Terminations Following Change in Control"], ["rights-in-event-of-termination-of-employment-following-change-of-control", "Rights in Event of Termination of Employment Following Change of Control"], ["rights-in-event-of-certain-termination-of-employment", "Rights in Event of Certain Termination of Employment"], ["payments-upon-termination", "Payments Upon Termination"], ["rights-in-event-of-termination-of-employment-following-change-in-control", "Rights in Event of Termination of Employment Following Change in Control"]], "size": 88, "children": [], "id": "basic-payments", "related": [["automatic-payments", "Automatic Payments", "Automatic Payments"], ["periodic-payments", "Periodic Payments", "Periodic Payments"], ["lump-sum-payments", "Lump Sum Payments", "Lump Sum Payments"], ["income-payments", "Income Payments", "Income Payments"], ["\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587-payments", "\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 Payments", "\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 Payments"]], "related_snippets": [], "updated": "2025-07-07T12:36:13+00:00", "also_ask": ["What are the essential elements that must be included in a Basic Payments clause to ensure enforceability?", "How can the timing and method of Basic Payments be strategically negotiated to benefit my client?", "What are the most common risks or pitfalls in Basic Payments clauses that could lead to disputes or non-payment?", "How do Basic Payments provisions typically differ across jurisdictions or industry standards?", "What factors do courts consider when determining if a Basic Payments clause is sufficiently clear and enforceable?"], "drafting_tip": null, "explanation": "The Basic Payments clause defines the fundamental payment obligations between parties under an agreement. It typically outlines when payments are due, the amounts to be paid, and the acceptable methods of payment, such as bank transfer or check. This clause ensures both parties have a clear understanding of their financial responsibilities, reducing the risk of disputes over payment terms and helping to maintain smooth business operations."}, "json": true, "cursor": ""}}