Common use of CASHOUT IN THE EVENT OF SALE OR TRANSFER Clause in Contracts

CASHOUT IN THE EVENT OF SALE OR TRANSFER. (a) In the event a hotel is sold or transferred, all employees shall be paid severance pay up to the date of such sale by the outgoing owner or lessee. If such payment is not made the new owner or lessee becomes responsible for all accumulated severance. After payment has been made, continuous service for the purpose of severance pay commences a new starting from the date of each sale. No duplication or pyramiding of payments is intended.

CASHOUT IN THE EVENT OF SALE OR TRANSFER. (a) In the event a hotel is sold or transferred, all employees shall be paid severance pay up to the date of such sale by the outgoing owner or lessee. If such payment is not made the new owner or lessee becomes responsible for all accumulated severance. After payment has been made, made continuous service for the purpose of severance pay commences a new starting from the date of each sale. No duplication or pyramiding of payments is intended.