Payment Release Clause Samples

Payment Release. The Party A will remit all its borrowings to the following Party B's accounts: Account name: Openging bank: Account Number:

Payment Release. Funds shall not be released until ICEDC complies with all financial and performance measurements, requirements, and reporting; terms of contract or memorandum of understanding; and all deadlines. THIS EXECUTED AGREEMENT MUST BE RETURNED TO THE TOWN PRIOR TO ANY TOWN FUNDS BEING RELEASED.

Payment Release. (a) Notwithstanding anything in Section 2 to the contrary, and subject to Section 5 below, prior to the date the first payment is made under Section 2, Executive may elect to receive a portion of the aggregate amount to which Executive is eligible to receive under Section 2(b) equal to (a) the product of the compensation limit under Section 401(a)(17), and (b) two (2), in a lump sum payment on the next payroll period following the Termination Date. For the avoidance of doubt, any payment made pursuant to this Section 3 shall be considered a right to receive a series of separate payments (the “First Separation Benefit Plan”), and Executive shall continue to be eligible to receive any amounts pursuant to Section 2(b) in accordance with the terms of Section 2(b), less any amounts paid under the First Separation Benefit Plan. (b) Executive’s right to the payments and benefits described in Section 2 and Section 3 is conditioned upon Executive’s executing and not revoking a valid separation and general release agreement in a form provided by the Company (the “Release”), and provided such release becomes effective and irrevocable within sixty (60) days following termination or such shorter time period set forth therein, releasing the Company, its subsidiaries, other affiliates and shareholders from any and all liability. Any payments or benefits due for the period after termination and before the Release becomes effective shall be paid with the first payment after the Release becomes effective. Notwithstanding any other provision herein, if the period during which Executive has discretion to execute or revoke the Release straddles two (2) calendar years, the Company shall make payments conditioned on the Release no earlier than January 1st of the second (2nd) calendar year, regardless of the year in which the Release becomes effective.

Payment Release. In exchange for the promises and releases set forth herein, Seller agrees to pay $100,000 (the "Settlement Amount") to the Company in respect of the Urban Decay Claim and agrees to set off (on a dollar for dollar basis) the balance of the Urban Decay Claim, the aggregate amount of the OSHA Claim and the aggregate amount of the Trademark Registration Claim (subject to upward adjustment, up to an aggregate of $66,000, for additional documented expenses incurred by the Company and Parent in connection with such Claim) against the $500,000 deductible amount described in Section 8.2(a) of the Purchase Agreement. Upon execution of this Settlement Agreement and the payment of the Settlement Amount, the Company and Parent for themselves and, on behalf of the other Buyer Parties, release and forever discharge Seller, and Seller for itself and, on behalf of the other Seller Parties, releases and forever discharges the Buyer Parties, from any and all past, present or future claims, obligations, actions, or causes of action, however denominated, for any Losses directly or indirectly resulting from, arising out of or in connection with any of the Claims, whether known or unknown. In addition, the Company and Parent, on behalf of the Buyer Parties, and Seller, on behalf of Seller Parties, expressly waive any and all rights under Section 1542 of the California Civil Code, which reads as follows: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. This Settlement Agreement only pertains to the Claims. All other rights under the Purchase Agreement are preserved. Payment of the Settlement Amount shall be made via wire transfer of immediately available federal funds to the following account: Physicians Formula, Inc. Union Bank of California ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Los Angeles, CA 90071, U.S.A. Account No. ▇▇▇▇▇▇▇▇▇▇ Routing No. ▇▇▇▇▇▇▇▇▇ Swift Code: ▇▇▇▇▇▇▇▇▇▇▇

Payment Release. Party A shall remit all of the loan principal amount to Party B's designated bank account.

Payment Release. Funds shall not be released until Recipient complies with all financial and performance measurements, requirements, and reporting; terms of contract or memorandum of understanding; and all deadlines. THIS EXECUTED AGREEMENT MUST BE RETURNED TO THE TOWN PRIOR TO ANY TOWN FUNDS BEING RELEASED.