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 Premises may be sold by Borrower (and, subject to the provisions hereinafter set forth, Lender agrees to release such Premises from the applicable Mortgage) upon payment to Lender of a release payment (the "Release 27 28 Payment") in an amount equal to the greater of (1) 100% of the net sale proceeds resulting from the sale of such Premises or (2) 125% of the Loan basis for such Premises, as determined by Lender. As of the date hereof, the Loan allocation set forth in Exhibit I is applicable, but such allocation is subject to adjustment by Lender from time to time based on factors such as but not limited to a decline in the value of one or more of the Premises or in the financial condition of Borrower or one of the tenants. In addition, Borrower may request that Lender accept a Release Payment with respect to Premises if a condemnation or eminent domain proceeding is commenced with respect to such Premises or if Borrower is unable to satisfy the provisions of Section 5.3 for use of Proceeds with respect to such Premises, or if a Premises is rezoned without the agreement or acquiescence of Borrower. Such Release Payment will be deposited in the Future Acquisition Fund Account if the Release Payment is received prior to June 1, 1997 and will be subject to the provisions of Section 4.3 with respect to the disbursement thereof in connection with Future Acquisition Properties. If such Release Payment is received on or after June 1, 1997, Lender may require, at its option, such Release Payment to be (1) applied toward repayment of the Loan, subject to the prepayment fees set forth in the Note, (2) deposited in the Future Acquisition Funds Account, or (3) released to Borrower for distribution to Borrower. Upon receipt of a Release Payment with respect to a Premises and the release of such Premises from the lien of the applicable Mortgage, such Premises will no longer be considered a Premises for purposes of this Agreement.
Release Payments. A. As a settlement payment hereunder, SSA shall pay Shakir in a single sum the sum of $167,500, such amount to be paid to Shakir upon the date this Agreement becomes effective as set forth in Paragraph 13C. B. SSA and Shakir hereby agree that, in consideration of the release of any claims Shakir may have for the delayed registration of certain shares of common stock of SSA owned by him, SSA shall issue and deliver to him 50,522 shares of SSA's common stock (the "SHARES"). Shakir understands that the Shares are not currently being registered under the Securities Act of 1933 ("SECURITIES ACT") by reason of their contemplated issuance in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Section 4(2) thereof. Shakir further agrees that he will not sell or otherwise dispose of the Shares unless such sale or other disposition has been registered or is exempt from registration under the Securities Act and has been registered or qualified or is exempt from registration or qualification under applicable securities law of any State. Shakir understands that a restrictive legend consistent with the foregoing has been or will be placed on the certificates evidencing the Shares, and related stop transfer instructions will be noted in the stock transfer records of SSA and/or its stock transfer agent for the Shares. The foregoing notwithstanding, SSA agrees that it will prepare and file with the Securities and Exchange Commission a registration statement for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act of 1933, registering the resale from time to time by Shakir of the Shares on Form S- 3. The filing will be made within forty-five (45) calendar days of the date SSA receives a written notice from Shakir requesting such a filing. The Company, however, may restrict disposition of such Shares, in which event Shakir agrees not to dispose of such Shares, provided that the Company shall have delivered a notice in writing to Shakir stating that a delay in the disposition of Shares is necessary because the Company, in its reasonable judgment, exercised in good faith, has determined that such sales of Shares would require public disclosure by the Company of material nonpublic information that the Company deems advisable not to disclose. C. Ten percent (10%) of the payments made in Paragraph 5A shall be in consideration of the release of any claim under the Age Discrimination in...
Release Payments. Notwithstanding anything herein or in any other Loan Documents to the contrary, upon sale of each Interval at the Marathon Key Resort, Agent and each Lender agree to release such Interval from the Lien of the Marathon Key Resort Mortgage provided that: (i) no Default or Event of Default has occurred and is continuing hereunder; (ii) the sale is a bona fide sale to a Person other than Borrower, any of Borrower's Agents or any Affiliate of either Borrower, at a Purchase Price and on such other terms and conditions as are reasonably acceptable to TFC; and (iii) Borrower pays to Agent a release price equal to the greater of: (y) $4,566 per Interval to be released or (z) an amount sufficient, as determined by TFC in its sole discretion, such that the Acquisition/Construction Loan Component will be repaid in full if 85% of all Intervals are sold at such amount (the "Release Price"). The Release Price will be applied to repayment of the Acquisition/Construction Loan Component as provided in Section 2.8 hereof. Upon payment of the Acquisition/Construction Loan Component in full, the Marathon Key Resort Mortgage shall be released in full.
