CASHOUT IN THE EVENT OF SALE OR TRANSFER Sample Clauses

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. After payment has been made continuous service for the purpose of severance pay commences a new starting date from date of each sale. No duplication or pyramiding of payments is intended.
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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.
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CASHOUT IN THE EVENT OF SALE OR TRANSFER. In the event a Hotel is sold or transferred, all employees shall be paid the outstanding accumulated severance pay by the outgoing owner or lessee up to the date of such sale. After payment has been made, continuous service for the purpose of severance pay commences a new starting point from the date of each sale. No duplication or pyramiding of payments is intended. This, in no way, curtails the rights of the employees outlined in Section 53 of the Industrial Relations Act, but facilitates elimination of a bookkeeping problem.
Sample 1

Related to CASHOUT IN THE EVENT OF SALE OR TRANSFER

  • Sale or Transfer 1. In the event of a sale or transfer of a store or stores, an employee shall be allowed a seven (7) day period from the date of announcement to the employees of the sale or transfer during which time he may determine whether he wishes to stay with the seller or whether he wishes to make application for employment with the new owner or transferee. In the event the employee chooses to remain with the seller, such choice shall not be construed as any guarantee of employment over and beyond the terms of this Agreement.

  • Withdrawals or Transfers All requests for withdrawal or transfer will be in writing on a form provided by or acceptable to us. The method of distribution must be specified in writing or in any other method acceptable to us. The tax identification number of the recipient must be provided to us before we are obligated to make a distribution. Withdrawals will be subject to all applicable tax and other laws and regulations, including but not limited to possible early distribution penalty taxes, surrender charges, and withholding requirements.

  • Assignment or Transfer Consultant shall not assign, hypothecate, or transfer, either directly or by operation of law, this Agreement or any interest herein without the prior written consent of the City. Any attempt to do so shall be null and void, and any assignees, hypothecates or transferees shall acquire no right or interest by reason of such attempted assignment, hypothecation or transfer.

  • SUBLETTING, ASSIGNMENT OR TRANSFER The Provider shall not sublet, sell, transfer, assign or otherwise dispose of this Contract or any portion thereof, or of its right, title or interest therein, without written request to and written consent of the Contract Administrator. No subcontracts or transfer of Contract shall in any case release the Provider of its liability under this Contract.

  • TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrument secures to Lender (i) the repayment of the Loan, and all renewals, extensions, and modifications of the Note, and (ii) the performance of Borrower’s covenants and agreements under this Security Instrument and the Note. For this purpose and in consideration of the debt, Borrower mortgages, grants, and conveys to Lender, with power of sale, the following described property located in the ____________________________________ of _____________________________________: [Type of Recording Jurisdiction] [Name of Recording Jurisdiction] which currently has the address of __________________________________________________ [Street] ________________________________, Vermont ___________________ (“Property Address”); [City] [Zip Code] TOGETHER WITH all the improvements now or subsequently erected on the property, including replacements and additions to the improvements on such property, all property rights, including, without limitation, all easements, appurtenances, royalties, mineral rights, oil or gas rights or profits, water rights, and fixtures now or subsequently a part of the property. All of the foregoing is referred to in this Security Instrument as the “Property.” BORROWER REPRESENTS, WARRANTS, COVENANTS, AND AGREES that: (i) Borrower lawfully owns and possesses the Property conveyed in this Security Instrument in fee simple or lawfully has the right to use and occupy the Property under a leasehold estate; (ii) Borrower has the right to mortgage, grant, and convey the Property or Borrower’s leasehold interest in the Property; and (iii) the Property is unencumbered, and not subject to any other ownership interest in the Property, except for encumbrances and ownership interests of record. Borrower warrants generally the title to the Property and covenants and agrees to defend the title to the Property against all claims and demands, subject to any encumbrances and ownership interests of record as of Loan closing. THIS SECURITY INSTRUMENT combines uniform covenants for national use with limited variations and non-uniform covenants that reflect specific Vermont state requirements to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:

  • Transfer upon Bankruptcy (1) You may transfer escrow securities within escrow to a trustee in bankruptcy or another person or company entitled to escrow securities on bankruptcy.

  • Permitted Transfers Within Escrow 5.1 Transfer to Directors and Senior Officers

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