Obligations to Reimburse for Executive Compensation. (a) Upon the terms and subject to the conditions of this Agreement, the General Partner and the OLP GP, for themselves and their affiliates, successors and assigns, hereby and irrevocably release, relinquishe and discharge the Partnership and the Operating Partnerships from any and all liability, obligation, claim, demand, action or suit of any kind or nature, in law or in equity, whatsoever, known or unknown, which may be asserted for or on account of or arising out of or in any manner relating to the Partnership’s and/or the Operating Partnerships’ obligations pursuant to Section 7.4(b) of the Master Partnership Agreement and the Operating Partnership Agreements or otherwise to reimburse the General Partner, the OLP GP or their affiliates for total compensation, including all benefits, paid for the four highest salaried officers performing duties for the General Partner with respect to the functions of operations, finance, legal, marketing and business development, treasury, or performing the function of President of the General Partner following the date of the Original Agreement. Nothing in this Section 2.01(a) shall be deemed to waive the obligations of the Partnership and the Operating Partnerships to reimburse the General Partner and the OLP GP for (i) employee fringe benefits and retirement benefits for their executives relating to services performed prior to the date of the Original Agreement, (ii) obligations under severance agreements with their executives to the extent currently reimbursable under the Master Partnership Agreement or (iii) any obligations in respect of their executives which are not related to compensation, including, without limitation, indemnification obligations.
Obligations to Reimburse for Executive Compensation. (a) Upon the terms and subject to the conditions of this Agreement, the General Partner and the OLP GP, for themselves and their affiliates, successors and assigns, hereby confirm that they have irrevocably released, relinquished and discharged the Partnership and the Operating Partnerships from any and all liability, obligation, claim, demand, action or suit of any kind or nature, in law or in equity, whatsoever, known or unknown, which may be asserted for or on account of or arising out of or in any manner relating to the Partnership’s and/or the Operating Partnerships’ obligations pursuant to Section 7.4(b) of the Master Partnership Agreement and the Operating Partnership Agreements or otherwise to reimburse the General Partner, the OLP GP or their affiliates for total compensation, including all benefits, paid for the four highest salaried officers performing duties for the General Partner with respect to the functions of operations, finance, legal, marketing and business development, treasury, or performing the function of President of the General Partner (“Executive Compensation Liabilities”) for the period beginning on the date of the Original Agreement and continuing through December 31, 2008. Nothing in this Section 2.01(a) shall be deemed to have waived the obligations of the Partnership and the Operating Partnerships to reimburse the General Partner and the OLP GP for (i) employee fringe benefits and retirement benefits for their executives relating to services performed prior to the date of the Original Agreement, (ii) obligations under severance agreements with their executives to the extent currently reimbursable under the Master Partnership Agreement or (iii) any obligations in respect of their executives which are not related to compensation, including, without limitation, indemnification obligations (collectively, the “Excluded Obligations”).
Obligations to Reimburse for Executive Compensation. (a) Upon the terms and subject to the conditions of this Agreement, Glenmoor, BMC and the General Partner, for themselves and their affiliates, successors and assigns, hereby and irrevocably release, relinquish and discharge the Partnership and the Operating Partnerships from any and all liability, obligation, claim, demand, action or suit of any kind or nature, in law or in equity, whatsoever, known or unknown, which may be asserted for or on account of or arising out of or in any manner relating to the Partnership's and/or the Operating Partnerships' obligations pursuant to Section 7.4(b) of the Master Partnership Agreement and the Operating Partnership Agreements or otherwise to reimburse Glenmoor, BMC, or the General Partner for total compensation paid for executive level duties performed for BMC or the General Partner with respect to the functions of operations, finance, legal, marketing and business development, and treasury, as well as President of the General Partner following the date of the Original Agreement. The parties hereto acknowledge that the individuals who performed those executive level functions as of the date of the Original Agreement were: Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxx, Xxxxxxx X. Xxxxxx, Xxxxxxx X. Xxxx, Xx., Xxxxx X. Xxxxxxxxxx and C. Xxxxxxx Xxxxxx, respectively, and their total compensation in all forms on a pro forma annualized basis for 1996 was $2,300,000; the parties further acknowledge that Xxxxxxx X. Xxxxxxx and C. Xxxxxxx Xxxxxx have resigned and their respective duties have been assumed by the remaining executives. Nothing in this Section 2.01(a) shall be deemed to waive the obligations of the Partnership and the Operating Partnerships to reimburse BMC and the General Partner for (i) employee fringe benefits and retirement benefits for their executives relating to services performed prior to the date of the Original Agreement, (ii) obligations under severance agreements with their executives to the extent currently reimbursable under the Master Partnership Agreement or (iii) any obligations in respect of their executives which are not related to compensation, including, without limitation, indemnification obligations.
