Example ContractsClausesAgreement to Pay
Agreement to Pay
Agreement to Pay contract clause examples

Enhanced Severance Pay. If you incur an initial Qualifying Termination as a Designated Employee, the amount of your enhanced severance pay will equal one weeks of Base Pay for each week of your Enhanced Severance Period. If the Qualifying Termination also entitles you, under the laws of a foreign country, to severance benefits or similar compensation, your severance pay under this Supplement will be reduced by the equivalent amount of your foreign severance benefits. You will receive the severance pay in a single payment as soon as administratively feasible after signing, without revoking, the Release Agreement.

Promise to Pay. FOR VALUE RECEIVED, the undersigned JAYHAWK ENERGY, INC., a Colorado corporation, together with its successors and permitted assigns, having an office address at 611 E. Sherman Avenue, Coeur d’Alene, Idaho 83814 (the “Borrower”), promises to pay, ON DEMAND, to the order of VAST EXPLORATION, LLC, a Texas limited liability company, its successors, assigns and/or affiliates (“Lender”), at such place as may be designated from time to time in writing by the holder hereof to Borrower, the principal sum of ONE HUNDRED THOUSAND DOLLARS AND NO/100ths ($100,000) or the aggregate unpaid principal amount of all advances made by the Lender to the Borrower, as show on the books and records of Lender, together with interest on the unpaid principal balance hereof from time to time outstanding from the date hereof until the entire principal amount due hereunder is paid in full at the “Borrowing Rate” (defined below).

Transitional Pay Contribution Account.” The Member’s share of Transitional Pay Contributions of the Plan and the income, losses, appreciation and depreciation attributable to such contributions.

Severance Pay and Benefits. In return for the execution of this Agreement, it becoming effective (see paragraph 17), and Pennypacker honoring all of its terms (and continuing to honor all of its terms), the Company will provide Pennypacker with the following pay and benefits.

Integration of Severance Pay. If Employee receives severance pay from Campbell Companies at the time of the termination of Employee’s employment or at any time during the Non-Compete Period, whether under the terms of a severance pay policy or otherwise, the Non-Compete Payments, if any, otherwise payable to Employee under paragraph 4 of this RCA will be integrated with and offset by the severance pay. For the time during which Employee receives any amount of severance pay from Campbell Companies, the Non-Compete Payments, if any, otherwise payable under paragraph 4 of this RCA will be reduced, on a dollar-for-dollar basis (to an amount not less than zero), by the amount of severance pay paid to Employee during that time.

If the Loan Parties fail to obtain insurance as hereinabove provided, or to keep the same in force, [[Organization B:Organization]], if [[Organization B:Organization]] so elects, may obtain such insurance and pay the premium therefor on behalf of the Loan Parties, and charge [[Organization A:Organization]]' Account therefor as a Revolving A Advance of a Domestic Rate Loan and such expenses so paid shall be part of the Obligations.

Severance Pay Plan Payments. In the event of a Qualified Termination of Employment, the Executive shall not be entitled to receive any severance benefits that would otherwise be available to the Executive under the Kimberly-Clark Corporation Severance Pay Plan (or any successor or additional plan), or any other severance program sponsored by the Corporation and/or any of its Subsidiaries and the aggregate Separation Payment shall be reduced by the amount of any other severance payments otherwise payable to the Executive, whether under local law, any severance plan or offer letter or other individual agreement.

An Eligible Employee may elect to defer a portion of his Actual Pay earned during a Plan Year by submitting an irrevocable Deferral Form with HP before the beginning of such Plan Year.

Inability to Pay Debts; Attachment. Any Loan Party or any Consolidated Entity admits in writing its inability or otherwise fails generally to pay its debts as they become due; or

No trust fund, escrow account or other segregation of assets need be established or made by the Company to guarantee, secure or assure the payment of any amount payable hereunder. The Company’s obligation to make payments pursuant to this Plan shall constitute only a general contractual liability of the Company to individuals entitled to benefits hereunder and other actual or possible payees hereunder in accordance with the terms hereof. Payments hereunder shall be made only from such funds of the Company as it shall determine, and no individual entitled to benefits hereunder shall have any interest in any particular asset of the Company by reason of the existence of this Plan. No provision of the Plan shall be interpreted so as to give any individual any right in any assets of the Company greater than the rights of a general unsecured creditor of the Company. It is expressly understood as a condition for receipt of any benefits under this Plan that the Company is not obligated to create a trust fund or escrow account or to segregate any asset of the Company in any fashion.

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