Allocation of Costs Generally. SBI and the Bank agree that, as between themselves, they shall bear their respective costs incurred under this Agreement in such manner as is determined on a mutually satisfactory basis. Notwithstanding the preceding sentence, regardless of any internal cost allocation arrangements between SBI and the Bank, SBI shall remain primarily obligated to Executive for the payments and benefits to which he may become entitled hereunder.
Appears in 2 contracts
Samples: Employment Agreement (Sovereign Bancorp Inc), Employment Agreement (Sovereign Bancorp Inc)
Allocation of Costs Generally. SBI acknowledges that as between itself and the Bank agree that, as between themselvesBank, they shall bear their respective costs incurred under this Agreement in such manner as is determined on a mutually satisfactory basis. Notwithstanding the preceding sentence, regardless of any internal cost allocation arrangements between SBI and the Bank, SBI shall remain primarily obligated the primary obligor to Executive for the payments and benefits to which he may become entitled hereunder.
Appears in 1 contract
Allocation of Costs Generally. SBI and the Bank agree that, as between themselvesthemselves (and, if relevant, their affiliated companies), they shall bear their respective costs incurred under this Agreement in such manner as is determined on a mutually satisfactory basis. Notwithstanding the preceding sentence, regardless of any internal cost allocation arrangements between SBI and the BankBank (and any other companies), SBI shall remain primarily obligated to Executive for the payments and benefits to which he may become entitled hereunder.
Appears in 1 contract