Common use of Allocation of Obligations Between Employers Clause in Contracts

Allocation of Obligations Between Employers. The obligations of the Employers under this Agreement are intended to be the joint and several obligations of the Bank and the Company and the Employers shall, as between themselves, allocate these obligations in a manner agreed upon by them. Notwithstanding any other provision of this Agreement, neither the Company nor the Bank shall have any obligation to pay the Severance Payment or to provide any other benefit hereunder if and to the extent such Severance Payment or other benefit is prohibited by applicable federal or state law, including without limitation Part 359 of the regulations of the Federal Deposit Insurance Corporation (12 CFR Section 359 et seq.) or any successor provision.