Assurance Period Clause Samples

Assurance Period. (a) The assurance period ("Assurance Period") shall be for a period commencing on the date of a Change of Control, as defined in section 10 of this Agreement, and ending on the first anniversary of the date on which the Assurance Period commences, plus such extensions as are provided pursuant to the following sentence. The Assurance Period shall be automatically extended for one additional day each day, unless either the Bank or the Officer elects not to extend the Assurance Period further by giving written notice to the other party, in which case the Assurance Period shall become fixed and shall end on the first anniversary of the date on which such written notice is given. (b) Upon termination of the Officer's employment with the Bank, any daily extensions provided pursuant to the preceding sentence, if not theretofore discontinued, shall cease and the remaining unexpired Assurance Period under this Agreement shall be a fixed period ending on the later of the first anniversary of the date of the Change of Control, as defined in section 10 of this Agreement, or the first anniversary of the date on which the daily extensions were discontinued.

Assurance Period. (a) The assurance period ("Assurance Period") shall be for a period commencing on the date of a Change of Control, as defined in section 10 of this Agreement, and ending on the second (2nd) anniversary of the date on which the Assurance Period commences, plus such extensions as are provided pursuant to the following sentence. The Assurance Period shall be automatically extended for one (1) additional day each day, unless either the Association or the Employee elects not to extend the Assurance Period further by giving written notice to the other party, in which case the Assurance Period shall become fixed and shall end on the second (2nd) anniversary of the date on which such written notice is given; PROVIDED, HOWEVER, that if, following a Change of Control, the Office of Thrift Supervision (or its successor) is the Association's primary federal regulator, the Agreement shall be subject to extension not more frequently than annually and only upon review and approval of the Board. (b) Upon termination of the Employee's employment with the Association, any daily extensions provided pursuant to the preceding sentence, if not theretofore discontinued, shall cease and the remaining unexpired Assurance Period under this Agreement shall be a fixed period ending on the later of the second (2nd) anniversary of the date of the Change of Control, as defined in section 10 of this Agreement, or the second (2nd) anniversary of the date on which the daily extensions were discontinued.

Assurance Period. (a) The assurance period ("Assurance Period") shall be for a period commencing on the date of a Change in Control, as defined in section 10 of this Agreement, and ending on the third anniversary of the date on which the Assurance Period commences, plus such extensions as are provided pursuant to the following sentence. The Assurance Period shall be automatically extended for one (1) additional year on each anniversary of the commencement of the Assurance Period, unless either the Bank or the Officer elects not to extend the Assurance Period further by giving written notice to the other party, in which case the Assurance Period shall become fixed and shall end on the anniversary of the date on which such written notice is given. (b) Upon termination of the Officer's employment with the Bank, further extensions under subparagraph 2(a) shall cease and the remaining unexpired Assurance Period under this Agreement shall be a fixed period ending on the later of the third anniversary of the date of the Change in Control, as defined in section 10 of this Agreement, or the third anniversary of the date of the last such extension.

Assurance Period. (a) If, during the period from the date of this Agreement until June 30, 2000, subject to extension by the Board upon review of the Executive Officer's performance, there occurs a Change in Control, there shall automatically come into existence an Assurance Period which shall be the period from the date of such Change in Control through the third anniversary of the Change in Control (the "Assurance Period"). The Assurance Period shall be part of the term of this Agreement.

Assurance Period. (a) The assurance period ("Assurance Period") shall be for a period commencing on the date of a Change of Control, as defined in section 10 of this Agreement, and ending on the ______ anniversary of the date on which the Assurance Period commences, plus such extensions as are provided pursuant to the following sentence. The Assurance Period shall be automatically extended for one (1) additional day each day, unless either the Bank or the Officer elects not to extend the Assurance Period further by giving written notice to the other party, in which case the Assurance Period shall become fixed and shall end on the _______ anniversary of the date on which such written notice is given; provided, however, that if following a Change of Control, the Office of the Comptroller of the Currency (or its successor) is the Bank's primary federal regulator, the Agreement shall be subject to extension not more frequently than annually and only upon review and approval of the Board. (b) Upon termination of the Officer's employment with the Bank, any daily extensions provided pursuant to the preceding sentence, if not theretofore discontinued, shall cease and the remaining unexpired Assurance Period under this Agreement shall be a fixed period ending on the later of the _______ anniversary of the date of the Change of Control, as defined in section 10 of this Agreement, or the _______ anniversary of the date on which the daily extensions were discontinued.