Common use of Benefits Paid From Accrued Benefit Account Clause in Contracts

Benefits Paid From Accrued Benefit Account. Director understands and agrees that, following Director's voluntary or involuntary termination of service, the Bank's obligation, if any, to make payments to the Director from the Accrued Benefit Account shall be conditioned on the Director's forbearance from actively engaging, either directly or indirectly in any business or other activity which is, or may be deemed to be, in any way competitive with or adverse to the best interests of the Bank, unless the Director has the prior written consent of the Bank. In the event of the Director's breach of the covenants and agreements contained herein, further payments to the Director from the Accrued Benefit Account, if any, shall cease and Director's rights to amounts credited to the Accrued Benefit Account shall be forfeited.

Benefits Paid From Accrued Benefit Account. Director understands and agrees that, following Director's ’s voluntary or involuntary termination of serviceemployment, the Bank's ’s obligation, if any, to make payments to the Director from the Accrued Benefit Account shall be conditioned on the Director's ’s forbearance from actively engaging, either directly or indirectly in any business or other activity which is, or may be deemed to be, in any way competitive with or adverse to the best interests of the Bank, unless the Director has the prior written consent of the Bank. In the event of the Director's ’s breach of the covenants and agreements contained herein, further payments to the Director from the Accrued Benefit Account, if any, shall cease and Director's ’s rights to amounts credited to the Accrued Benefit Account shall be forfeited.