Common use of Effect of Bank Breach Clause in Contracts

Effect of Bank Breach. Bank and Employee understand, acknowledge and agree that Employee’s entitlement to special severance benefits upon a Qualifying Termination following a Change in Control, and the other provisions benefiting Employee under this Agreement, are a material part of the consideration for the restrictions contained in Sections 8, 9 and 10 of this Agreement. Accordingly, if Bank breaches any of its material obligations to Employee that arise following termination of Employee for any reason, and the breach is not cured within thirty (30) days of written notice of the breach, then Employee’s obligations under Sections 8, 9 and 10 of this Agreement shall be suspended.

Effect of Bank Breach. Bank and Employee understand, acknowledge and agree that Employee’s entitlement to special severance benefits upon a Qualifying Termination following a Change in Control, and the other provisions benefiting Employee under this Agreement, are a material part of the consideration for the restrictions contained in Sections 87, 8 and 9 and 10 of this Agreement. Accordingly, if Bank breaches any of its material obligations to Employee that arise following termination of Employee for any reason, and the breach is not cured within thirty (30) days of written notice of the breach, then Employee’s obligations under Sections 87, 8 and 9 and 10 of this Agreement shall be suspended.

Effect of Bank Breach. Bank and Employee understand, acknowledge and agree that Employee’s entitlement to special severance benefits upon a Qualifying Termination following a Change in Control, and the other provisions benefiting Employee under this Agreement, are a material part of the consideration for the restrictions contained in Sections 8Section 7, Section 8 and Section 9 and 10 of this Agreement. Accordingly, if Bank breaches any of its material obligations to Employee that arise following termination of Employee for any reason, and the breach is not cured within thirty (30) days of written notice of the breach, then Employee’s obligations under Sections 8Section 7, Section 8 and Section 9 and 10 of this Agreement shall be suspended.