Common use of Employment with Affiliates Clause in Contracts

Employment with Affiliates. The Parties acknowledge that as of the date hereof, the Executive is employed as a senior officer of the Bank. In the event that during the term of this Agreement the Executive becomes employed instead by the Parent or any other Affiliate, either (i) the Parent shall assume, or cause such Affiliate to assume, in writing, all of the obligations of the Bank under this Agreement; or (ii) the Parent shall enter into, or cause such Affiliate to enter into, a new Change in Control Agreement with the Executive on substantially the same terms as set forth in this Agreement.

Employment with Affiliates. The Parties acknowledge that as of the date hereof, the Executive is employed as a senior officer of the Bank. In the event that during the term of this Agreement the Executive becomes employed instead by the Parent or any other Affiliate, either (i) references in this Agreement to the Executive’s employment with the Bank shall be deemed to apply to the Executive’s employment with the Parent shall assumeor other Affiliate, or cause such Affiliate to assumeas the case may be, in writing, all of the obligations of and the Bank under this Agreement; or (ii) shall obtain the written assumption of its obligations hereunder from the Parent shall enter intoor other Affiliate, or cause such Affiliate to enter into, a new Change in Control Agreement with as the Executive on substantially the same terms as set forth in this Agreementcase may be.