Common use of Forfeiture of Benefit Clause in Contracts

Forfeiture of Benefit. Notwithstanding the provisions of Section 3.1, the Director will forfeit his or her Vested Insurance Benefit if (i) the Director violates any of the provisions detailed in Article 6; (ii) in the case of a disabled Director who vested pursuant to Section 3.1.3, if the Director becomes gainfully employed by an entity other than the Bank; or (iii) or the Director provides written notice to the Bank declining further participation in the Agreement.

Forfeiture of Benefit. Notwithstanding the provisions of Section 3.1, the Director will forfeit his or her Vested Insurance Benefit Benefit: (1) if (i) the Director violates any of the provisions detailed in Article 6; 5 or, (ii2) in the case of a disabled Director who vested pursuant to Section 3.1.3, if the Director becomes gainfully employed by an entity other than payment of the Bank; benefit would violate any federal or (iii) or the Director provides written notice to the Bank declining further participation in the Agreementstate banking regulations.