Common use of IRC Provisions Clause in Contracts

IRC Provisions. Notwithstanding any other provision of this Agreement, if the Company reasonably determines that the payment of the Severance Payment to Officer would be nondeductible by the Company for federal income tax purposes because of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the Severance Payment shall be reduced to an amount which maximizes the Severance Payment without causing any portion of the same to be nondeductible by the Company because of Section 280G of the Code. Any such reduction shall be applied to the Severance Payment or the other amounts due to Officer in such manner as Officer may reasonably specify within 30 days following notice from the Company of the need for such reduction or, if Officer fails to so specify timely, as determined by the Company.

IRC Provisions. Notwithstanding any other provision of this Agreement, if in the Company reasonably determines event it is determined by the Bank in its reasonable discretion that the payment of the Severance Payment Amount to Officer would be nondeductible by the Company Bank for federal income tax purposes because of Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code”"), the Severance Payment shall be reduced to an amount which maximizes the Severance Payment without causing any portion of the same to be nondeductible by the Company Bank because of Section 280G of the Code. Any such reduction shall be applied to the Severance Payment or the other amounts due to Officer in such manner as Officer may reasonably specify within 30 thirty (30) days following notice from the Company Bank of the need for such reduction or, if Officer fails to so specify timely, as determined by the CompanyBank.