Common use of Nature of Obligation Clause in Contracts

Nature of Obligation. The Bank intends that its obligations hereunder be construed in the nature of severance pay. The Bank's obligations under Section 3 are absolute and unconditional and shall not be affected by any circumstance, including, without limitation, any right of offset, counterclaim, recoupment, defense, or other right which the Bank may have against the Executive or others. All amounts payable by the Bank hereunder shall be paid without notice or demand.

Nature of Obligation. The Bank intends that its obligations hereunder be construed in the nature of severance pay. The Bank's ’s obligations under Section 3 are absolute and unconditional and shall not be affected by any circumstance, including, without limitation, any right of offset, counterclaim, recoupment, defense, or other right which the Bank may have against the Executive or others. All amounts payable by the Bank hereunder shall be paid without notice or demand.