Common use of Receipt and Release for Payments Clause in Contracts

Receipt and Release for Payments. Any payment made to or with respect to the Executive or beneficiary under this Executive Agreement, or pursuant to a disclaimer by a beneficiary, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the Bank. The recipient of any payment from this Executive Agreement may be required by the Bank, as a condition precedent to such payment, to execute a receipt and release with respect thereto in such form as shall be acceptable to the Bank.