Common use of Regulatory Limitation Clause in Contracts

Regulatory Limitation. Notwithstanding any other provision of this Agreement, neither the Bank nor any subsidiary shall be obligated to make, and the Executive shall have no right to receive, any payment, benefit or amount under this Agreement that would violate any law, regulation or regulatory order applicable to the Bank or the subsidiary at the time such payment is due, including without limitation, any regulation or order of the Federal Deposit Insurance Corporation or the Board of Governors of the Federal Reserve System. In the event any payment, benefit or amount under this Agreement may be payable with regulatory approval, the Bank agrees to take all reasonable steps to obtain such regulatory approval. In the event no severance benefits are payable under Section 7(a)(i) because of the application of the limitations described in this Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be reduced to six (6) months from the date the Executive ceases employment due to the Bank involuntarily terminating him without Cause not within one (1) year after a Change of Control or due to the Executive resigning for Good Reason not within one (1) year after a Change of Control. In the event no severance benefits are payable under Section 9(a)(i) because of the application of the limitations described in this Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be eliminated if the Executive ceases employment due to the Bank involuntarily terminating him without Cause within one (1) year after a Change of Control or due to the Executive resigning his employment for Good Reason within one (1) year after a Change of Control.

Regulatory Limitation. Notwithstanding any other provision of this Agreement, neither the Bank Company nor any subsidiary shall be obligated to make, and the Executive shall have no right to receive, any payment, benefit or amount under this Agreement that would violate any law, regulation or regulatory order applicable to the Bank Company or the subsidiary at the time such payment is due, including without limitation, any regulation or order of the Federal Deposit Insurance Corporation or the Board of Governors of the Federal Reserve System. In the event any payment, benefit or amount under this Agreement may be payable with regulatory approval, the Bank Company agrees to take all reasonable steps to obtain such regulatory approval. In the event no severance benefits are payable under Section 7(a)(i) because of the application of the limitations described in this Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be reduced to six (6) months from the date the Executive ceases employment due to the Bank Company involuntarily terminating him without Cause not within one (1) year after a Change of Control or due to the Executive resigning for Good Reason not within one (1) year after a Change of Control. In the event no severance benefits are payable under Section 9(a)(i) because of the application of the limitations described in this Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be eliminated if the Executive ceases employment due to the Bank Company involuntarily terminating him without Cause within one (1) year after a Change of Control or due to the Executive resigning his employment for Good Reason within one (1) year after a Change of Control.

Regulatory Limitation. Notwithstanding any other provision of this Agreement, neither the Bank nor any subsidiary shall be obligated to make, and the Executive shall have no right to receive, any payment, benefit or amount under this Agreement that would violate any law, regulation or regulatory order applicable to the Bank or the subsidiary at the time such payment is due, including without limitation, any regulation or order of the Federal Deposit Insurance Corporation or the Board of Governors of the Federal Reserve System. In the event any payment, benefit or amount under this Agreement may be payable with regulatory approval, the Bank agrees to take all reasonable steps to obtain such regulatory approval. In the event no severance benefits are payable under Section 7(a)(i) because of the application of the limitations described in this Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be reduced to six (6) months from the date the Executive ceases employment due to the Bank involuntarily terminating him her without Cause not within one (1) year after a Change of Control or due to the Executive resigning for Good Reason not within one (1) year after a Change of Control. In the event no severance benefits are payable under Section 9(a)(i) because of the application of the limitations described in this Section 21, the non-competition period in Section 7(b) and the non-piracy period in Section 7(c) shall be eliminated if the Executive ceases employment due to the Bank involuntarily terminating him her without Cause within one (1) year after a Change of Control or due to the Executive resigning his her employment for Good Reason within one (1) year after a Change of Control.