Common use of Reporting Obligation Clause in Contracts

Reporting Obligation. As a condition to receipt of the payments provided in this Article, Executive shall (a) certify on a monthly basis, in writing, signed by Executive and delivered to the Bank not later than the 15th day of the month, that Executive has complied in full with the provisions of Section 4.1, and (b) report in detail all income or compensation of any kind (including without limitation property interests or rights to future remuneration) from employment or services rendered to any Person or entity, excluding the Bank, during the preceding month, all in the form attached hereto as Exhibit B (the “Certification”). If such Certification is not received in a timely fashion, on the first occurrence, the Bank shall provide written notice to Executive and an opportunity to cure the violation of this Section within ten days thereafter. If Executive fails to cure the reporting obligation to the Bank’s reasonable satisfaction within the specified time, or if the Certification is inaccurate or incomplete, Executive shall be deemed to be in violation of Section 4.1 without further notice or opportunity to cure.