Common use of SUCCESSOR TO THE BANK Clause in Contracts

SUCCESSOR TO THE BANK. The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank or the Company, expressly and unconditionally to assume to perform the Bank's obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. Failure of the Bank to obtain such agreement prior to the effectiveness of a succession shall be a breach of this Agreement and shall entitle Executive to payments and benefits from the Bank or Company and such successor in the same amount and on the same terms as he would be entitled pursuant to Sections 5 and 6 above. For purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. The remainder of this page is intentionally left blank.

SUCCESSOR TO THE BANK. The Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Bank or the Company, expressly and unconditionally to assume to perform the Bank's obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. Failure of the Bank to obtain such agreement prior to the effectiveness of a succession shall be a breach of this Agreement and shall entitle Executive to payments and benefits from the Bank or Company and such successor in the same amount and on the same terms as he she would be entitled pursuant to Sections Section 5 and 6 above. For purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. The remainder of this page is intentionally left blank.