Common use of Suspension of Payment Obligations Clause in Contracts

Suspension of Payment Obligations. If at the time any payment or benefit shall become due under this Agreement such payments or benefits qualify as “golden parachute” payments as defined by 12 C.F.R Part 359 or any successor rule or regulation, then the Company shall seek the approval of the applicable federal banking agency prior to making payments or providing benefits, and such payments or benefits shall be due and payable only upon approval by the applicable federal banking agency.

Suspension of Payment Obligations. If at the time any payment or benefit shall become due under this Agreement such payments or benefits qualify as “golden parachute” payments or “prohibited indemnification payments” as defined by 12 C.F.R Part 359 or any successor rule or regulation, then the Company shall promptly seek the approval of the applicable federal banking agency agencies prior to making payments or providing benefits, and such payments or benefits shall be due and payable only upon approval by the applicable federal banking agencyagencies.

Suspension of Payment Obligations. If at the time any payment or benefit shall become due under this Agreement such payments or benefits qualify as “golden parachute” payments as defined by 12 C.F.R Part 359 or any successor rule or regulation, then the Company shall seek the approval Exhibit 10.1 of the applicable federal banking agency prior to making payments or providing benefits, and such payments or benefits shall be due and payable only upon approval by the applicable federal banking agency.