Common use of Facility of Payment Clause in Contracts

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 5 contracts

Samples: Deferred Cash Incentive Agreement (Cf Bankshares Inc.), Deferred Cash Incentive Agreement (Cf Bankshares Inc.), Deferred Cash Incentive Agreement (Cf Bankshares Inc.)

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Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative representative, or person having the care or custody of such minor, incompetent person person, or incapable person. The Bank may require proof of incompetence, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 5 contracts

Samples: Continuation Agreement (Third Coast Bancshares, Inc.), Salary Continuation Agreement (Third Coast Bancshares, Inc.), Salary Continuation Agreement (Third Coast Bancshares, Inc.)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, incompetent or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetenceincompetency, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 5 contracts

Samples: Riverview National Bank (Riverview Financial Corp), Riverview Bank (Riverview Financial Corp), Director Emeritus Agreement (Riverview Financial Corp)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent or person or incapable person. The Bank may require proof of incompetenceincompetency, minority, or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 5 contracts

Samples: Agreement (Provident Community Bancshares, Inc.), Agreement (Provident Community Bancshares, Inc.), Retirement Agreement (Southbanc Shares Inc)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank Bank, in its discretion, may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent incapacitated person or incapable person. The Bank may require proof of incompetence, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 3 contracts

Samples: Continuation Agreement (Bank of Commerce Holdings), Continuation Agreement (Bank of Commerce Holdings), Continuation Agreement (Bank of Commerce Holdings)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative representative, or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, or guardianship as it may deem appropriate prior to before distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to for such benefit.

Appears in 3 contracts

Samples: Executive Survivor Income Agreement (Quaint Oak Bancorp Inc), Executive Survivor Income Agreement (Quaint Oak Bancorp Inc), Employee Survivor Income Agreement (Quaint Oak Bancorp Inc)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 3 contracts

Samples: Continuation Agreement (CU Bancorp), Continuation Agreement (CU Bancorp), Salary Continuation Agreement (Washington Banking Co)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, conservator, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 3 contracts

Samples: Salary Continuation Agreement (Greer Bancshares Inc), Salary Continuation Agreement (Greer Bancshares Inc), Salary Continuation Agreement (Greer Bancshares Inc)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, minor incompetent person or incapable person. The Bank may require proof of incompetence, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 3 contracts

Samples: Continuation Agreement (High Point Financial Corp), Continuation Agreement (High Point Financial Corp), Continuation Agreement (High Point Financial Corp)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or a to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetenceincompetency, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 1 contract

Samples: Deferred Compensation Agreement (Western Sierra Bancorp)

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Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank Board may require proof of incompetence, minorityminority or guardianship, or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 1 contract

Samples: Director Retirement Agreement (Fairfield County Bank Corp.)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person otherwise incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetenceincompetency, minorityminority or guardianship, or guardianship as it may deem appropriate appropriate, prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 1 contract

Samples: Lawrence Financial Holdings Inc

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, incompetent or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

Appears in 1 contract

Samples: Incentive and Retirement Agreement (New South Bancshares Inc)

Facility of Payment. If a benefit under this Agreement is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/his or her property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.. Article 5

Appears in 1 contract

Samples: www.sec.gov

Facility of Payment. If a benefit under this Agreement is payable hereunder to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his/her his property, the Bank may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, minor or incompetent person or incapable person. The Bank may require such proof of incompetenceincompetency, minority, or guardianship as it may deem appropriate prior deems appropriate. Distribution of a benefit to distribution of the benefit. Such distribution any such custodian, guardian or other person shall completely be deemed to discharge the Bank from all liability with respect to such benefitbenefit hereunder.

Appears in 1 contract

Samples: Salary Continuation Agreement (Britton & Koontz Capital Corp)

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