Common use of Termination of Agreement by Reason of Changes in Law Clause in Contracts

Termination of Agreement by Reason of Changes in Law. The Bank is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Bank shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to at least the same amounts as he would have been entitled to under Article 3 hereof. The payment of said amount shall be made upon such terms and conditions and, at such time as the Bank shall determine, but in no event commencing no later than age sixty-five (65).

Termination of Agreement by Reason of Changes in Law. The Bank is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Bank shall have an option to terminate or modify this Agreement. Provided; provided, however, that the Executive shall be entitled to at least the same amounts as he would have been entitled to under Article 3 hereof. The payment of said amount shall be made upon such terms and conditions and, at such time as the Bank shall determinedetermine appropriate to obtain favorable tax treatment, but in no event commencing no later than age sixty-five (65).