Common use of Required Release Clause in Contracts

Required Release. The Bank’s obligation to provide any payment in addition to Accrued Earnings or reimbursement under Sections 5.2, 5.3 or 5.4 is conditioned upon Employee’s execution of an enforceable release of all claims and his compliance with Section 6 of this Agreement. If Employee chooses not to execute such a release or fails to comply with that Section, then the Bank’s obligation to compensate him ceases on the effective termination date except as to amounts due at that time. The release of claims shall be provided to Employee within seven (7) days of his separation from service, and Employee must execute it within the time period specified in the release (which shall not be longer than forty-five (45) days from the date of receipt). Such release shall not be effective until any applicable revocation period has expired.

Required Release. The Bank’s obligation to provide any payment in addition to Accrued Earnings or reimbursement under Sections 5.2, 5.3 or 5.4 is conditioned upon Employee’s execution of an enforceable release of all claims and his her compliance with Section 6 of this Agreement. If Employee chooses not to execute such a release or fails to comply with that Section, then the Bank’s obligation to compensate him her ceases on the effective termination date except as to amounts due at that time. The release of claims shall be provided to Employee within seven (7) days of his her separation from service, and Employee must execute it within the time period specified in the release (which shall not be longer than forty-five (45) days from the date of receipt). Such release shall not be effective until any applicable revocation period has expired.