Common use of Effect of Breach of Obligations Clause in Contracts

Effect of Breach of Obligations. If the Employee breaches any obligation described in this Agreement: [1] If that breach occurs before a Change in Control, this Agreement will terminate as of the date of the breach, even if the fact of the breach becomes apparent at a later date and no amount will be due under this Agreement; [2] If that breach occurs after a Change in Control but before the Employee has Terminated, this Agreement will terminate as of the date of the breach, even if the fact of the breach becomes apparent at a later date and no amounts will be due under this Agreement; or [3] If that breach occurs after a Change in Control and after the Employee Terminates, [a] the Corporation will be entitled to the remedies described in Section 7.00 and [b] Employee will repay the portion of the Employee Obligation Payment received in exchange for the post-termination commitment breached plus interest calculated with reference to the mid-term applicable federal rate [as defined in Code Section 1274(d)] for January 1 of each calendar year, compounded annually until paid.

Effect of Breach of Obligations. If the Employee breaches any obligation described in this Agreement: [1] If that breach occurs before a Change in Control, this Agreement will terminate as of the date of the breach, even if the fact of the breach becomes apparent at a later date and no amount will be due under this Agreement; [2] If that breach occurs after a Change in Control but before the Employee has Terminated, this Agreement will terminate as of the date of the breach, even if the fact of the breach becomes apparent at a later date and no amounts will be due under this Agreement; or [3] If that breach occurs after a Change in Control and after the Employee Terminates, [a] the Corporation will be entitled to the remedies described in Section 7.00 and [b] Employee will repay the portion of the Employee Obligation Benefit Payment received in exchange for the post-termination commitment breached plus interest calculated with reference to the mid-term applicable federal rate [as defined in Code Section 1274(d)] for January 1 of each calendar year, compounded annually until paid.