Common use of Restriction on New Branches Clause in Contracts

Restriction on New Branches. ▇▇▇▇▇▇ agrees that it will not, for a period of three (3) years following the Effective Date, establish a banking branch or loan production office within a ten (10) mile radius of the Branch. Nothing contained in this Section 4.15(b), however, shall be deemed to preclude Seller from acquiring and subsequently operating a branch banking or loan production office in such area pursuant to a merger or consolidation with another depository institution, or from conducting residential mortgage lending and/or financial advisory services from or within such area.