TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW Clause Samples

This clause allows either party to terminate or modify the agreement if changes in the law make it illegal, impractical, or significantly more difficult to perform the contract as originally intended. In practice, if new legislation, regulations, or government actions alter the legal landscape affecting the agreement, the parties may renegotiate terms or end the contract without penalty. The core function of this clause is to protect both parties from unforeseen legal changes that could otherwise force them to breach the agreement or face undue hardship.
TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW. RULES OR REGULATIONS
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TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW. RULES OR REGULATIONS The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Directors Delayed Compensation Plan Agreement, then the Bank reserves the right to terminate or modify this Agreement accordingly. Upon a Change of Control (Paragraph IX), this paragraph shall become null and void effective immediately upon said Change of Control.
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TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW. Rules or Regulations. The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Agreement, then the Bank reserves the right to terminate or modify this Agreement accordingly. Any such termination or modification shall not be effective to decrease or restrict any Director’s Accrued Liability Balance under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Director, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause all or any part of the benefits provided hereunder to be included in the gross income of the Director under Code Section 409A.
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TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW. RULES OR REGULATIONS The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Executive Plan, then the Bank reserves the right to terminate or modify this Agreement accordingly. Provided, however, that the Executive shall be entitled to receive at least his/her Executive's Deferred Compensation Account including interest earned. Upon a Change of Control [Subparagraph I (I)], this paragraph shall become null and void effective immediately upon said Change of Control.
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TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW. Rules or Regulations. The Bank is entering into this Agreement upon the assumption that certain existing tax laws, The Code, rules and regulations will continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on the Bank, then the Bank reserves the right to terminate or modify this Agreement accordingly.
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TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW. RULES OR REGULATIONS Notwithstanding anything herein above to the contrary, the Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Executive Plan, then the Bank reserves the right to terminate or modify this Agreement accordingly. Furthermore, the Board has the right to terminate or modify future accruals if so determined within the Board's business judgment whether or not this Executive Plan has a detrimental effect on the Bank. Upon any said modification or termination of the plan, any benefits accrued to the Executive's liability retirement account on the date of said modification or termination shall be paid to the Executive, at the sole discretion of the Bank, in either a lump sum or in fifteen (15) annual payments with an equivalent present value using a discount rate as the interest rate paid on the three year US Treasury obligations in effect at the time of such first payment payable for a period of one hundred and eighty (180) months (1/12th of the annual benefit) commencing with the first day of the month following the date of such modification or termination and continue each month thereafter until said payments are completed. Upon a Change of Control (Paragraph IX), this paragraph shall become null and void effective immediately upon said Change of Control.
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Related to TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW

  • Effect of Termination of Agreement Upon the Termination Date or the Expiration Date, as applicable, any amounts then owing by a Party to the other Party shall become immediately due and payable and the then future obligations of Customer and Provider under this Agreement shall be terminated (other than the indemnity obligations set forth in Section 13). Such termination shall not relieve either Party from obligations accrued prior to the effective date of termination or expiration.

  • TERM, MODIFICATION AND TERMINATION OF AGREEMENT This Agreement with respect to the Fund shall continue in effect until the expiration date set forth on Schedule A (the “Expiration Date”). With regard to the Operating Expense Limits, the Trust’s Board of Trustees and the Adviser may terminate or modify this Agreement prior to the Expiration Date only by mutual written consent. This Agreement shall terminate automatically upon the termination of the Advisory Agreement; provided, however, that the obligation of the Trust to reimburse the Adviser with respect to a Fund shall survive the termination of this Agreement unless the Trust and the Adviser agree otherwise.

  • Term; Termination of Agreement This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.

  • Termination of Agreement If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5 or Section 9(a)(i) hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters.

  • Amendment or Termination of Agreement This Agreement may be changed or terminated only upon the mutual written consent of the Company and Executive. The written consent of the Company to a change or termination of this Agreement must be signed by an executive officer of the Company after such change or termination has been approved by the Board.