Regulatory Action Contract Clauses (66)

Grouped Into 2 Collections of Similar Clauses From Business Contracts

This page contains Regulatory Action clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Regulatory Action. (a) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement shall terminate, as of the effective date of such order. (b) If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank's affairs by a notice served under Sectio...n 8(e)(3) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)), all obligations of the Bank under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall reinstate (in whole or in part) any of its obligations which were suspended. (c) If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of default. (d) All obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation of the Agreement is necessary for the continued operation of the Bank (1) by the director of the FDIC or his or her designee (the "Director"), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in 13(c) of the FDIA; or (2) by the Director, at the time the Director approves a supervisory merger to resolve problems related to operation of the Bank when the Bank is determined by the Director to be in an unsafe and unsound condition. View More
Found in FB Financial Corp contract
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Regulatory Action. (a) If Executive Employee is removed and/or permanently prohibited from participating in the conduct of the Bank's Employer's affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Bank Employer under this Agreement shall terminate, as of the effective date of such order. (b) If Executive Employee is suspended and/or temporarily prohibited from participating in the conduct of the Bank's E...mployer's affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)), all obligations of the Bank Employer under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank Employer shall reinstate (in whole or in part) any of its obligations which were suspended. (c) If the Bank Employer is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of default. (d) All obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation of the Agreement is necessary for the continued operation of the Bank Employer (1) by the director of the FDIC or his or her his designee (the "Director"), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank Employer under the authority contained in 13(c) of the FDIA; or (2) by the Director, at the time the Director approves a supervisory merger to resolve problems related to operation of the Bank Employer when the Bank Employer is determined by the Director to be in an unsafe and unsound condition. (e) Notwithstanding anything contained in this Agreement to the contrary, no payments shall be made pursuant to any provision herein in contravention of the requirements of Section 2[18(k)] of the FDIA (12 U.S.C. 1828(k)). In particular, the provisions pertaining to the potential for payments shall have no force or effect as long as either the agreement concerning the potential for payments or the actual payment of such amounts would be considered a "golden parachute payment," with the meaning of 12 C.F.R. Section 359.1(f). View More
Found in Southern National Bancorp of Virginia Inc contract
Regulatory Action. The following provisions shall be applicable to the parties hereto or any successor thereto, and shall be controlling in the event of a conflict with any other provision of this Agreement, including without limitation Section 5 hereof. (a) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations o...f the Bank under this Agreement shall terminate, as of the effective date of such order. (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank's affairs by a pursuant to notice served under Section 8(e)(3) or Section 8(g)(1) of the FDIA (12 Federal Deposit Insurance Act ("FDIA")(12 U.S.C. 1818(e)(3) §§1818(e)(3) and (g)(1)), all 1818(g)(1)), the Bank's obligations of the Bank under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall may, in its discretion: (i) pay the Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 9 (b) If the Executive is removed from office and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. §§1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the Executive and the Bank as of the date of termination shall not be affected. (c) If the Bank is in default (as default, as defined in Section 3(x)(1) of the FDIA), FDIA (12 U.S.C. §1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default. (d) All obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation default, but vested rights of the Agreement is necessary for Executive and the continued operation Bank as of the Bank (1) by the director date of the FDIC or his or her designee (the "Director"), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in 13(c) of the FDIA; or (2) by the Director, at the time the Director approves a supervisory merger to resolve problems related to operation of the Bank when the Bank is determined by the Director to termination shall not be in an unsafe and unsound condition. affected. View More
Found in LIMESTONE BANCORP, INC. contract
Regulatory Action. The following provisions shall be applicable to the parties to the extent that they are required to be included in the employment agreements between a savings association and its employees pursuant to Section 163.39(b) of the regulations applicable to all savings associations, 12 C.F.R. 163.39(b), or any successor thereto, and shall be controlling in the event of a conflict with any other provision of this Agreement, including without limitation Section 5 hereof. (a) If the Executive is removed ...suspended from office and/or permanently temporarily prohibited from participating in the conduct of the Bank's Companies' affairs by an order issued pursuant to notice served under Section 8(e)(4) 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) 1818 (e)(3) and (g)(1)), all 1818(g)(1)), the Companies' obligations of the Bank under this Agreement shall terminate, as of the effective date of such order. (b) If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank's affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)), all obligations of the Bank under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall Companies may, in their discretion: (i) pay the Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (b) If the Executive is removed from office and/or permanently prohibited from participating in the conduct of the Companies' affairs by an order issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Companies under this Agreement shall terminate as of the effective date of the order, but vested rights of the Executive and the Companies as of the date of termination shall not be affected. 9 (c) If the Bank is Companies are in default (as default, as defined in Section 3(x)(1) of the FDIA), FDIA (12 U.S.C. 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default. default, but vested rights of the Executive and the Companies as of the date of termination shall not be affected. (d) All obligations under this Agreement shall be terminated, terminated pursuant to 12 C.F.R. 163.39(b)(5), except to the extent a determination that it is made determined that continuation of the Agreement is necessary for the continued operation of the Bank (1) Companies: (i) by the director Office of the FDIC Comptroller of the Currency (the "Comptroller"), or his or her designee (the "Director"), his/her designee, at the time the FDIC Federal Deposit Insurance Corporation ("FDIC") enters into an agreement to provide assistance to or on behalf of the Bank First Federal under the authority contained in Section 13(c) of the FDIA; FDIA (12 U.S.C. 1823(c)); or (2) (ii) by the Director, Comptroller, or his/her designee, at the time the Director Comptroller, or his/her designee, approves a supervisory merger to resolve problems related to operation of the Bank Companies or when the Bank is Companies are determined by the Director Comptroller to be in an unsafe or unsound condition, but vested rights of the Executive and unsound condition. the Companies as of the date of termination shall not be affected. View More
Found in FIRST DEFIANCE FINANCIAL CORP contract
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Regulatory Action. Notwithstanding any other provision of this Agreement to the contrary, any amounts paid or payable to the Executive pursuant to this Agreement, or otherwise, arc subject to and conditioned upon their compliance with Sections 18(k) and 32(a) of the Federal Deposit Insurance Act ("FDIA") and Part 359 of the FDIC's rules and regulations, and any regulations promulgated under the FDIA, and also are subject to and conditioned upon compliance by the Bank with any Memorandum of Understanding, Consent O...rder, or other agreement between the Bank and the FDIC and/or the Florida Office of Financial Regulation. View More
Found in Professional Holding Corp. contract
Regulatory Action. Notwithstanding any other provision of this Agreement to the contrary, any amounts paid or payable to the Executive pursuant to this Agreement, or otherwise, arc are subject to and conditioned upon their compliance with Sections 18(k) and 32(a) of the Federal Deposit Insurance Act ("FDIA") and Part 359 of the FDIC's rules and regulations, and any regulations promulgated under the FDIA, and also are subject to and conditioned upon compliance by the Bank Group with any Memorandum of Understanding,... Consent Order, or other agreement between any of the Bank Group and the FDIC and/or the Florida Office of Financial Regulation. In the event that any provision of this Agreement is found to be inconsistent with such regulations, the parties shall cooperate to reform such provisions to preserve their original intentions in executing this Agreement to the maximum extent possible. View More
Found in Professional Holding Corp. contract
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