Regulatory Action Clause Example with 26 Variations from Business Contracts
This page contains Regulatory Action clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
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
Variations of a "Regulatory Action" Clause from Business Contracts
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
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 Employee's or her Employee's 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
Regulatory Action. (a) If Executive 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 is suspended and/or temporarily prohibited from participating in the conduct of the Bank's Employer'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 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. View More
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
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 or the Company'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 Employers' 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 Employers will: (i) pay the Executive all or part of the compensation withheld while their obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its their obligations which were suspended. (b) If the Executive is removed from office and/or permanently prohibited from participating in the conduct of the Bank's or the Company'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 Employers under this Agreement shall terminate as of the effective date of the order, but vested rights of the Executive and the Employers as of the date of termination shall not be affected. 13 (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 Employers 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
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 or the Company'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 Employers' 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 Employers will: (i) pay the Executive all or part of the compensation withheld while their obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its their obligations which were suspended. (b) If the Executive is removed from office and/or permanently prohibited from participating in the conduct of the Bank's or the Company'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 Employers under this Agreement shall terminate as of the effective date of the order, but vested rights of the Executive and the Employers 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 Employers 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
Regulatory Action. The following provisions shall be applicable to the parties to the extent that they are required to be included in agreements between a savings bank and its employees pursuant to Section 163.39(b) of the Office of the Comptroller of the Currency ("OCC") Rules and Regulations, 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 2 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 of 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. 5 (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. default, but vested rights of the Executive and the Bank 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) is necessary: (i) by the director of the FDIC 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 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 or when the Bank is determined by the Director Comptroller to be in an unsafe or unsound condition, but vested rights of the Executive and unsound condition. the Employer as of the date of termination shall not be affected. View More
Regulatory Action. The following provisions shall be applicable to the parties to the extent that they are required to be included in employment agreements between a savings bank and its employees pursuant to Section 163.39(b) of the Office of the Comptroller of the Currency ("OCC") Rules and Regulations, 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 Executive is r...emoved 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 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. (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. default, but vested rights of the Executive and the Bank as of the date of termination shall not be affected. 7 (d) All obligations under this Agreement shall be terminated, terminated pursuant to 12 C.F.R. §563.39(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) is necessary: (i) by the director of the FDIC 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 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 or when the Bank is determined by the Director Comptroller to be in an unsafe or unsound condition, but vested rights of the Executive and unsound condition. the Bank as of the date of termination shall not be affected. View More
Regulatory Action. (a) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's Company's affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal 9 Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Bank Company 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 Company's affairs b...y 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 Company 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 Company shall reinstate (in whole or in part) any of its obligations which were suspended. (c) If the Bank Company 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 Company (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 Company 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 Company when the Bank Company 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
Regulatory Action. (a) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's Company'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 Company under this Agreement shall terminate, as of the effective date of such order. 8 (b) If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank's Company's affairs b...y 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 Company 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 Company shall reinstate (in whole or in part) any of its obligations which were suspended. (c) If the Bank Company 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 Company (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 Company 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 Company when the Bank Company 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
