Regulatory Action Clause Example with 26 Variations 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 employment agreements between a savings bank and its employees pursuant to Section 163.39(b) of the rules and regulations of the Office of the Comptroller of the Currency ("OCC"), 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 Executi...ve 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. (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. 8 (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 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. (a) If Executive is removed and/or permanently prohibited from participating in the conduct Notwithstanding any other provisions 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) Agreement: a. 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) (g)(1) of the FDIA (12 Federal Deposit Insurance Act ("FDIA"), 12 U.S.C. § 1818(e)(3) and (g)(1)), all (g)(1), the Bank's obligations of the Bank under this Agreement shall be suspended as of the date of service, service of such notice unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended or (ii) reinstate (in whole or in part) any of its obligations which were suspended. (c) suspended; b. If the Executive is removed and/or permanently prohibited from participating in the conduct of the affairs of a depository institution by an order issued under Section 8(e)(4) or (g)(1) of 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 contracting parties shall not be affected; c. If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all obligations of the Bank under this Agreement shall terminate as of the date of default. (d) default, but this provision shall not affect any vested rights of the contracting parties; and d. All obligations of the Bank under this Agreement shall be terminated, except to the extent a determination is made determined that continuation of the this Agreement is necessary for the continued operation of the Bank (1) Bank: (i) by the director Comptroller of the FDIC Currency or his or her designee (the "Director"), designee(the "OCC") , at the time the FDIC Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Bank under 6 the authority contained in Section 13(c) of the FDIA; or (2) (ii) by the Director, OCC, at the time the Director OCC approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director OCC to be in an unsafe and or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by any such action. View More

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 that 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 that a determination is made that continuation of the this Agreement is necessary for the continued operation of the Bank (1) by the director of the FDIC or his or her his designee (the "Director"), at the time at which the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in 13(c) 12(c) of the FDIA; or (2) by the Director, at the time at which 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. (e) Notwithstanding the timing for the payment of any severance amounts described in Section 6 hereof, no such payments shall be made or commence, as applicable, that require the concurrence or consent of the appropriate federal banking agency of the Bank pursuant to 12 C.F.R. Section 359 prior to the receipt of such concurrence or consent. The Bank shall have the obligation to submit an application to make such payment to the appropriate federal banking agency within fifteen (15) business days of Executive's right to such payment arising and shall provide a copy of such application to Executive. Any payments suspended by operation of this Section 16(e) shall be paid as a lump sum within thirty (30) days following receipt of the concurrence or consent of the appropriate federal banking agency of the Bank or as otherwise directed by such federal banking agency. 16 (f) All obligations under this Agreement are further subject to such conditions, restrictions, limitations and forfeiture provisions as may separately apply pursuant to any applicable state or federal banking laws. View More

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 that 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 that a determination is made that continuation of the this Agreement is necessary for the continued operation of the Bank (1) by the director of the FDIC or his or her his designee (the "Director"), at the time at which the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in 13(c) 12(c) of the FDIA; or (2) by the Director, at the time at which 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. (e) Notwithstanding the timing for the payment of any severance amounts described in Section 6 hereof, no such payments shall be made or commence, as applicable, that require the concurrence or consent of the appropriate federal banking agency of the Bank pursuant to 12 C.F.R. Section 359 prior to the receipt of such concurrence or consent. The Bank shall have the obligation to submit an application to make such payment to the appropriate federal banking agency within fifteen (15) business days of Executive's right to such payment arising and shall provide a copy of such application to Executive. Any payments suspended by operation of this Section 16(e) shall be paid as a lump sum within thirty (30) days following receipt of the concurrence or consent of the appropriate federal banking agency of the Bank or as otherwise directed by such federal banking agency. 15 (f) All obligations under this Agreement are further subject to such conditions, restrictions, limitations and forfeiture provisions as may separately apply pursuant to any applicable state or federal banking laws. 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 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. 8 (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

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

Regulatory Action. The following provisions shall be applicable to the parties 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 3 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 B...ank 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. 6 (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

Regulatory Action. The following provisions shall be applicable to the parties 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 3 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 B...ank 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. 7 (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

Regulatory Action. The following provisions shall be applicable to the parties 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 3 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 B...ank 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. 7 (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

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. (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