Company’s Default. If Company is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under the Agreement will terminate as of the date of default, except to the extent it is determined that continuation of the Agreement is necessary for the continued operation of the Company by the Company’s then federal or state regulator.
Appears in 5 contracts
Sources: Employment Agreement (Luther Burbank Corp), Retirement and Consulting Agreement (Luther Burbank Corp), Employment Agreement (Luther Burbank Corp)