Termination by Default. If Bancshares is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but vested rights of the parties shall not be affected.
Appears in 4 contracts
Sources: Employment Agreement (1st Century Bancshares, Inc.), Employment Agreement (1st Century Bancshares, Inc.), Employment Agreement (1st Century Bancshares, Inc.)