Common use of Termination for special regulatory events Clause in Contracts

Termination for special regulatory events. Notwithstanding any other provision of this Contract, the obligations of the parties will be as follows in the event of any of the following circumstances: [i] If Xx. Xxxx is temporarily suspended or temporarily prohibited from participating in the conduct of the affairs of CBS or any of its affiliates, including the Bank, by a notice served under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818, the obligations of CBS and its affiliates under this Contract will be suspended as of the date of service of such notice. If the charges in the notice are dismissed, CBS or any of its affiliates shall pay Xx. Xxxx all of the compensation withheld while the obligations of this Contract were suspended and reinstate in whole or in part any of the obligations which were suspended. [ii] If Xx. Xxxx is removed from office and/or permanently prohibited from participating in the conduct of the affairs of CBS or any of its affiliates, including the Bank, by an order issued under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e) or Ohio Revised Code §§1121.33 and 1121.34, all obligations of CBS or its affiliates under this Contract will terminate as of the effective date of the order. [iii] If CBS or any of its affiliates is in default, as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), or declared insolvent by the Ohio Superintendent of Banks pursuant to Ohio Revised Code §1125.09, all obligations under this Contract will terminate as of the date of default or insolvency, but this provision will not affect any vested rights of the parties. [iv] All obligations under this Contract may be terminated by the FDIC at the time the FDIC enters into an agreement to provide assistance to or on behalf of CBS or any of its affiliates, including specifically the Bank, under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c).

Termination for special regulatory events. Notwithstanding any other provision of this Contract, the obligations of the parties will be as follows in the event of any of the following circumstances: [i] If XxMx. Xxxx Xxxxxx is temporarily suspended or temporarily prohibited from participating in the conduct of the affairs of CBS or any of its affiliates, including the Bank, by a notice served under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818, the obligations of CBS and its affiliates under this Contract will be suspended as of the date of service of such notice. If the charges in the notice are dismissed, CBS or any of its affiliates shall pay XxMx. Xxxx Xxxxxx all of the compensation withheld while the obligations of this Contract were suspended and reinstate in whole or in part any of the obligations which were suspended. [ii] If XxMx. Xxxx Xxxxxx is removed from office and/or permanently prohibited from participating in the conduct of the affairs of CBS or any of its affiliates, including the Bank, by an order issued under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e) or Ohio Revised Code §§1121.33 and 1121.34, all obligations of CBS or its affiliates under this Contract will terminate as of the effective date of the order. [iii] If CBS or any of its affiliates is in default, as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), or declared insolvent by the Ohio Superintendent of Banks pursuant to Ohio Revised Code §1125.09, all obligations under this Contract will terminate as of the date of default or insolvency, but this provision will not affect any vested rights of the parties. [iv] All obligations under this Contract may be terminated by the FDIC at the time the FDIC enters into an agreement to provide assistance to or on behalf of CBS or any of its affiliates, including specifically the Bank, under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c).

Termination for special regulatory events. Notwithstanding any other provision of this Contract, the obligations of the parties will be as follows in the event of any of the following circumstances: [i] If Xx. Xxxx Mr. Beach is temporarily suspended or temporarily prohibited from participating in the conduct of the affairs of CBS or any of its affiliates, including the Bank, by a notice served under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818, the obligations of CBS and its affiliates under this Contract will be suspended as of the date of service of such notice. If the charges in the notice are dismissed, CBS or any of its affiliates shall pay Xx. Xxxx Mr. Beach all of the compensation withheld while the obligations of this Contract were suspended and reinstate in whole or in part any of the obligations which were suspended. [ii] If Xx. Xxxx Mr. Beach is removed from office and/or permanently prohibited from participating in the conduct of the affairs of CBS or any of its affiliates, including the Bank, by an order issued under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e) or Ohio Revised Code §§1121.33 and 1121.34, all obligations of CBS or its affiliates under this Contract will terminate as of the effective date of the order. [iii] If CBS or any of its affiliates is in default, as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), or declared insolvent by the Ohio Superintendent of Banks pursuant to Ohio Revised Code §1125.09, all obligations under this Contract will terminate as of the date of default or insolvency, but this provision will not affect any vested rights of the parties. [iv] All obligations under this Contract may be terminated by the FDIC at the time the FDIC enters into an agreement to provide assistance to or on behalf of CBS or any of its affiliates, including specifically the Bank, under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c).

Termination for special regulatory events. Notwithstanding any other provision of this Contract, the obligations of the parties will be as follows in the event of any of the following circumstances: [i] If XxMx. Xxxx Xxxxxx is temporarily suspended or temporarily prohibited from participating in the conduct of the affairs of CBS CSB or any of its affiliates, including the Bank, affiliates by a notice served under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818, the obligations of CBS CSB and its affiliates under this Contract will be suspended as of the date of service of such notice. If the charges in the notice are dismissed, CBS CSB or any of its affiliates shall may, in its sole discretion, pay XxMx. Xxxx Xxxxxx all or part of the compensation withheld while the obligations of this Contract were suspended and reinstate in whole or in part any of the obligations which were suspended. [ii] If XxMx. Xxxx Xxxxxx is removed from office and/or permanently prohibited from participating in the conduct of the affairs of CBS CSB or any of its affiliates, including the Bank, affiliates by an order issued under Section 8 of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e) or Ohio Revised Code §§1121.33 and 1121.34, all obligations of CBS CSB or its affiliates under this Contract will terminate as of the effective date of the order. [iii] If CBS CSB or any of its affiliates is in default, as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), or declared insolvent by the Ohio Superintendent of Banks pursuant to Ohio Revised Code §1125.09, all obligations under this Contract will terminate as of the date of default or insolvency, but this provision will not affect any vested rights of the parties. [iv] All obligations under this Contract may be terminated by the FDIC at the time the FDIC enters into an agreement to provide assistance to or on behalf of CBS CSB or any of its affiliates, including specifically the Bank, affiliates under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c).