Common use of Suspension of Employment Clause in Contracts

Suspension of Employment. A. The suspension of the Employee from office or temporary prohibition from participation by the Employee in the conduct of the affairs of the Bank pursuant to notice served by any supervisory or regulatory agency, unless stayed by appropriate proceedings, shall suspend, as of the date of such service, all obligations of the Bank under the terms of this Agreement.

Suspension of Employment. A. (a) The suspension of the Employee from office or and/or temporary prohibition from participation by the Employee in the conduct of the affairs of the Savings Bank pursuant to notice served by any supervisory the under Sections 8(e)(3) or regulatory agency, 8(g)(1) of FDIA unless stayed by appropriate proceedings, shall suspend, as of the date of such service, all obligations of the Savings Bank under the terms of this Agreement, except for the vested rights of the parties.