Common use of Action by Supervisory Authority Clause in Contracts

Action by Supervisory Authority. If the Bank is closed or taken over by the Comptroller of the Currency or other supervisory authority, including the Federal Deposit Insurance Corporation, or if such supervisory authority should exercise its enforcement powers to remove Executive from office or suggest such removal, the Bank may immediately terminate this Agreement without further liability or obligation to Executive, including any obligation to provide severance benefits pursuant to Subsection F.2. above.

Action by Supervisory Authority. This Agreement shall terminate immediately without further liability or obligation to Employee or Bank: (a) If the Bank is closed or taken over by the Comptroller of the Currency State Banking Department or other supervisory authority, including the Federal Deposit Insurance Corporation, or if Reserve Board; or (b) If such supervisory authority should exercise its enforcement cease and desist powers to remove Executive Employee from office or suggest such removal, the Bank may immediately terminate this Agreement without further liability or obligation to Executive, including any obligation to provide severance benefits pursuant to Subsection F.2. aboveoffice.

Action by Supervisory Authority. This Agreement shall terminate immediately without further liability or obligation to Employee or Bank: (a) If the Bank is closed or taken over by the Comptroller of the Currency State Banking Department or other supervisory authority, including the Federal Deposit Insurance Corporation, or if Reserve Bank; or (b) If such supervisory authority should exercise its enforcement cease and desist powers to remove Executive Employee from office or suggest such removal, the Bank may immediately terminate this Agreement without further liability or obligation to Executive, including any obligation to provide severance benefits pursuant to Subsection F.2. aboveoffice.

Action by Supervisory Authority. If the Bank is closed or taken over by ------------------------------- the Comptroller of the Currency or other supervisory authority, including the Federal Deposit Insurance Corporation, or if such supervisory authority should exercise its enforcement cease and desist powers to remove Executive from office or suggest office, such removal, the Bank bank supervisory authority may immediately terminate this Agreement without further liability or obligation to Executive, including any obligation to provide severance benefits pursuant to Subsection F.2. above.