Bank Default Under FDI Act. If the Bank is in default as defined in Section 3(x)(1) (12 U.S.C. §1813(x)(1)) of the Federal Deposit Insurance Act, all obligations under this Agreement shall terminate as of the date of default, but vested rights and accrued obligations of the contracting parties shall not be affected.
Appears in 7 contracts
Samples: Change in Control Agreement (Community Bancorp /Vt), Waiver and Release Agreement (Community Bancorp /Vt), Waiver and Release Agreement (Community Bancorp /Vt)
