We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Bank Default Under FDI Act Clause in Contracts

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), Change in Control Agreement (Community Bancorp /Vt), Change in Control Agreement (Community Bancorp /Vt)