Common use of Bank in Default Clause in Contracts

Bank in Default. If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

Bank in Default. If the Bank is in default as defined in Section 3(x)(13(x)(l) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(11813(x)(l), all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.