Common use of Bank’s Default Clause in Contracts

Bank’s Default. If the Bank is in default (as defined under the provisions of the Federal Deposit Insurance Act), all obligations under this Agreement may be modified or terminated as of the date of default, but this Paragraph 12.3 shall not affect any vested rights of the parties hereto.

Bank’s Default. If the Bank is in default (as defined under the provisions of the Federal Deposit Insurance Act), all obligations under this Agreement may be modified or terminated as of the date of default, but this Paragraph 12.3 11.3 shall not affect any vested rights of the parties hereto.