Common use of Federal Regulatory Provisions Clause in Contracts

Federal Regulatory Provisions. (a) If Xxxxxxx is suspended and/or temporarily prohibited from participating in the conduct of Westsound's affairs by a notice served under section 8 (e)(3) or (g)(1) of Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1)) Westsound's obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Westsound may in its discretion (i) pay Xxxxxxx all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

Federal Regulatory Provisions. (a) If Xxxxxxx Executive is suspended and/or temporarily prohibited from participating in the conduct of Westsound's affairs by a notice served under section 8 (e)(3) or (g)(1) of Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1)) Westsound's obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Westsound may in its discretion (i) pay Xxxxxxx Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

Federal Regulatory Provisions. (a) If Xxxxxxx Executive is suspended and/or temporarily prohibited from participating in the conduct of Westsound's Westsound Bank’s affairs by a notice served under section 8 (e)(38(e)(3) or (g)(1) of Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1)) Westsound's Westsound Bank’s obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Westsound Bank may in its discretion (i) pay Xxxxxxx Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended.