Common use of Insolvency of Bank Clause in Contracts

Insolvency of Bank. As used in this Article XII, the Bank shall be deemed to be "Insolvent" if (i) the Bank is subject to a pending proceeding seeking a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or trustee or liquidator in any insolvency, liquidation, taking of possession, termination of deposit insurance, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Bank or of or relating to all or substantially all of its property, or for the winding up or liquidation of its affairs, under any federal or state law relating to bankruptcy or insolvency, or (ii) the Bank is unable to pay its debts as they become due. The Chief Executive Officer or Board of Directors of the Bank shall promptly notify the Trustee in the event that the Bank becomes Insolvent. If at any time the Trustee has determined that the Bank is Insolvent, the Trustee shall discontinue payments to Participants or their Beneficiaries from the Bank Trust Assets and shall hold the Bank Trust Assets of the Trust for the benefit of the Bank's general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or their Beneficiaries to pursue their rights as general creditors of the Bank with respect to Benefits due under the Covered Arrangements or otherwise, or (except in the event the Company becomes Insolvent) the rights of Participants or their Beneficiaries to receive payments of Company Benefits from the Company Trust Assets.

Insolvency of Bank. As used in this Article XII, the Bank shall be deemed to be "Insolvent" if (i) the Bank is subject to a pending proceeding seeking a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or trustee or liquidator in any insolvency, liquidation, taking of possession, termination of deposit insurance, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Bank or of or relating to all or substantially all of its property, or for the winding up or liquidation of its affairs, under any federal or state law relating to bankruptcy or insolvency, or (ii) the Bank is unable to pay its debts as they become due. The Chief Executive Officer or Board of Directors of the Bank shall promptly notify the Trustee in the event that the Bank becomes Insolvent. If at any time the Trustee has determined that the Bank is Insolvent, the Trustee shall discontinue payments to Participants or their Beneficiaries from the Bank Trust Assets and shall hold the Bank Trust Assets of the Trust for the benefit of the Bank's general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants or their Beneficiaries to pursue their rights as general creditors of the Bank with respect to Benefits due under the Covered Designated Arrangements or otherwise, or (except in the event the Company becomes Insolvent) the rights of Participants or their Beneficiaries to receive payments of Company Benefits from the Company Trust Assets.

Insolvency of Bank. As used in this Article XII(a) In the event of the Association's Insolvency, the Bank Trustee shall cease payment of benefits to Plan participants and their Beneficiaries. The Association shall be deemed to be considered "Insolvent" for purposes of this Trust Agreement if (i) the Bank is subject to a pending proceeding seeking a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or trustee or liquidator in any insolvency, liquidation, taking of possession, termination of deposit insurance, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Bank or of or relating to all or substantially all of its property, or for the winding up or liquidation of its affairs, under any federal or state law relating to bankruptcy or insolvency, or (ii) the Bank Association is unable to pay its debts as they become due. , (ii) the Association is subject to a pending proceeding as a debtor under the United States Bankruptcy Code, if applicable, or (iii) the Association is subject to liquidation proceedings under applicable federal and state laws. (b) At all times during the continuance of this Trust, the principal and income of the Trust shall be subject to claims of general creditors of the Association under federal and state law as set forth below. (1) The Board and the Chief Executive Officer or Board of Directors of the Bank Association shall promptly notify have the duty to inform the Trustee in writing of the event Association's Insolvency. If a person claiming to be a creditor of the Association alleges in writing to the Trustee that the Bank becomes Association has become Insolvent, the Trustee shall determine whether the Association is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to Plan Recipients or their Beneficiaries. (2) Unless the Trustee has actual knowledge of Bank's Insolvency, or has received notice from the Association or a person claiming to be a creditor alleging that the Association is Insolvent, the Trustee shall have no duty to inquire whether the Association is Insolvent. The Trustee may in all events rely on such evidence concerning the Association's solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning Bank's Insolvency. (3) If at any time the Trustee has determined that the Bank Association is Insolvent, the Trustee Trustees shall discontinue payments to Participants Plan Recipients or their Beneficiaries from the Bank Trust Assets and shall hold the Bank Trust Assets assets of the Trust for the benefit of the BankAssociation's general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Participants Plan participants or their Beneficiaries beneficiaries to pursue their rights as general creditors of the Bank Association with respect to Benefits benefits due under the Covered Arrangements Plan or otherwise. (4) The Trustee shall resume the payment of benefits to Plan participants or their beneficiaries only after the Trustee has determined that the Association is not Insolvent (or is no longer Insolvent). (c) Provided that there are sufficient assets, or (except in if the event Trustee discontinues the Company becomes Insolventpayment of benefits from the Trust pursuant to Section 8.05(b)(3) hereof and subsequently resumes such payments, the rights first payment following such discontinuance shall include the aggregate amount of Participants all payments due to Recipients or their Beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to receive Plan Recipients or their Beneficiaries by the Association in lieu of the payments provided for hereunder during any such period of Company Benefits from the Company Trust Assetsdiscontinuance.