Common use of Notice of Regulatory Action Clause in Contracts

Notice of Regulatory Action. Promptly, written notice of (i) the issuance of any notice of charges, cease-and-desist order (temporary or otherwise), or order to take affirmative action by any Governmental Authority or Regulatory Authority against the Borrower, any Bank or any other Subsidiary, or any director, officer, employee or agent of the Borrower, any Bank or any other Subsidiary, (ii) the service of any notice of intention to remove from office or notice of intention to suspend from office by any Governmental Authority or Regulatory Authority upon any director or officer of the Borrower, any Bank or any other Subsidiary, (iii) the issuance of a notice of termination of the status of any Bank as an insured bank under the Federal Deposit Insurance Corporation Act, as amended, or (iv) the entering into of any agreement or memorandum of understanding between any Governmental Authority or Regulatory Authority and the Borrower, any Bank or any other Subsidiary, or any director, officer, employee or agent of the Borrower, any Bank or any other Subsidiary.