Common use of OTS REMOVAL Clause in Contracts

OTS REMOVAL. Notwithstanding anything to the contrary in this Agreement, if the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Sections 1818(e)(4) or (g)(1)), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the Bank and/or the Executive, if any, shall not be affected.

OTS REMOVAL. Notwithstanding anything to the contrary in this Agreement, if the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Sections 1818(e)(4) or (g)(1)), all obligations of the Bank Corporation under this Agreement shall terminate as of the effective date of the order, but vested rights of the Bank Corporation and/or the Executive, if any, shall not be affected.

OTS REMOVAL. Notwithstanding anything to the contrary in this Agreement, if the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Sections xx.xx. 1818(e)(4) or (g)(1)), all obligations of the Bank Corporation under this Agreement shall terminate as of the effective date of the order, but vested rights of the Bank Corporation and/or the Executive, if any, shall not be affected.

OTS REMOVAL. Notwithstanding anything to the contrary in this Agreement, if the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. Sections xx.xx. 1818(e)(4) or (g)(1)), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the Bank and/or the Executive, if any, shall not be affected.