Common use of Service as a Director Clause in Contracts

Service as a Director. The Director agrees to serve as a director of the Bank so long as he or she is duly appointed or elected and qualified in accordance with the applicable provisions of the charter and bylaws of the Bank and the Federal Home Loan Bank Act and the rules and regulations promulgated thereunder and until such time as the Director’s term ends or the Director resigns or is removed from his or her position or is disqualified to continue in such position (subject to any other contractual obligation or other obligation imposed by operation of law), in which event the Bank shall have no obligation under this Agreement to continue the Director in any position.

Service as a Director. The Director agrees to serve as a director of the Bank so long as he or she the Director is duly appointed or elected and qualified in accordance with the applicable provisions of the charter and bylaws of the Bank and the Federal Home Loan Bank Act and the rules and regulations promulgated thereunder and until such time as the Director’s term ends or the Director resigns or is removed from his or her the Director’s position or is disqualified to continue in such the Director’s position (subject to any other contractual obligation or other obligation imposed by operation of law), in which event the . The Bank shall have no obligation under this Agreement to continue the Director in any position.