Common use of Suspension and Special Regulatory Rules Clause in Contracts

Suspension and Special Regulatory Rules. (i) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Bank and the Company under this Agreement shall terminate, as of the effective date of the order, but vested rights of the parties shall not be affected. (ii) If the Bank is in default (as defined in Section 3(x)(1) of FDIA), all obligations under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the vested rights of the parties. (iii) All obligations under this Agreement shall terminate, except to the extent that continuation of this Agreement is necessary for the continued operation of the Bank: (i) by the Administrator of the Savings Institution Division of the Department of Economic and Community Development of the State of North Carolina (the "Administrator") or his or her designee, at the time that the Federal Deposit Insurance Corporation ("FDIC") enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; or (ii) by the Administrator, or his or her designee, at the time that the Administrator, or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Administrator to be in an unsafe or unsound condition. Such action shall not affect any vested rights of the parties. (iv) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) or (g)(1)) suspends and/or temporarily prohibits the Executive from participating in the conduct of the Bank's affairs, the Bank's obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (v) Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

Suspension and Special Regulatory Rules. i. If the Executive is suspended and/or temporarily prohibited from participating in the conduct of Frontier's or the Bank's affairs by a notice served under section 8(e)(3) or section (g)(1) of the Federal Deposit Insurance Act ("FDI Act"), the Bank's obligations under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate in whole or in part any of its obligations which were suspended. ii. If the Executive is removed and/or permanently prohibited from participating in the conduct of Frontier's or the Bank's affairs by an order issued under Sections section 8(e)(4) or 8(g)(1section (g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1))FDI Act, all obligations of the Bank and the Company Frontier under this Agreement shall terminate, terminate as of the effective date of the order; however, but no vested rights of the parties Executive shall not be affectedaffected by such termination. (ii) iii. If Frontier or the Bank is in default (as defined in Section section 3(x)(1) of FDIAthe FDI Act), all obligations under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the no vested rights of the partiesExecutive shall be affected by such termination. (iii) iv. All obligations under this Agreement shall terminatebe terminated, except to the extent that it may be determined that continuation of this Agreement is necessary for the continued operation of the Bank: , (i1) by the Administrator of the Savings Institution Division of the Department of Economic and Community Development of the State of North Carolina Federal Reserve System (the "AdministratorFed") or his or her designee, at the time that the Federal Deposit Insurance Corporation ("FDIC") enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIAthe FDI Act; or (ii) by the Administrator, or his or her designee, at the time that the Administrator, or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Administrator to be in an unsafe or unsound condition. Such action shall not affect any vested rights of the parties. (iv) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) or (g)(1)) suspends and/or temporarily prohibits the Executive from participating in the conduct of the Bank's affairs, the Bank's obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (v) Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.or

Suspension and Special Regulatory Rules. (i) If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank's affairs by a notice served under Sections 8(e)(3) or 8(g)(1) of the FDI Act (12 U.S.C. 1818(e)(3) or 1818(g)(1), the Bank's obligations under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (x) pay the Executive all or part of the compensation withheld while its contract obligations were suspended and (y) reinstate (in whole or in part) any of its obligations which were suspended. (ii) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance FDI Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)or 1818(g)(1), all the Bank's obligations of the Bank and the Company under this Agreement shall terminate, terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. (ii) If the Bank is in default (as defined in Section 3(x)(1) of FDIA), all obligations under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the vested rights of the parties. (iii) All obligations under this Agreement shall terminatebe terminated, except to the extent it is determined that continuation of this Agreement such employment is necessary for the continued operation of the Bank: , (ix) by the Administrator Director of the Savings Institution Division of the Department of Economic and Community Development of the State of North Carolina OTS (the "AdministratorDirector") or his or her designee, designee at the time that the Federal Deposit Insurance Corporation ("FDIC") FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; the FDI Act, or (iiy) by the Administrator, Director or his or her designee, designee at any time the time that the Administrator, Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Administrator Director to be in an unsafe or unsound condition. Such action shall not affect , but in any of the above-described events, the vested rights of the partiesExecutive shall not be affected. (iv) If a notice served under the Bank is in default (as defined in Section 8(e)(3) or (g)(13(x)(1) of the FDIA (12 U.S.C. 1818(e)(3FDI Act) or (g)(1)) suspends and/or temporarily prohibits the Executive from participating in the conduct event of receipt of any notice or order of a default, an agreement to provide assistance or an approval of a supervisory merger, the suspension or termination of the Bank's affairsobligations hereunder shall be (x) automatic and shall not be conditioned upon any further action by the Bank or delivery of any notice to the Executive and (y) deemed a suspension or termination of employment jointly and severally by the Bank and the regulatory body providing assistance or delivery of such document; provided, however, that (i) such suspension or termination shall not prejudice the Executive's vested rights under this Agreement and (2) notwithstanding the foregoing, the Bank's obligations under this Agreement hereunder shall not be suspended as or terminated to the extent deemed necessary by the Director or his or her designee for the continued operation of the date of such service, unless stayed by appropriate proceedings. If the charges Bank as provided in the notice are dismissed, the Bank shall (iSubsection 6(g)(iii) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and 12 C.F.R. Section 563.39(b)(4) and (ii) reinstate (in whole or in part) any of its obligations which were suspended5). (v) Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

Suspension and Special Regulatory Rules. (i) If the Executive Employee is suspended and/or temporarily prohibited from participating in the conduct of the affairs of the Bank by a notice served under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act ("FDI Act"), the Bank's obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If all charges in the notice are dismissed, Bank shall pay Employee all compensation withheld while Employer's contractual obligations were suspended. (ii) If the Employee is removed and/or permanently prohibited from participating in the conduct of the Bank's affairs of the Bank by an order issued under Sections Section 8(e)(4) or Section 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1))FDI Act, all obligations of the Bank and the Company under this Agreement shall terminate, terminate as of the effective date of the order, but order and the Employee shall not be entitled to receive the payments provided for under Paragraph (c) above. All vested rights of the parties Employee shall not be affected. (iiiii) If the Bank is in default (default, as defined in Section 3(x)(1) of FDIA)the FDI Act, all obligations of the Bank under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the . All vested rights of the partiesEmployee shall not be affected. (iiiiv) All obligations of the Bank under this Agreement shall terminatebe terminated, except to the extent it is determined that continuation of this Agreement is necessary for the continued operation of the Bank: , (i1) by the Administrator Director of the Savings Institution Division Office of the Department of Economic and Community Development of the State of North Carolina Thrift Supervision (the "AdministratorDirector") ), or his or her designee, at the time that the Federal Deposit Insurance Corporation ("FDIC") enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; the FDI Act, or (ii2) by the Administrator, or his or her designeeDirector, at the time that the Administrator, Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Administrator to be in an unsafe or unsound condition. Such action shall not affect any All vested rights of the partiesEmployee shall not be affected. (iv) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) or (g)(1)) suspends and/or temporarily prohibits the Executive from participating in the conduct of the Bank's affairs, the Bank's obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (v) Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.