Common use of Termination by Operation of Law Clause in Contracts

Termination by Operation of Law. The Executive's employment with the Bank shall terminate: (a) if the Executive is removed 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. ss. 1818(e)(4) or (g)(1) as of the effective date of the order. (b) if the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act) as of the date of the default; or (c) except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, by the Director of the Office of Thrift Supervision (the "Director") or his or her designee, (x) at the time the Federal Deposit Insurance Corporation or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (y) at the time the Director or his her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition.

Termination by Operation of Law. The Executive's employment with the Bank Employers shall terminate: (ai) if the Executive is removed or 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. ss. 1818(e)(4ss.1818(e)(4) or (g)(1) )), as of the effective date of the order.; (bii) if the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act) ), as of the date of the default; or (ciii) except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, by the Director of the Office of Thrift Supervision (the "Director") or his or her designee, (x) at the time the Federal Deposit Insurance Corporation or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (y) at the time the 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 Director to be in an unsafe or unsound condition.

Termination by Operation of Law. The Executive's employment with the Bank shall terminate: (a) if the Executive is removed 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. ss. Section 1818(e)(4) or (g)(1) as of the effective date of oF the order. (b) if the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act) as of the date of the default; or (c) except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, by the Director of the Office of Thrift Supervision (the "Director") or his or her designee, (x) at the time the Federal Deposit Insurance Corporation or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (y) at the time the Director or his her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition.