Default of the Bank. If any banking subsidiary of GLB is in default (as defined in Section 3(x)(1) of the FDIA, 12 U.S.C. § 1813(x)(1)), all obligations under this Agreement will terminate as of the date of default, but vested rights of the Parties will not be affected.
Appears in 4 contracts
Sources: Employment Agreement (Great Lakes Bancorp, Inc.), Employment Agreement (Great Lakes Bancorp, Inc.), Employment Agreement (Great Lakes Bancorp, Inc.)