Common use of Termination by Regulators Clause in Contracts

Termination by Regulators. All obligations of the Bank under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank: (1) by the Director of the Office of Thrift Supervision (the "Director") or his or her designee, at the time the Federal Deposit Insurance 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 FDIA; or (2) by the Director or his or her designee, 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. Any rights of the parties that have already vested, however, shall not be affected by any such action. Payments due under the Agreement that are suspended in accordance with Paragraphs 6(f) through 6(i) of the Agreement, but are later determined by the applicable regulatory authority to be payable, shall be paid at the earliest date the Company or the Bank reasonably anticipates that the payment would be permissible.