indemnification payment

(A)Subject to paragraph (6), the term “indemnification payment” means any payment (or any agreement to make any payment) by any credit union for the benefit of any person who is or was an institution-affiliated party, to pay or reimburse such person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Board which results in a final order under which such person— (i)is assessed a civil money penalty; (ii)is removed or prohibited from participating in conduct of the affairs of the credit union; or (iii)is required to take any affirmative action described in subsection (e)(3) with respect to such credit union.

Source

12 USC § 1786(t)()(5)(A)


Scoping language

None: Default is title Scope
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