Prohibited Payment. The obligation of the Bank and the Company, and their successors and assigns, to make payments pursuant to this Agreement shall be reduced or eliminated to the extent required (i) to comply with regulations or orders issued pursuant to Section 18(k)(1) of the Federal Deposit Insurance Act, (ii) by any other law, rule, or regulation which is binding on the Company or the Bank or (iii) by direction or instruction from a federal regulatory authority.
Appears in 2 contracts
Sources: Directors' Trust Agreement (Century Bancshares Inc), Director's Compensation Agreement (Century Bancshares Inc)