Common use of No Prohibited Payments Clause in Contracts

No Prohibited Payments. Notwithstanding anything contained in this Agreement to the contrary, GKIS shall not make any payment to Executive which, according to the opinion of GKIS's outside counsel, would violate Section 2523(k) of the Comprehensive Thrift and Bank Fraud Prosecution and Taxpayer Recovery Act of 1990 (codified at 12 U.S.C. 1828 (k)), or any rules or regulations promulgated thereunder.

Appears in 3 contracts

Samples: Employment Agreement (Gk Intelligent Systems Inc), Employment Agreement (Gk Intelligent Systems Inc), Employment Agreement (Gk Intelligent Systems Inc)

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No Prohibited Payments. 25.1 Notwithstanding anything contained in this Agreement to the contrary, GKIS GKIG shall not make any payment to Executive which, according to the opinion of GKISGKIG's outside counsel, would violate Section 2523(k2523 (k) of the Comprehensive Thrift and Bank Fraud Prosecution and Taxpayer Recovery Act of 1990 (codified at 12 U.S.C. 1828 (k)), or any rules or regulations promulgated thereunder.

Appears in 1 contract

Samples: Employment Agreement (Gk Intelligent Systems Inc)

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