Common use of Applicable Amount Clause in Contracts

Applicable Amount. The applicable amount is determined below: 1. If the Xxxx XXX Owner is under age 50, the applicable amount is $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the applicable contribution limit may be adjusted by the Secretary of the Treasury for cost-of- living increases under Code Section 219(b)(5)(D). Such adjustments will be in multiples of $500. 2. If the Xxxx XXX Owner is 50 or older, the applicable amount under Section 4.01(B)(1) of this Agreement is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. 3. If the Xxxx XXX Owner was a participant in a Code Section 401(k) plan of a certain employer in bankruptcy described in Code Section 219(b)(5)(C), then the applicable amount under Section 4.01(B)(1) of this Agreement is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Xxxx XXX Owner who makes contributions under this Section may not also make contributions under Section 4.01(B)(2) of this Agreement.

Applicable Amount. The applicable amount is determined below: 1. If the Xxxx XXX Owner is under age 50, the applicable amount is $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the applicable contribution limit may be adjusted by the Secretary of the Treasury for cost-of- of-living increases under Code Section 219(b)(5)(D). Such adjustments will be in multiples of $500. 2. If the Xxxx XXX Owner is 50 or older, the applicable amount under Section 4.01(B)(1) of this Agreement is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. 3. If the Xxxx XXX Owner was a participant in a Code Section 401(k) plan of a certain employer in bankruptcy described in Code Section 219(b)(5)(C), then the applicable amount under Section 4.01(B)(1) of this Agreement is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Xxxx XXX Owner who makes contributions under this Section may not also make contributions under Section 4.01(B)(2) of this Agreement.