Further Limitation on Payments Clause Samples
The "Further Limitation on Payments" clause restricts the amount or types of payments that one party is obligated to make under the agreement, beyond any general payment limitations already specified. This clause may set additional caps on total payments, exclude certain costs from reimbursement, or specify conditions under which payments are reduced or withheld. Its core practical function is to protect a party from excessive financial exposure and to provide clear boundaries on payment obligations, thereby reducing the risk of unexpected or unlimited liabilities.
Further Limitation on Payments. As a condition of the receipt of any cash payment hereunder, Executive acknowledges that the Board retains the discretion to reduce the amount of the benefit to the extent necessary to ensure that all cash benefits paid under this Agreement on account of a Change in Control, when aggregated with similar change in control severance benefits paid under separate plans, policies and arrangements maintained by the Company and its Affiliates, excluding for this purpose payments made under certain employment agreements between the Company and/or Renasant Bank and certain of their executive officers, do not exceed a specified amount, which will be determined by the Board in good faith at the time a Change in Control occurs. The purpose of this limit is to ensure that all severance benefits payable on account of a Change in Control will not be excessive, when considered in the aggregate. If a reduction is required, the Board shall furnish notice to Executive, and, to the extent practicable, the amount of the reduction will be applied on a pro rata basis to all affected executive, officers and employees.
Further Limitation on Payments. Notwithstanding anything to the contrary in the Credit Agreement or any other Loan Document, until the payment in full of all Obligations, none of the Borrower, the other Loan Parties, or any other Restricted Subsidiary shall make any payment to any Person in a single transaction or series of related transactions in an amount greater than one million Dollars ($1,000,000.00), other than as provided for in the Budget.