Limitation on Payment Obligation. (a) For purposes of this Section 12, all terms capitalized but not otherwise defined herein shall have the meanings as set forth in Section 280G of the Internal Revenue Code of 1986, as amended, together with any applicable regulations thereunder (the “Code”). In addition:
Limitation on Payment Obligation. (a) Notwithstanding any other provision of this Agreement, any "parachute payment" to be made to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be modified to the extent necessary so that the requirements of either subparagraph (i) or (ii) below are is satisfied:
Limitation on Payment Obligation. An Income Tax Adjustment resulting in an increase in taxable income of an HII Group Member for a Pre-Distribution Taxable Period or a Straddle Taxable Period shall not result in a payment obligation by HII pursuant to Section 6.1(b), unless such Income Tax Adjustment is of a nature that could result in a correlative reduction in the taxable income of an HII Group Member for a Post-Distribution Taxable Period or Straddle Taxable Period (to the extent attributable to the portion of such Straddle Taxable Period beginning on or after the Distribution Date as determined pursuant to Section 7.1(b)). In determining whether such an increase in taxable income of an HII Group Member is of a nature that could result in a reduction in taxable income of an HII Group Member for a Post-Distribution Period or a Straddle Period (to the extent attributable to the portion of the Straddle Period beginning on or after the Distribution Date as determined pursuant to Section 7.1(b)), the actual availability to the HII Group or such Member of any Tax benefit attributable thereto (whether due to losses incurred by the HII Group in a Post-Distribution Taxable Period, Income Tax Adjustments relating to non-depreciable, non-amortizable assets, or otherwise) shall not be taken into account. This Section 6.1(d) shall not apply to any payment due under Section 7.6 or Section 8.4.
Limitation on Payment Obligation. Notwithstanding Sections 6.4 and 6.5, P&U's obligation to pay Versicor any research performance bonus or royalty under those Sections shall arise if and only if the Product for which a research performance bonus or royalty payment is sought is a Collaboration Compound or Lead Candidate with a chemical structure experimentally confirmed prior to the date three (3) months after the expiration of the Research Term, and any salt, hydrate or solvate thereof; otherwise, P&U shall have no obligation to pay any performance bonus or royalty to Versicor.
Limitation on Payment Obligation. The foregoing notwithstanding, in no event shall the Company be obligated to make payments to Executive following a termination of his employment to the extent such payment would constitute an “excess parachute payment” within the meaning of Section 280G of the Code.
Limitation on Payment Obligation. Notwithstanding any other provision of this Contract, the total of all payments and other obligations incurred by CITY under this Contract shall not exceed the sum of $ , which will be paid by CITY, subject to all terms and conditions, as stated herein, from only one funding source: Empowerment Zone funds granted by HUD, referred to as "EZ grant funds" in this Contract. The CITY shall in no way be held liable to pay any sums to GRANTEE under the terms of this Contract, expect as specified in this Contract, and from the source as specified directly above, and shall in no way be held liable to GRANTEE to pay any such sums to GRANTEE from general city revenue, or any other source, except as specified directly above.
Limitation on Payment Obligation. The foregoing notwithstanding, except as otherwise expressly provided below, in no event shall Company be obligated to make payments to Executive following his Termination that would constitute "excess parachute payments" within the meaning of Section 280G of the Code. The foregoing notwithstanding, in the event Company believes that any payment due Executive would be constitute an "excess parachute payment" and Executive will be subject to the excise tax imposed by Section 4999 of the Code, Company and Executive agree that (i) if the aggregate of all "parachute payments" (as such term is defined in Section 280G of the Code) does not exceed 333% of the "base amount" (as such term in defined in Section 280G of the Code), then the parachute payments shall be reduced to 299.99% of such base amount, or (ii) if the aggregate of all parachute payments exceeds 333% of the base amount, then Company shall pay to Executive the sum of (A) 299.99% of the base amount and (B) One Hundred Thousand Dollars ($100,000.00).
Limitation on Payment Obligation. The foregoing notwithstanding, except as otherwise expressly provided below, in no event shall Company be obligated to make payments to Executive, under this Agreement or otherwise following his Termination that would constitute “excess parachute payments” within the meaning of Section 280G of the Code. In the event Company believes that any payment due Executive would be constitute an “excess parachute payment” and Executive will be subject to the excise tax imposed by Section 4999 of the Code, Company and Executive agree that the aggregate parachute payments (as defined in Section 280G) made to Executive under this Agreement and any and all other agreements shall not exceed 299.99% of Executive’s Base Amount.
Limitation on Payment Obligation
