Common use of Limitation on Payment Obligation Clause in Contracts

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. (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. (a) Notwithstanding any other provision of this Agreement, any "“parachute payment" ” to be made to or for the benefit of the ExecutiveOfficer, 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. (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. (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: