Common use of Limitation on Payment Clause in Contracts

Limitation on Payment. Notwithstanding anything in this Agreement to the contrary, the Severance Payment shall not exceed an amount equal to One Dollar ($1.00) less that the amount which would cause the payment, together with any other payments received from PSB and/or IMCB to be a "parachute payment" as defined in Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended.

Limitation on Payment. Notwithstanding anything in this Agreement to the contrary, the Severance Payment shall not exceed an amount equal to One Dollar ($1.00) less that than the amount which would cause the payment, together with any other payments received from PSB and/or IMCB to be a "“parachute payment" ” as defined in Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended.

Limitation on Payment. Notwithstanding anything in this Agreement to --------------------- the contrary, the Severance Payment shall not exceed an amount equal to One Dollar ($1.00) less that than the amount which would cause the payment, together with any other payments received from PSB and/or IMCB Bank to be a "parachute payment" as defined in Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended.