Maximum Limitation Sample Clauses

Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of: (a) (i) Thirty thousand dollars ($30,000.00) or such higher amount as may be prescribed by regulations issued pur-suant to Section 415(d) of the Internal Revenue Code to reflect increases in the cost of living; plus (ii) the lesser of thirty thousand dollars ($30,000.00) (as adjusted for cost of living increases) or the amount of Company stock contributed to the Plan; [Effective January 1, 1989, Subparagraph (ii) is deleted] or (b) Twenty-five percent (25%) of such participant's compen-sation for the Plan year. No more than one-third (1/3) of the Company contributions for a year shall be allocated to the group of "highly compensated employees" defined as follows: Priorto January 1, 1997, an employee who, during the year or the preceding year: (1) Was at any time a five percent (5%) owner of the company, (2) Received compensation from the company in excess of seventy-five thousand dollars ($75,000.00), (3) Received compensation from the company in excess of fifty thousand dollars ($50,000.00) and was in the top-paid group of employees for such year, or (4) Was at any time an officer and received compensation greater than fifty percent (50%) of the amount in effect under Section 415(b)(1)(A) of the Internal Revenue Code for such year. Beginning January 1, 1997, an employee who: (5) Was a five percent (5%) owner of the Company at any time during the year or preceding year, or (6) For the preceding year A. had compensation [as defined in Code Section 415(c)(3)] from the Company in excess of $80,000.00 and B. if the Company elects the application of this clause for the preceding year, was in the group consisting of the top twenty percent (20%) of the employees ranked on the basis of compensation paid during the preceding year. Annual additions to a participant's account for a Plan year shall be the sum for any year of the Company's contributions plus the amount of any employee contributions plus the forfeitures.
Sample 1
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Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of: (a) Thirty thousand dollars ($30,000.00) (subject to annual adjustments pursuant to Internal Revenue Code Section 415(d) and regulations), or (b) Twenty-five percent (25%) of such participant's compen- sation.
Sample 1
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of: (a) Thirty thousand dollars ($30,000.00) (subject to annual adjustments pursuant to Internal Revenue Code Section 415(d) and regulations), or (b) Twenty-five percent (25%) of such participant's compen-sation. Commencing January 1, 2002, except for Paragraph 3.1 and Internal Revenue Code Section 414(v), the annual additions to a participant’s account for any Plan year shall not exceed the lesser of: (a) Forty thousand dollars ($40,000.00) [subject to annual adjustments pursuant to Internal Revenue Code Section 415(d)] (b) One hundred percent (100%) of such participant’s compensation within the meaning of Internal Revenue Code Section 415(c)(3) for the Plan year.
Sample 1
Maximum Limitation. Under no event shall the Warrants entitle the Holder, in cumulative, to purchase more than (i) three million (3,000,000) shares; or (ii) six million dollars ($6,000,000) in Recognized Value. Recognized Value shall be defined as the cumulative difference between the then current full market value of the shares for which warrants have been issued or exercised, as traded on the exchange on the date that the warrants are first exercisable; and the price actually paid for the stock (or if the warrants have not been exercised, the price Summit would have paid for the stock on the first day the warrants could be exercised), multiplied by the number of shares for which warrants have been issued or exercised.
Sample 1
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of:
Sample 1
Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of: (a) Thirty thousand dollars ($30,000.00) (subject to annual adjustments pursuant to Internal Revenue Code Section 415(d) and regulations), or (b) Twenty-five percent (25%) of such participant's compensation. Commencing January 1, 2002, except for Paragraph 3.1 and Internal Revenue Code Section 414(v), the annual additions to a participant’s account for any Plan year shall not exceed the lesser of: (a) Forty thousand dollars ($40,000.00) subject to annual adjustments pursuant to Internal Revenue Code Section 415(d), or (b) One hundred percent (100%) of such participant’s compensation within the meaning of Internal Revenue Code Section 415(c)(3) for the Plan year, as determined under Paragraph 3.2(b) of the Plan and Trust. The compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service within the meaning of Internal Revenue Code Sections 401(h) or 419A(f)(2) which is otherwise treated as an annual addition.
Sample 1
Maximum Limitation. The maximum amount that may be deferred under this Plan (other than rollover amounts described in Section 8.02) for the taxable year of a Participant. Such amount shall be either the Normal Limitation or Catch-Up Limitation, whichever is applicable.
Sample 1
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Maximum Limitation. The aggregate number of shares of Common Stock available for grant under the Plan is 7,920 shares, subject to adjustment pursuant to Section (c) below. Stock Options shall be allocated to each director who holds such position on the date of the grant based upon the total months of 1996 board service performed by such director. Shares of Common Stock issued pursuant to the Plan may be either authorized but unissued shares or shares now or hereafter held in the treasury of the Company. In the event that, prior to the end of the period during which Stock Options may be granted under the Plan, any Stock Option under the Plan expires unexercised or is terminated, surrendered or canceled without being exercised, in whole or in part, for any reason, the number of shares theretofore subject to such Stock Option or the unexercised, terminated, forfeited or unearned portion thereof, shall be added to the remaining number of shares of Common Stock available for grant as a Stock Option under the Plan, including a grant to a former holder of such Stock Option, upon such terms and conditions as the Board may determine in accordance with the Plan.
Sample 1
Maximum Limitation. The aggregate number of shares of Common Stock available for grant under the Plan is 14,193 shares, subject to adjustment pursuant to Section 6. Shares of Common Stock issued pursuant to the Plan may be either authorized but unissued shares or shares now or hereafter held in the treasury of the Company. In the event that any Incentive Stock Option granted under the Plan expires unexercised or is terminated, surrendered or canceled (other than in connection with the exercise of a Stock Appreciation Right with respect to which Common Stock is delivered to the key employee under Section 5(b)(ii)), without being exercised, in whole or in part, for any reason, the number of shares theretofore subject to such Incentive Stock Option, or the unexercised, terminated, forfeited or unearned portion thereof, shall be added to the remaining number of shares of Common Stock available for grant as an Incentive Stock Option under the Plan, including a grant to a former holder of such Incentive Stock Option, upon such terms and conditions as the Board shall determine, which terms may be more or less favorable than those applicable to such former Incentive Stock Option.
Sample 1

Related to Maximum Limitation

  • Xxxxxx Limitation The Service reserves the right to refuse to pay any Xxxxxx to whom you may direct a payment. As required by applicable law, the Service will notify you promptly if it decides to refuse to pay a Xxxxxx designated by you. as set forth in Section 13 of the General Terms (Prohibited Payments) or an Exception Payment under this Agreement.

  • Minimum Limits The minimum limits to be maintained by the School (inclusive of any amounts provided by an umbrella or excess policy) shall be $1 million per occurrence/$3 million annual aggregate.

  • Coverage Minimum Limits Commercial General Liability $1,000,000 per occurrence $2,000,000 aggregate Automobile Liability including coverage for owned, non-owned and hired vehicles $1,000,000 per occurrence

  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

  • Liability Limitation Subsequent to the issuance of a Certificate of Completion pursuant to this Agreement, Applicant shall be entitled to the Liability Limitation set forth at ECL § 27-1421, subject to the terms and conditions stated therein and to the provisions of 6 NYCRR §§ 375-1.9 and 375-3.9.

  • Maximum Lawful Rate It is the intention of the parties hereto that the interest on the Advances shall not exceed the maximum rate permissible under Applicable Law. Accordingly, anything herein or in any Note to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the Lenders pursuant hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties under this Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances of the Borrower.

  • Loss Limitation Losses allocated pursuant to Section 3.2 of this Agreement shall not exceed the maximum amount of Losses that can be allocated without causing any Unit Holder to have an Adjusted Capital Account Deficit at the end of any Fiscal Year. In the event some but not all of the Unit Holders would have Adjusted Capital Account Deficits as a consequence of an allocation of Losses pursuant to Section 3.2 of this Agreement, the limitation set forth in this Section 3.5 shall be applied on a Unit Holder by Unit Holder basis and Losses not allocable to any Unit Holder as a result of such limitation shall be allocated to the other Unit Holders in accordance with the positive balances in such Unit Holder’s Capital Accounts so as to allocate the maximum permissible Losses to each Unit Holder under Section 1.704-1(b)(2)(ii)(d) of the Regulations.

  • Maximum Leverage Permit, as of any fiscal quarter end, the ratio of (a) Adjusted Portfolio Equity as of such fiscal quarter end to (b) Funded Debt as of such fiscal quarter end, to be less than 5.00 to 1.00.

  • ANNUAL LIMITATION Notwithstanding anything contained in this Agreement to the contrary, and with respect to each Tax Year of the Tax Limitation Period beginning after the first Tax Year of the Tax Limitation Period, in no event shall (i) the sum of the maintenance and operations ad valorem taxes paid by the Applicant to the District for such Tax Year, plus the sum of all payments otherwise due from the Applicant to the District under Articles IV, V, and VI of this Agreement with respect to such Tax Year, exceed (ii) the amount of the maintenance and operations ad valorem taxes that the Applicant would have paid to the District for such Tax Year (determined by using the District’s actual maintenance and operations tax rate for such Tax Year) if the Parties had not entered into this Agreement. The calculation and comparison of the amounts described in clauses (i) and (ii) of the preceding sentence shall be included in all calculations made pursuant to Article IV of this Agreement, and in the event the sum of the amounts described in said clause (i) exceeds the amount described in said clause (ii), then the payments otherwise due from the Applicant to the District under Articles IV, V, and VI shall be reduced until such excess is eliminated.

  • Maximum Permissible Amount Except in the case of a rollover contribution (as permitted by Code Sections 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3), and 457(e)(16)) or a contribution made in accordance with the terms of a simplified employee pension (SEP) plan as described in Code Section 408(k), no contributions will be accepted unless they are in cash, and the total of such contributions shall not exceed the lesser of 100 percent of the Traditional IRA Owner’s Compensation, or $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limit will 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. If the Traditional IRA Owner makes regular contributions to both Traditional and Xxxx IRAs for a taxable year, the maximum regular contribution that can be made to all the Traditional IRA Owner’s Traditional IRAs for that taxable year is reduced by the regular contributions made to the Traditional IRA Owner’s Xxxx IRAs for the taxable year.

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