Common use of PAYMENT LIMITATION; AGGREGATE LIMIT Clause in Contracts

PAYMENT LIMITATION; AGGREGATE LIMIT. Notwithstanding any other provision in this Agreement, in no event shall the Lost M&O Revenue calculated for a Tax Year of this Agreement during the period from the Tax Year that includes the date on which the Limitation Period commences under this Agreement as provided in Section 2.3.D.i, and ending at the end of the Tax Limitation Period as provided in Section 2.3.D.ii, exceed an amount equal to One Hundred Percent (100%) of the Applicant’s Net Tax Benefit for such Tax Year (the Aggregate Limit). For each Tax Year of this Agreement, amounts otherwise due and owing by the Applicant to the District which, by virtue of the application of the payment limitation set forth in this Section 4.10, are not payable to the District for such Tax Year, shall be carried forward from year-to-year into subsequent Tax Years during the term of this Agreement, but shall be subject, in each subsequent Tax Year, to the limit set forth in this Section 4.10. Any of the Cumulative Payments which cannot be paid to the District prior to the end of the first Tax Year following the end of the Tax Limitation Period because such payment would exceed the Applicant’s Net Tax Benefit under this Agreement will be deemed to have been cancelled by operation of law, and the Applicant shall have no further obligation with respect thereto. ARTICLE V

PAYMENT LIMITATION; AGGREGATE LIMIT. Notwithstanding any other provision in this AgreementIn the event that the total payments due to the District under Articles IV, in no event shall the Lost M&O Revenue calculated for a Tax Year of this Agreement during the period from the Tax Year that includes the date on which the Limitation Period commences V, and VI under this Agreement as provided in Section 2.3.D.i, and ending at the end of for any Tax Year during the Tax Limitation Period as provided in Section 2.3.D.ii, of this Agreement exceed an amount equal to One Hundred Percent (100%) of the Applicant’s Net Tax Benefit for such that Tax Year, the amount of the payments owed under Article IV of this Agreement for that Tax Year (shall be reduced to an amount that will cause the Aggregate Limit)total payments due to the District under Articles IV, V, and VI under this Agreement to be equal to the Applicant’s Net Tax Benefit for that Tax Year. For each Tax Year of this Agreement, amounts Amounts otherwise due and owing by the Applicant to the District which, by virtue of the application of the this payment limitation set forth in this Section 4.10limitation, are not payable to the District for such paid in that Tax Year, Year shall be carried forward from year-to-year to year into subsequent Tax Years during until paid in full. If any amount carried forward pursuant to this provision remains unpaid on the term of this AgreementFinal Termination Date, but such carried forward amount shall be subject, in each subsequent Tax Year, to the limit set forth in this Section 4.10. Any of the Cumulative Payments which canforgiven and shall not be paid to the District prior to the end of the first Tax Year following the end of the Tax Limitation Period because such payment would exceed the owed by Applicant’s Net Tax Benefit under this Agreement will be deemed to have been cancelled by operation of law, and the Applicant shall have no further obligation with respect thereto. ARTICLE V.