Payment Restriction. The term “Payment Restriction” shall have the meaning set forth in Section 6.1.
Payment Restriction. Notwithstanding any provision in this Agreement to the contrary, in the event any payment under this Agreement would otherwise be subject to taxation under 409A of the Code, such payment plus reasonable interest from the date of Executive’s termination of employment shall be made in a lump sum six months following Executive’s termination of employment.
Payment Restriction. Notwithstanding anything herein to the contrary, in the event that Executive is determined to be a specified employee within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), for purposes of any payment on termination of employment hereunder, any such payment which would otherwise be made during the first six months following such termination of employment, together with reasonable interest from the date such payment would otherwise be made, shall be made on the first day of the seventh month following the date of termination of employment, to the extent required to avoid any adverse tax consequences under Section 409A.
Payment Restriction. Notwithstanding the terms of the Junior Debt, upon the occurrence and during the continuance of an Event of Default, (i) no Credit Party (or any party on its behalf) shall make or shall be entitled to make, and the Junior Creditors shall not accept and shall not be entitled to accept, any Junior Payment, (ii) the Junior Creditors shall not set-off or apply any amount that may be owed or become owing by any Junior Creditor to any Credit Party against the Junior Debt, and (c) the Junior Creditors shall not make demand for payment of the Junior Debt.
Payment Restriction. All license fees shall be paid to Universal Display without deduction of currency exchange fees or other similar fees. If at any time the legal restrictions of a country outside of the United States prevent SMD from paying Universal Display any amounts due hereunder, Universal Display may direct SMD to make such payment to Universal Display’s account in a bank or other depository of such country.
Payment Restriction. Notwithstanding anything herein to the contrary, in the event that Executive is determined to be a specified employee within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), for purposes of any payment on termination of employment hereunder, any such payment which would otherwise be made during the first six months following such termination of employment, together with reasonable interest from the date such payment would otherwise be made, shall be made on the first day of the seventh month following the date of termination of employment, to the extent required to avoid any adverse tax consequences under Section 409A. Further, the date of termination of employment shall be determined as the first date that the Executive has a “separation from service” as defined in Treasury Regulations issued under Section 409A. It is specifically intended hereunder that the amount of consulting services required by the Executive under this Agreement be limited in amount such that the termination of the Prior Agreement shall constitute a “separation from service” within the meaning of Section 409A.
Payment Restriction. The Company hereby acknowledges and agrees that it shall not pay any put amounts to the holder of the Financing Warrant until the earlier of (i) 180 days following the Closing Date and (ii) forty-five (45) days from the receipt of a put notice delivered no earlier than 135 days following the Closing Date.
Payment Restriction. All license fees shall be paid to UDC without deduction of currency exchange fees or other similar fees. If at any time the legal restrictions of a country outside of the United States prevent SDC from paying UDC any amounts due hereunder, UDC may direct SDC to make such payment to UDC’s account in a bank or other depository of such country.
Payment Restriction. Bxxxxxxx agrees that no portion of the loan proceeds will be used to pay amounts which are not permitted under the CARES Act and that no more than 25% of loan disbursements will be used to pay allowed and forgivable non-payroll costs (as the term “payroll” is defined in the CARES Act).
Payment Restriction. Notwithstanding anything to the contrary in Section 2.2, Section 2.3, or Section 2.4, if the Executive has not been employed at the Company or any of its subsidiaries for ten (10) years, which ten years can occur either before or after the effective date of this Agreement, the Executive will not be entitled to the payment of any benefits under Section 2.3 or Section 2.4.
