REDUCTIONS IN PAYMENTS Sample Clauses

REDUCTIONS IN PAYMENTS. With respect to payments under this chapter for a vessel covered by an operating agreement, the Secretary—
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REDUCTIONS IN PAYMENTS. Should Contractor non-conformance of performance result in Department expenses or liquidated damages, the Department shall be entitled to offset those expenses from the amount due the Contractor.
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REDUCTIONS IN PAYMENTS. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company to Executive or for Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G would, but for this Section 3.1, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making any such Payments, a calculation shall be made comparing (a) the Net Benefit to Executive of such Payments after payment of the Excise Tax to (b) the Net Benefit to Executive if such Payments were limited to the extent necessary to avoid being subject to the Excise Tax. If the Net Benefit determined pursuant to subsection (a) would be less than the Net Benefit determined pursuant to subsection (b), then the Payments will be reduced to the minimum extent necessary to ensure that no portion of the Payments is subject to the Excise Tax (that amount, the “Reduced Payment”).
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REDUCTIONS IN PAYMENTS. Notwithstanding any other provisions of this Agreement, if any payment or benefit received or to be received by Rivers, including any payment or benefit received in connection with a Change of Control, Closing or the termination of Rivers' employment from the Company, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement (collectively “Total Payments") would be subject in whole or part to the excise tax (“Excise Tax") imposed under Section 4999 of the Code, then the cash portions of the Total Payments shall first be reduced, and the non-cash portions of the Total Payments shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax, but only if the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments, and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which Rivers would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). The Company reserves the right to determine the manner in which the reduction provisions of this Section 5 are to be applied. Rivers shall be responsible for any Excise Tax, as well as all other federal, state and local taxes relating to the Total Payments.
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REDUCTIONS IN PAYMENTS. To the extent a reduction is required under this Section 7, the Company shall reduce or eliminate payments in accordance with this Section 7 and in a manner consistent with Section 409A of the Code. Any reduction in payments shall occur first with respect to awards that are not subject to Section 409A in the following order: (a) reduction of cash payments, beginning with payments scheduled for the latest distribution date; (b) reduction of vesting acceleration of equity awards; and (c) reduction of other benefits paid or provided to Executive. If after the reduction to zero of the payments described in the preceding sentence, further reductions are required under this Section 7, the Company shall reduce all payments subject to Section 409A of the Code on a pro-rata basis (but not below zero). This Section 7 shall take precedence over the provisions of any other plan, arrangement or agreement governing Executive’s rights and entitlement to any payments or benefits.
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Related to REDUCTIONS IN PAYMENTS

  • Delay in Payments Notwithstanding any provision of this Agreement to the contrary, if any of the severance payments are subject to Section 409A and the Employee is a “Specified Employee” at the time of his Separation from Service, no payments shall be made to the Employee prior to the first business day following the date which is six (6) months after the Employee’s Separation from Service. Any amounts that would have been paid during the six (6) months following the Employee’s Separation from Service will be paid on the first business day following the expiration of the six (6) month period without interest thereon. The Employee may not elect the taxable year of such payment. The six (6) month delay for a Specified Employee does not apply if the Employee dies.

  • Default in Payment (i) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of, or any interest on, any of the Loans, or shall fail to pay any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document; or

  • Delay in Payment Notwithstanding anything else to the contrary in this Agreement, the BEP, or any other plan, contract, program or otherwise, the Company (and its affiliates) are expressly authorized to delay any scheduled payments under this Agreement, the BEP, and any other plan, contract, program or otherwise, as such payments relate to the Executive, if the Company (or its affiliate) determines that such delay is necessary in order to comply with the requirements of Section 409A of the Internal Revenue Code. No such payment may be delayed beyond the date that is six (6) months following the Executive’s separation from service (as defined in Section 409A). At the end of such period of delay, the Executive will be paid the delayed payment amounts, plus interest for the period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Xxxx rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exception.

  • Distributions in Kind Except as expressly provided herein, no right is given to any Partner to demand and receive property other than cash. The General Partner may determine, in its sole and absolute discretion, to make a distribution in-kind to the Partners of Partnership assets, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles 5, 6 and 10.

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