Limitation on Payment of Funding Despite section 4.1, the LHIN:
Limitation on Payment of Funds Despite section A4.1:
Limitation on Benefits (a) It is the intention of the Executive and of the Employers that no payments by the Employers to or for the benefit of the Executive under this Agreement and/or any other agreement or plan pursuant to which the Executive is entitled to receive payments or benefits shall be non-deductible to the Employers by reason of the operation of Section 280G of the Code relating to parachute payments. Accordingly, and notwithstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation of said Section 280G, any such payments exceed the amount which can be deducted by the Employers in the aggregate, such payments shall be reduced to the maximum amount which can be deducted by the Employers. To the extent that payments exceeding such maximum deductible amount have been made to or for the benefit of the Executive, such excess payments shall be refunded to the Employers with interest thereon at the applicable Federal Rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be required in order that no such payments shall be non-deductible to the Employers by reason of the operation of said Section 280G. To the extent that there is more than one method of reducing the payments to bring them within the limitations of said Section 280G, the Executive shall determine which method shall be followed, provided that if the Executive fails to make such determination within forty-five days after the Employers have sent him written notice of the need for such reduction, the Employers may determine the method of such reduction in their sole discretion.
Limitation on Payments In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s benefits under Section 3 will be either:
Effect of Settlement/Reservation of Rights The following shall apply:
DEFINITIONS AND INTERPRETATION Definitions 1.1 In this Contract, unless the contrary intention appears: Activity End Date means the date reported as such in a Student Statistical Report for an individual's enrolment in an individual subject. Activity Start Date means the date reported as such in a Student Statistical Report for an individual's enrolment in an individual subject. Apprentice has the meaning given to it in the Act. Approved Training Scheme means a training scheme approved under section 5.5.2 of the Act. Brokering Services means the recruitment of individuals to participate in Skills First subsidised training in exchange for payment from the Training Provider or the student. It excludes activities carried out by individuals who are employees of the Training Provider on the Training Provider’s payroll, whose role includes the identification and recruitment of potential students. Business Day means a day which is not a Saturday, Sunday or a public holiday in Melbourne, Victoria.
Interpretation of principal and interest Any reference in the Conditions to principal in respect of the Notes shall be deemed to include, as applicable:
Limitation on Collection of Rents Borrower may not collect any of the Rents more than one month in advance of the time when the Rents become due, except for security or similar deposits.
A1 Definitions and Interpretation A1.1 In this Contract unless the context otherwise requires the following provisions shall have the meanings given to them below:
Definitions of Certain Terms The terms "interested person" and "affiliated person," when used in this Agreement, shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.
