Examples of Cumulative Payments in a sentence
Any of the Cumulative Payments which cannot be paid to the District prior to the end of the third Tax Year following the end of the Tax Limitation Period (i.e., the Tax Year 2036) because such payment would exceed the Applicant’s Cumulative Unadjusted 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.
Notwithstanding anything contained in this Agreement to the contrary, in no event shall the Cumulative Payments calculated for a Tax Year of this Agreement during the period from the second Tax Year of the Tax Limitation Period (Tax Year 2027) and ending with and including the Tax Year 2036, which is the first Tax Year following the end of the Tax Limitation Period, exceed an amount equal to One Hundred Percent (100%) of the Applicant’s Cumulative Unadjusted Tax Benefit for such Tax Year.