Common use of Maximum Permissible Amount Clause in Contracts

Maximum Permissible Amount. No contribution will be accepted unless it is in cash and the total of such contributions to all the Individual’s ▇▇▇▇ IRAs for a Taxable Year does not exceed the applicable amount [as defined in 19.10(b)], or the Individual’s Compensation, if less, for that Taxable Year. The contribution described in the previous sentence that may not exceed the lesser of