Prior Reduction Sample Clauses
The Prior Reduction clause establishes that any reductions, discounts, or adjustments applied to an obligation or amount before the current agreement are recognized and factored into the current terms. In practice, this means that if a party has already received a reduction in fees, liabilities, or other amounts due under a previous arrangement, those reductions will be acknowledged and not duplicated in the present contract. This clause ensures that parties do not benefit from multiple reductions for the same obligation, thereby preventing double-counting and maintaining fairness in the calculation of amounts owed.
Prior Reduction. For purposes of this Section 5, in the event that any compensation, rights or benefits (or the methods of calculating the same) to which the Executive was entitled prior to the date of termination of employment were at any time within one (1) year prior to the date of termination reduced or terminated without his express written consent, then that item of compensation, right or benefit (or the method of calculating the same) to which the Executive is entitled under this Section shall be the compensation, right, benefit or method in effect prior to such reduction. Notwithstanding anything to the contrary contained herein, no provision hereof shall result in any actual additional vesting or benefits within any plan qualified under Section 401 of the Internal Revenue Code of 1986, as amended.