Common use of Reimbursement of Excess Payment Clause in Contracts

Reimbursement of Excess Payment. In the event that all or any portion of the Change in Control Severance Amount paid to Executive is disallowed by the Internal Revenue Service as a deductible expense of the Company on grounds that it does not constitute a "reasonable allowance," Executive agrees to reimburse the Company to the extent of the disallowed amount within thirty (30) days after the Company has notified Executive of the disallowed amount. Any amounts owed to the Company by Executive pursuant to this Section 5.4 but unpaid after the aforementioned thirty day period shall bear interest at a rate equal to the commercial base rate of interest established from time to time by First Tennessee Bank, N.A., Memphis, Tennessee.