Soft Cap. Eligible Employees prior to July 1, 2017. “For the 2006-2007 school year, the District and SCOE agree to continue to pay the amount of $11,254.20 for the payment of premiums for the health and welfare plans or substantially similar plans. Unit members and the District/SCOE will each pay 50% of any health benefit (medical, dental, vision and life) insurance premiums over and above the amount of $11,254.20.”
Soft Cap. Notwithstanding anything in this Article II to the contrary, in no event shall the number of Exchange Units that are issued to the Holder in any single Exchange exceed that number of Exchange Units that would result in the Holder and/or any of its affiliates directly or indirectly beneficially owning more than 9.9% of any class of equity security of the Partnership which is registered pursuant to Section 12 of the Exchange Act (calculated pursuant to Section 16(a) of the Exchange Act) (the "SOFT CAP"); provided, however, that the parties hereto hereby expressly acknowledge and agree that at all times during the term of this Agreement (a) the Holder shall have the sole duty and responsibility to determine that the number of Exchange Units issued in any Exchange does not exceed the Soft Cap and (b) neither the Partnership nor the Company shall have any obligation to make any independent calculation or otherwise confirm that the number of Exchange Units issued in any such Exchange does not exceed the Soft Cap limitation.
