Capped Payment Amount definition
Capped Payment Amount. With respect to any Distribution Date and the Class I-A-1, Class I-A-29 and Class I-A-30 Certificates, an amount not less than zero, equal to (i) the product of 68.3044837903% multiplied by (b) the excess of (A) the aggregate of the Class Principal Balances of the Group I Certificates over (B) the aggregate of the Class Principal Balance of the Class I-A-4 Certificates, the Class I-A-31 Certificates and the Class A-R Certificates minus (ii) the aggregate Class Principal Balances of the Class I-A-3, Class I-A-10, Class I-A-13, Class I-A-14, Class I-A-15, Class I-A-16, Class I-A-17, Class I-A-18, Class I-A-19, Class I-A-20, Class I-A-21, Class I-A-22, Class I-A-23, Class I-A-24, Class I-A-25, Class I-A-26, Class I-A-27 and Class I-A-28 Certificates minus (iii) the product of 10.6573593681% and the Class Principal Balance of the Class I-A-11 Ce▇▇▇▇▇▇▇▇▇▇.
Capped Payment Amount has the meaning set forth in Section 2.1(a)(i).
Capped Payment Amount means $195,000,000.
Examples of Capped Payment Amount in a sentence
Upon receipt of the Capped Payment Amount, the Purchaser shall cease to have rights under this Section 5.7 to cause the Seller to effect an audit, provided that the Purchaser shall be entitled to receive a copy of any audit report covering Payment Rights during the annual period in which the Capped Payment Amount is received.
The Company shall provide you with a reasonable opportunity to review and comment on the Company's calculations of the Capped Payment Amount.
For purposes of determining whether you would receive a greater after-tax benefit from the Capped Payment Amount than from the unreduced Total Payments, there shall be taken into account any Excise Tax that would be imposed and all federal, state and local taxes required to be paid or borne by you in respect of the receipt of such payments.
More Definitions of Capped Payment Amount
Capped Payment Amount shall equal the amount of the Total Payments, reduced by the minimum amount necessary to prevent any portion of the Total Payments from being a “parachute payment” as defined in section 280G(b)(2) of the Code. For purposes of determining whether you would receive a greater after-tax benefit from the Capped Payment Amount than from the unreduced Total Payments, there shall be taken into account any Excise Tax that would be imposed and all federal, state and local taxes required to be paid or borne by you in respect of the receipt of such payments. The Company shall make all calculations and determinations under this Subsection (iv) (including application and interpretation of the Code and related regulatory, administrative and judicial authorities, the value of any non-cash benefits or any deferred payment or benefit) with the assistance of tax counsel selected by the Company's independent auditors and reasonably acceptable to you; provided, however, that unless otherwise determined by the Company, the benefits payable pursuant to Subsection (iii) shall be reduced in the following order: (b), (e), (f), (c), (d) and (g). The Company shall provide you with a reasonable opportunity to review and comment on the Company's calculations of the Capped Payment Amount. If, after payment of any reduced amount under this Agreement as a result of application of this Subsection (iv), the Capped Payment Amount is, at any time and from time to time, subsequently determined to be greater or less than the amount determined hereunder at the time of termination of your employment (including by reason of any payment the existence or amount of which cannot be determined at the time), then at the time that the amount of such excess or shortfall is finally determined (a) to the extent the Capped Payment Amount is determined to be greater, the Company shall make an additional payment to you equal to such excess, and (b) to the extent the Capped Payment Amount is determined to be less, you shall repay to the Company the amount of such shortfall, in each case with interest at the discount rate applicable under section 280G(d)(4) of the Code.