Excise Limit definition

Excise Limit means the greatest amount of Payments that could be made to you without giving rise to Excise Tax.
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Examples of Excise Limit in a sentence

  • However, if the total Payments do not exceed 110% of the Excise Limit, the total Payments will be reduced to the Excise Limit.

  • If your Payments are reduced to the Excise Limit, the Accounting Firm will provide you with a written opinion, in form and substance reasonably satisfactory to you, that (1) you are not required to pay any Excise Tax and (2) your not reporting any Excise Tax on your applicable federal income tax return will not result in the imposition of a negligence or similar penalty.

  • If the reductions described in the preceding sentence are not sufficient to reduce the Parachute Value of the Payments to the Excise Limit, further reduction of the Parachute Value of the Payments or such other payments shall be made in the manner which has the least economic cost to you.

  • In the event the Accounting Firm determines that the Parachute Value of the Payments shall be reduced to the Excise Limit, it shall furnish Executive with a written opinion to such effect.

  • If Executive’s Payments are reduced to the Excise Limit, the Accounting Firm will provide Executive with a written opinion, in form and substance reasonably satisfactory to Executive, that (1) Executive is not required to pay any Excise Tax and (2) Executive’s not reporting any Excise Tax on Executive’s applicable federal income tax return will not result in the imposition of a negligence or similar penalty on Executive.

  • However, if the total Payments do not exceed 110% of the greatest amount of Payments that could be made to Executive without giving rise to Excise Tax (the “Excise Limit”), the total Payments will be reduced to the Excise Limit.

  • However, if the total payments do not exceed 110% of the greatest amount of payments that could be made to Executive without giving rise to excise tax (the “Excise Limit”), the total payments will be reduced to the Excise Limit.

  • If Executive’s Payments are reduced to the Excise Limit, the Accounting Firm will provide Executive with a written opinion, in form and substance reasonably satisfactory to Executive, that; (i) Executive is not required to pay any Excise Tax; and (ii) Executive’s not reporting any excise tax on Executive’s applicable federal income tax return will not result in the imposition of a negligence or similar penalty on Executive.