Examples of Minimum Liability Amount in a sentence
The maximum amount of damages under each of the limited liability agreements will be the Minimum Liability Amount as defined in Article 425, Paragraph (1) of the same Act.
Limiting Liability AgreementAs expected in Article 427, paragraph (1) of Companies Act, the Company enters into agreements with outside directors and Kansayaku to the effect that, if they have acted in good faith and without gross negligence in performing their duties, their liability under Article 423, paragraph (1) is limited to the Minimum Liability Amount as set forth in Article 425, paragraph (1).
During the Tax Protection Period, the Partnership shall maintain an amount of indebtedness sufficient to allow each Protected Partner, after taking advantage of the provisions of this Article 3, to be allocated Partnership liabilities for purposes of Section 752 of the Code, and to be “at risk” with respect to Partnership liabilities for purposes of Section 465 of the Code, in each case in an amount no less than such Protected Partner’s Minimum Liability Amount.
To secure capable Outside Directors and allow them to adequately carry out their expected roles, NSSMC has concluded an agreement with each of the Outside Directors that limits his liability under Article 423, paragraph 1 of the Companies Act to the greater of twenty (20) million yen or the Minimum Liability Amount, as defined in Article 425, paragraph 1 of the Companies Act, so long as he acts in good faith and without gross negligence in performing his responsibilities.
During the Tax Protection Period, the Partnership will offer to each Protected Partner the opportunity to enter into Qualified Guarantees of Qualified Guarantee Indebtedness in such amount or amounts so as to cause the amount of partnership liabilities allocated to such Protected Partner for purposes of Section 752 of the Code to be not less than such Protected Partner’s Minimum Liability Amount, as provided in this Article 3.