Statutory Limitation definition

Statutory Limitation means any limitation imposed from time to time by the Code on benefits payable under a defined benefit plan qualified under Section 401(a) of the Code.
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Examples of Statutory Limitation in a sentence

  • If Guarantor is entitled to the benefits of any statute, law, decision, rule or regulation that limits or reduces the monetary liability of guarantors (a “Statutory Limitation”), the Statutory Limitation shall be determined without regard to the limit of the Guaranteed Obligations set forth in this Section and as if Guarantor had guaranteed 100% of the Guaranteed Obligations.

  • The holdback monies will become due and payable on the day following the expiration of the Statutory Limitation Period stipulated in the Mechanic’s Lien Act applicable to the place of buildings.

  • Section 10 Statutory Limitation (1) All rights of Purchaser vis-a-vis Seller arising from breach of a representation or warranty given in Section 5 of this Agreement shall be time-barred 1 year after the Closing Date.

  • The Commencement of Statutory Limitation Periods Between the CITY, CONTRACTOR and assignees are as follows: • Before Substantial Completion.