TAX LIMITATION. So long as the Applicant makes the Qualified Investment as required by Section 2.5, during the Qualifying Time Period, and unless this Agreement has been terminated as provided herein before such Tax Year, on January 1 of each Tax Year of the Tax Limitation Period, the Appraised Value of the Applicant’s Qualified Property for the District’s maintenance and operations ad valorem tax purposes shall not exceed the lesser of:
TAX LIMITATION. If Employer reasonably determines that the payment provided for in paragraph 15 hereof (the “Termination Payment”) will likely result in a loss of a deduction to Employer as provided under Section 180G of the Internal Revenue code of 1986, or any successor provision thereto, and the imposition of the excise tax payable by Executive as provided under Section 4999 of the Internal Revenue Code of 1986, or any successor provision thereto, such Termination Payment shall be reduced by the least amount required to avoid such loss of deduction and imposition of excise tax (collectively referred to hereinafter as the “Tax Penalties”). Employer shall make no Termination Payment to Executive prior to determining whether the Tax Penalties will apply to the Termination Payment. Employer shall make such determination within a reasonable time after Executive’s resignation or discharge, but not to exceed 90 days thereafter.
TAX LIMITATION. (a) If any payment received or to be received by Executive in connection with a Change in Control of the Company or termination of Executive's employment (whether payable pursuant to the terms of this Agreement or any other plan, arrangement, or agreement with the Company, any person whose actions result in a Change in Control of the Company, or any person affiliated with the Company or such person (the "Total Payments")), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code, the Company will pay to Executive, within 30 days of any payments giving rise to excise tax, an additional amount (the "gross-up payment") such that the net amount retained or to be retained by Executive, after deduction of any excise tax on the total payments and any federal and state and local income tax and excise tax on the gross-up payment provided for by this section, will equal the total payments.
TAX LIMITATION. If any payment or benefit received or to be received by the Executive under this Agreement or any other of the Total Severance Benefits would not be deductible, in whole or in part, by the Company as a result of Section 280G of the Code, the payments and benefits under this Agreement shall be reduced until no portion of the Total Severance Benefits is nondeductible as a result of Section 280G of the Code. For the purposes of this Section 5:
TAX LIMITATION. Notwithstanding any provision of this Agreement to the contrary, if payments to Employee under this Agreement and/or any other payment or benefit from the Company or an Affiliate to Employee in connection with a Change of Control Event are subject (or would be subject to if Employee was considered as a “disqualified individual” under Code Section 280G(c)) to the excise tax imposed under Code Section 4999 or any similar excise or penalty tax payable under any United States federal, state, local or other law, such payments or benefits shall be reduced to the extent necessary to avoid the excise tax (or to avoid such tax if Employee was considered as a “disqualified individual”). The determination of whether reduction is required under this Section 6.15 shall be made by the Company’s independent accountants, and, to the extent practicable, Employee shall be entitled to reasonably select the payments or property that will remain payable to him after the application of this Section 6.15. Employee shall be deemed to have forfeited any right to any payment or property that is subject to reduction hereunder, without requirement of further notice or consent.
TAX LIMITATION. The Authority shall not levy any type of tax within the boundaries of any Party. Nothing contained in this Agreement, however, prevents the District from levying taxes and assigning the revenue from the taxes to the Authority, as agreed by the Parties and to the extent provided by law.
TAX LIMITATION. Notwithstanding anything in this Section to the contrary, if Holder is a “disqualified individual” (as defined in Section 280G(c) of the Internal Revenue Code of 1986, as amended (the “Code”)) and the lapse of the Forfeiture Restrictions provided for in this Section, together with any other payments which Holder has the right to receive from the Company (or its affiliates) would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), and the Holder is not subject to an agreement, including a change of control severance agreement, providing for payments of such amounts as may be necessary to pay any applicable excise tax under Section 4999 of the Code and any applicable income tax relating thereto, the Forfeiture Restrictions will lapse only with respect to the number of shares of Stock necessary to cause the present value of the total amounts received by Holder from the Company (or its Affiliates) which would otherwise constitute “parachute payments” (as defined in Section 280G(b)(2) of the Code), to be one dollar ($1.00) less than three (3) times Holder’s base amount (as defined in Section 280G of the Code) so that no portion of such amounts received by Holder shall be subject to the excise tax imposed by Section 4999 of the Code if and only if (i) such reduction in the number of the shares of Stock as to which the Forfeiture Restrictions lapse produces a better net after tax position (taking into account any applicable excise tax under Section 4999 of the Code and any applicable income tax) than the total lapse of Forfeiture Restrictions otherwise provided for in this Section, and (ii) there are no other amounts receivable by Holder from the Company (or its Affiliates) which, by their terms, may be reduced such that no portion of such amounts received by Holder shall be subject to the excise tax under Section 4999 of the Code. The determination as to whether such reduction in the number of shares of Stock as to which the Forfeiture Restrictions lapse is necessary shall be made by the Committee in good faith, and such determination shall be conclusive and binding on Holder. If the number of shares of Stock as to which the Forfeiture Restrictions lapse is reduced and, through error or otherwise, Holder should benefit under this Section in an amount which, together with other payments Holder has the right to receive from the Company (or its affiliates), results in the receipt by Holder of “parachute payments” in excess of one dollar...
TAX LIMITATION. Pursuant to Section 4(7) of the Land Bank Act, the County Authority shall not levy any type of tax or special assessment.
TAX LIMITATION. So long as the Applicant makes the Qualified Investment as required by Section 2.5, during the Qualifying Time Period, and unless this Agreement has been terminated as provided herein before such Tax Year, on January 1 of each Tax Year of the Tax Limitation Period, the Appraised Value of the Applicant’s Qualified Property for the District’s maintenance and operations ad valorem tax purposes shall not exceed the lesser of the Market Value of the Applicant’s Qualified Property or THIRTY MILLION DOLLARS ($30,000,000). This Tax Limitation Amount is based on the limitation amount for the category that applies to the District on the Application Approval Date, as set out by Section 313.052 of the TEXAS TAX CODE.
