Initial Accounting Period. With respect to each Plan, the period before the later of the date that (a) the respective Company determines that its obligations, if any, with respect to the Plan made available to the Participants and Beneficiaries included in that Company’s Eligible Group are subject to settlement accounting as contemplated by paragraphs 90-95 of FASB Statement No. 106, as amended, or its functional equivalent; or (b) the Company is no longer obligated to make any further payments or deposits to the Trust, including, but not limited to, any Shortfall Amounts.
Initial Accounting Period. The term “Initial Accounting Period” shall mean the period before the later of the date that (a) Ford determines that its obligations, if any, with respect to the New Plan made available to the Class and Covered Group are subject to settlement accounting as contemplated by paragraphs 90-95 of FASB Statement No. 106, as amended, or its functional equivalent; or (b) Ford is no longer obligated to make any further payments or deposits to the New VEBA.
Initial Accounting Period. The term “Initial Accounting Period” shall mean the period before the later of the date that (a) GM determines that its obligations, if any, with respect to the New Plan made available to the Class and Covered Group are subject to settlement accounting as contemplated by paragraphs 90-95 of FASB Statement No. 106, as amended, or its functional equivalent; or (b) GM is no longer obligated to make any further payments or deposits to the New VEBA, including, but not limited to, any Shortfall Amounts.
Initial Accounting Period. The term “Initial Accounting Period” shall mean the period before the date that Newco determines that its obligations, if any, with respect to the New Plan made available to the Class and the Covered Group are subject to settlement accounting as contemplated by paragraphs 90-95 of FASB Statement No. 106, as amended, or its functional equivalent.
Initial Accounting Period. Manager and Subcontractor acknowledge that during the period from the effective date of this Agreement until December 31, 2006, Subcontractor will use all reasonable efforts to develop its processes to provide the accounting functions described in subparagraphs (a) — (d) and will use reasonable efforts during the fourth (4th) quarter of 2006 to run in tandem with Manager’s accounting services to verify that Subcontractor’s system will meet Owner’s standards for such services. Manager agrees to use best efforts to assist Subcontractor (at Subcontractor’s expense) in meeting Owner’s requirements for the accounting services in order to allow Subcontractor to take control of accounting services effective January 1, 2007. If on January 1, 2007, Owner is, in good faith, of the reasonable opinion, based on verifiable evidence provided to Subcontractor by the end of each month beginning not later than September 30, 2006, that Subcontractor is unable to meet Owner’s standards for the Accounting Functions, then Owner may elect to allow Manager to retain the Accounting Functions and Subcontractor’s Management Fee shall remain at 1.5% of Gross Revenues until such time as Subcontractor assumes the Accounting Functions. In such event, during 2007 Subcontractor shall continue to run the Accounting Functions in tandem with Manager, and Manager and Subcontractor (at Subcontractor’s expense) will use all reasonable efforts in good faith to reach Owner’s standards for Subcontractor to assume the Accounting Functions by the end of the second (2nd) quarter of 2007.
