PGA Contribution Sample Clauses

PGA Contribution. The PGAs, through NEWCO, are, pursuant to the terms of this Agreement, providing Covered Benefit Payments to Covered Persons based on the PGAs’ determinations of their respective statutory obligations and as a settlement among the various PGAs of all disputes concerning which PGA may extend coverage to any Covered Contract for purposes of implementing this Agreement. At Closing, pursuant to their statutory obligations to Covered Persons, each PGA shall transfer to NEWCO an aggregate amount of cash and PGA Notes, equal to the PGA Aggregate Contribution (determined in accordance with this Article 5) for all of the Covered Contracts of that PGA. If LICGCNY's PGA Aggregate Contribution exceeds its statutory lifetime maximum assessment authority in effect as of the Closing Date after taking into account outstanding assessments, LICGCNY (subject to obtaining any necessary statutory regulatory approval) and NEWCO shall confer to determine how best to address LICGCNY's statutory lifetime assessment limitation (and shall thereafter promptly advise the Receiver as to their conclusions), which shall be either (A) NEWCO will accept obligations for LICGCNY's Covered Contracts only up to the level LICGCNY can fund under its current statutory lifetime maximum assessment authority, with LICGCNY retaining all liability under its Covered Contracts to make those Covered Benefit Payments having a present value equal to the amount by which LICGCNY's PGA Aggregate Contribution exceeds its statutory lifetime maximum assessment authority, and with LICGCNY transferring to NEWCO at Closing an amount of cash and PGA Notes sufficient to fund the liability transferred to NEWCO, or (B) NEWCO will accept a Contingent Funding PGA Note from LICGCNY (as contemplated in Exhibit 1.66(c)) in respect of LICGCNY's liabilities in excess of its Closing Date statutory lifetime maximum assessment authority. If NEWCO and LICGCNY proceed under either clause (A) or (B) of the preceding sentence, then if and when LICGCNY's statutory lifetime maximum assessment authority is increased to a level sufficient for it to fund fully all of its obligations under its Covered Contracts, LICGCNY shall either (C) transfer to NEWCO, and NEWCO shall accept, the liabilities retained by LICGCNY at Closing along with total assets (which may include a PGA Note) sufficient to fund fully such obligations for the Covered Benefit Payments LICGCNY retained at Closing, or (D) pay immediately all accrued interest and principal ...
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Related to PGA Contribution

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • The Contribution Prior to the Effective Time, and subject to the terms and conditions set forth in the Distribution Agreement, Grace intends to cause the transfer to a wholly owned subsidiary of Grace-Conn. ("Packco") of certain assets and liabilities of Grace and its subsidiaries predominantly related to the Packaging Business (the "Contribution"), as contemplated by the Distribution Agreement and the Other Agreements.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Contributions Without creating any rights in favor of any third party, the Member may, from time to time, make contributions of cash or property to the capital of the Company, but shall have no obligation to do so.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Pension Contributions While on leave pursuant to Section B. of this Article, an employee may make contributions to the appropriate State pension system and will receive service credit for the time the employee is on unpaid leave.

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • No Contribution Each Designated Shareholder waives, and acknowledges and agrees that he shall not have and shall not exercise or assert (or attempt to exercise or assert), any right of contribution, right of indemnity or other right or remedy against the Surviving Corporation in connection with any indemnification obligation or any other liability to which he may become subject under or in connection with this Agreement or the Designated Shareholders' Closing Certificate.

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