Plan Funding. With respect to the Company Employee Plans, there are no material benefit obligations for which contributions have not been timely made or properly accrued and there are no material benefit obligations which have not been accounted for by reserves, or otherwise properly footnoted in accordance with the requirements of GAAP, on the financial statements of the Company.
Plan Funding. No Eligible Employee shall acquire by reason of the Plan any right in or title to any assets, funds, or property of the Employer. Any severance pay, which becomes payable under the Plan is an unfunded obligation and shall be paid from the general assets of the Company. No employee, officer, director or agent of the Employer personally guarantees in any manner the payment of Plan severance pay and severance benefits.
Plan Funding. Except as otherwise expressly described in Schedule 3.21, no Other Plan is funded through a trust that is intended to be exempt from federal income taxation pursuant to Section 501(c)(9) of the Code, and each Other Plan that is an employee welfare benefit plan under Section 3(1) of ERISA either (i) is funded through an insurance policy or contract issued by an insurance company that is not in receivership, conservatorship, liquidation or similar proceedings (and, to the Knowledge of the Seller, no such proceedings are imminent) and is not a “welfare benefit fund” within the meaning of Section 419 of the Code or (ii) is unfunded. With respect to each Benefit Plan that is funded mostly or partially through an insurance policy, no Acquired Company nor any of their ERISA Affiliates has any liability in the nature of retroactive rate adjustment, loss sharing arrangement or other actual or contingent liability arising wholly or partially out of events occurring on or prior to the Closing Date.
Plan Funding. The University's contribution to the plan will be paid from operating funds. A separate accounting will be maintained on all plan payments. Since no trust fund will be established, the Employees will have no vested interest in such a fund.
Plan Funding. NSCAD University's contribution to the plan will be paid from operating funds. A separate accounting will be maintained on all payments. Since no trust fund will be established, the employees will have no vested interest in such a fund.
Plan Funding. With respect to Parent Benefit Plans, there are no material benefit obligations for which required contributions have not been made or accrued to the extent required by GAAP and there are no material benefit obligations which have not been accounted for by reserves, or otherwise properly footnoted in accordance with the requirements of GAAP, on the Parent Financials. The assets of each Parent Benefit Plan that is funded are reported at their fair market value on the books and records of such Parent Benefit Plan.
Plan Funding. The Company provides from its general assets 100% of the funding for the benefits under the Basic Separation Program.
Plan Funding. The Plan will be funded solely by the Company. Employee contributions are not required.
Plan Funding. The University's contribution to the SUB plan will be paid from operating funds. A separate accounting will be maintained on all SUB plan payments. Since no trust fund will be established, the Union's members will have no vested interest in such a fund.
Plan Funding. The funding of the pension plan shall be based on a new 30-year amortization effective July 1,1993. The Company shall contribute monthly, 1/12 of the annual cost as determined by the plan actuary.
