Funding Deficit definition

Funding Deficit means a Funding Position in which the Scheme’s liabilities exceed its assets, in each case calculated on the basis set out in the definition of Funding Position.
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Funding Deficit means a Funding Position in which the Scheme’s liabilities exceed its assets, in each case calculated on the basis set out in the definition of Funding Position, subject to any explicit variation from the Agreed Assumptions as may be specified when “Funding Deficit” is used in this Deed.
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Funding Deficit is defined in Section 4.3(e).
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Examples of Funding Deficit in a sentence

  • From 1st January 2023, a Pilots’ National Pension Funding Deficit Surcharge of 24% will apply to all pilotage, boarding and landing rates and PEC charges.

  • For purposes of the Funding Deficit Recovery Plan, the ultimate funding target is a 100% closed group funded ratio including the Scheduled Escalated Adjustments for the future.

  • The revenues provided in the base year for each program must recognize existing levels of funding in relation to program need in light of recent reductions and the Human Services Funding Deficit.

  • The Funding Correction Reversals in the priority order and in the manner established under the Funding Deficit Recovery Plan can be implemented when the closed group funded ratio after each Funding Correction Reversal is expected to reach 100% within 15 years, based on contribution levels at the funding valuation date.

  • From 1st January 2022, a Pilots’ National Pension Funding Deficit Surcharge of 24% will apply to all pilotage, boarding and landing rates and PEC charges.

  • A Funding Correction that is not a contribution increase is assessed as a percentage of payroll based on the sum of effect of the reduction on liabilities amortized over 15 years and the reduction of normal cost at the funding valuation date that required the Funding Deficit Recovery Plan to be triggered.

  • The Board of Trustees must implement the Funding Deficit Recovery Plan if the closed group funded ratio of the Plan falls below 100% and when measured over a three year moving average the required Funding Correction exceeds 1% of payroll, taking into account contributions in excess of the funding normal cost over 15 years.

  • This goal does not include lump sum payments for the difference between the intended benefits and the reduced payments during periods where such payments may have been reduced or lower than intended owing to the implementation of Funding Corrections under the Funding Deficit Recovery Plan in Section IV.

  • The revenues provided in the base year for each program must recognizeexisting levels of funding in relation to program need in light of recent reductions and the Human Services Funding Deficit.

  • EmployeesEmployers Contributions:NormalDeficit Funding Deficit Funding: At the actuarial valuation on 31 March 2019 the Fund was 87% funded, with the remaining 13% deficit to be recovered over a period of 20 years.


More Definitions of Funding Deficit

Funding Deficit has the meaning set forth in Section 3.5(a).
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Funding Deficit has the meaning set forth in Section 6.03(a) below.
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Funding Deficit has the meaning set forth in Section 5.5(g)(iv).
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Funding Deficit has the meaning ascribed to it in Section 1.04(e) of Sellers' Disclosure Schedule.
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Related to Funding Deficit

  • Operating Deficit means that, at the end of the fiscal year, the unassigned fund balance in the General Fund is less than zero.

  • Accumulated Funding Deficiency has the meaning ascribed to that term in Section 302 of ERISA.

  • Funding Default as defined in Section 2.22.

  • Significant deficiency means a shortcoming in the system that materially affects the ability of officials of the Department of Defense to rely upon information produced by the system that is needed for management purposes.

  • Spread Account Deficiency means the excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount.

  • Reportable Event means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

  • Reserve Account Deficiency shall have, for any Distribution Date, the meaning specified for such Distribution Date in Section 4.6(b) of the Sale and Servicing Agreement.

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • Performing Note Deficiency means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes are Performing Equipment Notes.

  • Advance Deficiency As defined in Section 4.01(b).

  • Reportable Modified Mortgage Loan Any Mortgage Loan that (i) has been subject to an interest rate reduction, (ii) has been subject to a term extension or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided, however, that a Mortgage Loan modified in accordance with clause (i) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months since the date of such modification if that interest rate reduction is not made permanent thereafter.

  • Mental deficiency means mental deficiency as defined by appropriate clinical authorities to such extent that a person so afflicted is incapable of managing himself and his affairs, but shall not include mental illness as defined herein.

  • Borrowing Base Deficit means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Borrowing Base at such time.

  • Reportable Transaction means any transaction listed in Treasury Regulation Section 1.6011-4(b).

  • ERISA Affiliate Plan means each Employee Benefit Plan sponsored or maintained or required to be sponsored or maintained at any time by any ERISA Affiliate, or to which such ERISA Affiliate makes or has made, or has or has had an obligation to make, contributions at any time, or with respect to which such ERISA Affiliate has any liability or obligation.

  • Employee Pension Benefit Plan has the meaning set forth in ERISA Section 3(2).

  • Company ERISA Affiliate means all employers (whether or not incorporated) that would be treated together with the Company or any of its Subsidiaries as a “single employer” within the meaning of Section 414 of the Code.

  • Adjusted Capital Account Deficit means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments:

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Foreign Pension Plan means any plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

  • ERISA Affiliate means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

  • Reportable Fund means any 1940-Act registered open end investment company for which an Adviser serves as investment adviser as defined in Section 2(a)(2) of the 1940 Act, or any 1940-Act registered investment company whose investment adviser or principal underwriter Controls an Adviser, is Controlled by an Adviser or is under common Control with an Adviser.

  • Principal Deficit Amount means, as of any date of determination, the excess, if any, of (i) the Series 2006-1 Invested Amount on such date (after giving effect to the distribution of the Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (ii) the Series 2006-1 AESOP I Operating Lease Loan Agreement Borrowing Base on such date; provided, however the Principal Deficit Amount on any date occurring during the period commencing on and including the date of the filing by any of the Lessees of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on which each of the Lessees shall have resumed making all payments of the portion of Monthly Base Rent relating to Loan Interest required to be made under the AESOP I Operating Lease, shall mean the excess, if any, of (x) the Series 2006-1 Invested Amount on such date (after giving effect to the distribution of Monthly Total Principal Allocation for the Related Month if such date is a Distribution Date) over (y) the sum of (1) the Series 2006-1 AESOP I Operating Lease Loan Agreement Borrowing Base on such date and (2) the lesser of (a) the Series 2006-1 Liquidity Amount on such date and (b) the Series 2006-1 Required Liquidity Amount on such date.

  • Reporting Default means a Default described in Section 6.01(d).