Interim Funding Amount definition

Interim Funding Amount means an amount which the Recordkeeper calculates based on the best information available to him to be equal to the total amount of any vested and unpaid benefits of (i) all Participants who are employees of the Bank after May 1, 1998, and who as of the Interim Valuation Requirement Date requiring such calculation either (A) are no longer employees of the Bank or (B) have attained age sixty-three (63) and three hundred twenty-five (325) days and (ii) all Beneficiaries of deceased Participants entitled to benefits under the Plan as a result of such deceased Participants’ death. In computing the Interim Funding Amount, there shall be added an amount equal to an amount estimated by the Trustee to be likely to be sufficient to provide for all expenses in administering the Trust and distributing benefits for the sixty (60) months following the relevant Interim Valuation Requirement Date, including reasonable expenses of the Committee (if then in existence) and of any litigation or other assertion of claims which the Trustee deems to have a higher degree of probability than remote, including (but not limited to) any such litigation or other assertion of claims which the Trustee may institute or assert against the Bank.

Interim Funding Amount means an amount which the Actuary calculates based on the best information available (including, when necessary, estimates and forecasts) to him to be equal to the present value of the total amount of any vested and unpaid benefits of (i) all Participants who are as of the Interim Valuation Requirement Date requiring such calculation either (A) no longer employees of the Bank or (B) attained age sixty-three (63) and three hundred twenty-five (325) days and Beneficiaries of such Participants and (ii) all Beneficiaries of deceased Participants. The benefits of any Participant (and his Beneficiary) described in clause (i)(B) of the last preceding sentence shall be determined on the basis of the Actuary’s best estimate of such Participant’s benefit at the later of (1) age sixty-five (65) or earlier date of termination of employment with the Bank indicated by such Participant or (2) such Interim Valuation Requirement Date. Present values and liabilities under the Plan shall be determined in a manner consistent with the assumptions applied in annual valuations of the ERP for purposes of the funding requirements under the Act, or if the ERP is no longer being so valued annually (by reason of its termination or otherwise), such assumptions which the CEO determines on the basis

Interim Funding Amount means the aggregate amount advanced by the Purchaser or Vernalis to the Corporation pursuant to the Principal Purchase Agreement to fund the Corporation's operations;

Examples of Interim Funding Amount in a sentence

Pay to the Trustee an amount which when added to the value of the Trust Fund as of a date selected by the Bank (no more than ten (10) days prior to the date of such payment) would result in a sum equal to or greater than such Interim Funding Amount.
Cause the Actuary to compute the Interim Funding Amount as of a date reasonably selected by the Actuary which shall be no more than thirty (30) days prior to such Interim Valuation Requirement Date and deliver to the Trustee the Actuary’s certification of such Interim Funding Amount; and B.
The Interim Funding Amount would be invoiced in the first billing cycle following the date of suspension and expiration of the one week grace period.
Those options and their consequence on payment of the Interim Funding Amount are described below.
Cause the Actuary to compute the Interim Funding Amount as of such last day and deliver to the Trustee the Actuary’s certification of such Interim Funding Amount; and B.

More Definitions of Interim Funding Amount

Interim Funding Amount has the meaning set forth in the recitals.

Interim Funding Amount means the lesser of (a) $30,000,000 and (b) the maximum amount approved by the Bankruptcy Court in the Interim Order to be made available to the Borrower prior to the Entry Date as part of the New Money Facility.

Interim Funding Amount means the amount of cash required to fund operating expenses and capital expenditures of Company Group for the Interim Period pursuant to the Interim Operating Plan that will be the responsibility of Seller in the agreed amount of $15,475,000.

Interim Funding Amount means an amount which the Recordkeeper calculates based on the best information available to him to be equal to the total amount of any vested and unpaid benefits of (i) all Participants who as of the Interim Valuation Requirement Date requiring such calculation either (A) are no longer employees of Company or (B) have attained age sixty-three (63) and three hundred twenty-five (325) days and (ii) all Beneficiaries of deceased Participants entitled to benefits under any Plan as a result of such deceased Participants’ death. In computing the Interim Funding Amount, there shall be added an amount equal to an amount estimated by Trustee to be likely to be sufficient to provide for all expenses in administering the Trust and distributing benefits for the sixty (60) months following the relevant Interim Valuation Requirement Date, including reasonable expenses of the Committee (if then in existence) and of any litigation or other assertion of claims which Trustee deems to have a higher degree of probability than remote, including (but not limited to) any such litigation or other assertion of claims which Trustee may institute or assert against Company.

Interim Funding Amount means the aggregate outstanding principal amount advanced, as at the Effective Time, pursuant to the NELI Loans during the period commencing on November 1, 2020 and ending on the Effective Date, together with any accrued and unpaid interest (including any paid or accrued payment-in-kind interest) thereon (but excluding any unpaid fees), to fund the working capital requirements of Opco and its Subsidiaries, an example calculation of which is set out in the Opco’s weekly cash flow forecasts attached as Exhibit 5.13 hereto, which Interim Funding Amount shall, for the avoidance of doubt, include any working capital requirements in respect of (i) actual loan originations to the extent such amounts are higher than the amounts projected in such weekly cash flow forecasts, and (ii) actual customer payments to the extent such amounts are lower than the amounts projected in such weekly cash flow forecasts. For the avoidance of doubt: (a) the advance(s) made on or about February 28, 2021 pursuant to the NELI Loans to enable the Company and/or its Subsidiaries to maintain compliance with the tangible net worth requirements under the Refinanced Debt, or any credit or loan agreement to which the Company or its Subsidiaries is a party or is bound by, shall not constitute an Interim Funding Amount, except to the extent that such advance is used to fund the subsequent working capital requirements of Opco and its Subsidiaries, and (b) the Interim Funding Amount shall include the amount paid in respect of the 2019 Employee Contribution.

Interim Funding Amount means an amount which the Actuary, calculates based on the best information available (including, when necessary, estimates and forecasts) to him to be equal to the present value of the total amount of any vested and unpaid benefits of (i) all Participants who are as of the Interim Valuation Requirement Date requiring such calculation either (A) no longer employees of Company or (B) attained age sixty-three (63) and three hundred twenty-five (325) days and Beneficiaries of such Participants and (ii) all Beneficiaries of deceased Participants entitled to benefits under any Plan as a result of such deceased Participant’s death. The benefits of any Participant (and his Beneficiary) described in clause (i)(B) of the last preceding sentence shall be determined on the basis of the Actuary’s best estimate of such Participant’s benefit at the later of (1) age sixty-five (65) or earlier date of termination of employment with Company indicated by such Participant or (2) such Interim Valuation Requirement Date. Present values and liabilities under the Plans shall be determined in a manner consistent with the assumptions applied in annual valuations of The People’s Bank Employees’ Retirement Plan or any successor plan (the ERP) for purposes of funding requirements under ERISA (or any amendment thereof or statutory successor thereto) or if the ERP is no longer being valued annually (by reason of its termination or otherwise), such assumptions which the CEO determines on the basis of advice from the Actuary would be so applied if the ERP were to be so valued. Also, in computing the Interim Funding Amount, there shall be added an amount equal to an amount estimated by Trustee to be likely to be sufficient to provide for all expenses in administering the Trust and distributing benefits for the sixty months following the relevant Interim Valuation Requirement Date, including reasonable expenses of the Committee (if then in existence) and of any litigation or other assertion of claims which Trustee deems to have a higher degree of probability than remote, including (but not limited to) any such litigation or other assertion of claims which Trustee may institute or assert against Company, For purposes of this K and of subsection I of this Section 2, the present values of the benefits of all Participants and Beneficiaries shall equal the sum of the present values of the benefits of each Participant (and his Beneficiary) and each Beneficiary of a deceased Participant.

Filter & Search

Related Definitions