Loss Contingencies definition

Loss Contingencies means any “loss contingencies” in respect of litigation, claims or assessments (as defined and provided in U.S. GAAP) of the Acquired Companies or unasserted claims or assessments in respect of litigation, claims or assessments of the Acquired Companies that require financial statement disclosure (but disregarding for this purpose any materiality thresholds that would have otherwise been applied by Sellers to such loss contingencies in the preparation of the Financial Statements) pursuant to Statement of Financial Accounting Standard No. 5, that are (i) disclosed by Sellers or any Acquired Companies in the schedules relating to the Additional Representation Certificates or (ii) discovered by Purchaser pursuant to its due diligence review pursuant to Section 6.2 and identified by Purchaser as a “Loss Contingency” for this purpose prior to the Due Diligence Expiration Date pursuant to Section 6.3(b); provided, that Loss Contingencies for any purpose under this Agreement will not include any Loss Contingencies disclosed or referenced in this Agreement or the Schedules hereto, including the Financial Statements, or any Loss Contingencies in relation to Taxes.
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Loss Contingencies. Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. New Accounting Pronouncements: Beginning January 1, 2001, a new accounting standard required all derivatives to be recorded at fair value. Unless designated as hxxxxx, changes in these fair values are recorded in the income statement. Fair value changes involving hxxxxx are generally recorded by offsetting gains and losses on the hedge and on the hedged item, even if the fair value of the hedged item is not otherwise recorded. This did not have a material effect as the Company had no derivative holdings at December 31, 2001. The Financial Accounting Standards Board issued SFAS No. 142, "Goodwill and Other Intangible Assets," in July 2001. The statement no longer allows for the amortization of goodwill and requires that the carrying value of goodwill be written down when it is deemed to be impaired. The Company had no recorded goodwill at December 31, 2001. On-Line Significant Accounting Policies: Significant accounting policies of On-Line prior to its sale were: - The cost of software licensing rights acquired and other product conversion costs were capitalized and amortized to expense on a straight-line basis over periods of 5 to 7 years. - Certain equipment was leased under capital lease agreements. The cost of these assets was amortized on the straight-line basis. -------------------------------------------------------------------------------- (Continued)
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Loss Contingencies means any loss contingencies as defined by FASB Accounting Standards Codification 450, which shall include (a) any Action against the Company not listed on Schedule 3.11 or circumstances that could give rise to an Action, and (b) any asserted claims of errors or omissions or other professional liability claims. “Losses” means any claims, Liabilities, damages, losses, costs, expenses, penalties, fines and judgments (at equity or at law, including statutory and common) and damages whenever arising or incurred (including reasonable attorneys’ fees and expenses, but not including any such fees or expenses in connection with investigating or pursuing any claim hereunder), but excluding punitive or exemplary damages except to the extent actually required to be paid in relation to a Third Party Claim. Losses shall be reduced to the extent of any insurance proceeds and other recoveries actually received by a Party with respect to such Losses. “LPL Networking Contract” means the Financial Institution Services Agreement, between Seller and LPL Financial LLC, dated July 1, 2013, as modified by that certain Addendum to Financial Institution Services Agreement, dated March 31, 2018. “Material Adverse Effect” means any event, change, circumstance or effect that has occurred that (i) has had, or would reasonably be expected to have, individually or in the aggregate with any other event, change, circumstance or effect, a material adverse effect upon the Company or the Covered Business, in each case, taken as a whole or (ii) would prevent, materially impair or delay Seller’s ability to perform or comply with its obligations under this Agreement or to consummate any of the transactions contemplated by this Agreement, other than events, changes, circumstances or effects resulting from or relating to (a) general economic or market conditions affecting the industry or markets in which the Company operates, (b) the announcement of the transactions contemplated by this Agreement, (c) (i) the execution of or the taking of any action expressly required by this Agreement or the taking of any action requested in writing by Buyer or (ii) the consummation of the transactions contemplated by this Agreement, (d) any change or proposed change in GAAP or other accounting requirements or principles or the interpretation thereof or any change or proposed change in applicable Laws or the interpretation thereof, (e) any national or international political conditions, including the engagement ...
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Examples of Loss Contingencies in a sentence

  • Loss Contingencies that are considered possible are not provided for but disclosed as Contingent liabilities in the financial statements.

  • Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated.

  • Litigation and Loss Contingencies The Company records accruals for loss contingencies when losses are probable and reasonably estimable.

  • Loss Contingencies The Company is or has been subject to proceedings, lawsuits and other claims arising in the ordinary course of business.

  • The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies.

  • In accordance with ASC 450, "Loss Contingencies", the Company will accrue a liability when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

  • It should not include any element of known losses or of any probable incurred losses the amount of which can be estimated with reasonable accuracy (see the Glossary entry for "Loss Contingencies" for additional information).Item No. Caption and Instructions 26.a Exclude from retained earnings: (cont.)(1) Any portion of the proceeds received from the sale of common stock in excess of its par or stated value (report in Schedule RC, item 25).

  • Environmental Loss Contingencies We are subject to various federal, state, regional and local environmental protection and health and safety laws and regulations governing, among other things, the generation, storage, handling, use, disposal and transportation of hazardous materials; the emission and discharge of hazardous and other materials into the environment; and the health and safety of our employees.

  • Litigation and Loss Contingencies From time to time, the Company may become a party to litigation and subject to claims incidental to the ordinary course of business, including intellectual property claims, labour and employment claims and threatened claims, breach of contract claims, tax and other matters.

  • There may be some situations when employers could have significant contingent liabilities as a result of employee benefit plan investments in instruments of financially troubled insurance companies.Consideration of reporting issues applicable to employer financial statements may be necessary under ASC 450-20, Loss Contingencies.

Related to Loss Contingencies

  • Contingencies has the meaning set forth in Section 9.03(a).

  • REASONABLY SAFE FROM FLOODING Means base flood waters will not inundate the land or damage structures to be removed from the floodplain and that any subsurface waters related to the base flood will not damage existing or proposed buildings.

  • Insured Persons means the person/s named in the Schedule to the Policy, who is/are Indian Resident /s and for whom the insurance is also proposed and appropriate premium paid.

  • Shared Loss Payment Trigger means when the sum of the Cumulative Loss Amount under this Single Family Shared-Loss Agreement and the Shared-Loss Amount under the Commercial and Other Assets Shared-Loss Agreement, exceeds the First Loss Tranche. If the First Loss Tranche is zero or a negative number, the Shared Loss Payment Trigger shall be deemed to have been reached upon Bank Closing.

  • Special Hazard Loss Coverage Amount With respect to the first Distribution Date, $5,000,000. With respect to any Distribution Date after the first Distribution Date, the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan and (iii) the aggregate of the principal balances of all Mortgage Loans secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate principal balance of any such zip code area and (b) the Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of Special Hazard Losses allocated to the Certificates since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the calendar month preceding the month of such Distribution Date after giving effect to Scheduled Payments on the Mortgage Loans then due, whether or not paid.

  • Insured Casualty has the meaning set forth in Section 5.1(x)(iv)(B).

  • Catastrophic illness or “injury” means an illness or injury that is expected to incapacitate the employee for an extended period of time, or that incapacitates a member of the employee’s family which incapacity requires the employee to take time off from work for an extended period of time to care for that family member, and taking extended time off work creates a financial hardship for the employee because he or she has exhausted all of his or her sick leave and other paid time off.

  • Work loss means loss of income from work the injured victim would have performed if the injured victim had not been injured and expenses reasonably incurred by the injured victim in obtaining services in lieu of those the injured victim would have performed for income,

  • PRE-2017 NET OPERATING LOSS CARRYFORWARD means any net operating loss incurred in a taxable year beginning before January 1, 2017, to the extent such loss was permitted, by a resolution or ordinance of the Municipality that was adopted by the Municipality before January 1, 2016, to be carried forward and utilized to offset income or net profit generated in such Municipality in future taxable years.(B) For the purpose of calculating municipal taxable income, any pre-2017 net operating loss carryforward may be carried forward to any taxable year, including taxable years beginning in 2017 or thereafter, for the number of taxable years provided in the resolution or ordinance or until fully utilized, whichever is earlier.

  • Contingency Fund means a monetary amount that continues month to month, if approved by a case manager, that is set aside in the Independent Choices Program service budget to purchase identified items that substitute for personal assistance.

  • Severity 3 means the unavailability of an individual resource and automated redundancy is fulfilling demand.

  • Covered Loss or “Covered Losses” means an accidental death, dismemberment, or other Injury covered under the Policy.

  • Intrinsic Loss Estimate means total losses under the shared loss agreements in the amount of One hundred Sixty-eight million dollars ($168,000,000.00).

  • Loss Adjustment Expenses means all costs and expenses incurred by the Company in the investigation, adjustment and settlement of claims. Loss adjustment expenses include third-party costs as well as the Company’s internal expenses, including salaries and expenses of loss management personnel and certain administrative costs.

  • Covered Losses has the meaning set forth in Section 9.2(b).

  • Severity 1 means the unavailability of multiple service resources and redundant capability is not available or has been exhausted.

  • Severity means the dollar amount of losses on claims.

  • Shared-Loss Month means each calendar month between the Commencement Date and the last day of the month in which the tenth anniversary of the Commencement Date occurs, provided that, the first Shared-Loss Month shall begin on the Commencement Date and end on the last day of that month.

  • Functional behavioral assessment means an individualized assessment of the student that results in a team hypothesis about the function of a student’s behavior and, as appropriate, recommendations for a behavior intervention plan.

  • SF1-4 Intrinsic Loss Estimate means total losses under this Single Family Shared-Loss Agreement in the amount of eleven million dollars ($11,000,000.00).

  • Catastrophic Damage as used hereunder is major change or damage to In- cluded Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:

  • Loss Adjustment Expense means costs and expenses incurred by the Company in connection with the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a specific claim or loss, or alleged loss, including but not limited to:

  • Severity 2 means the unavailability of an individual resource and redundant capability is not available or exhausted.

  • Catastrophic Event : means an unforeseen event of biotic or abiotic nature caused by human action that leads to important disturbances of agricultural production systems and forest structures, eventually causing important economic damage to the farming or forestry sectors;

  • Casualty shall have the meaning set forth in Section 6.2 hereof.

  • Insured Loss means damage or destruction to improvements on the Premises, other than Lessee Owned Alterations and Utility Installations and Trade Fixtures, which was caused by an event required to be covered by the insurance described in Paragraph 8.3(a), irrespective of any deductible amounts or coverage limits involved.