Payroll Reserve means, as of any date of determination, amount equal to the aggregate amount of payroll, payroll taxes and per diem expense reimbursements applicable to the Loan Parties in respect of their temporary employees; with such calculation being made on the basis of the normal Payroll Period then in effect for each such Loan Party.
Payroll Reserve means an amount determined by Xxxxx Fargo in its sole discretion, based on historical information of Company, equal to two (2) weeks of payroll and payroll taxes of Company.
Payroll Reserve means, as of any date of determination, an amount equal to the average aggregate payroll of field employees and fees for services payable to independent contractors of a Borrower assigned to work for clients or customers of such Borrower for the period of four (4) weeks (or such other period as Agent may determine) preceding any such date of determination.
Examples of Payroll Reserve in a sentence
The County established the Payroll Reserve Fund for the purpose of accumulating resources to pay employees for compensated absences (time management leave and vacation leave).
Each Borrowing Base Certificate shall include a detailed calculation of the Payroll Reserve.
Borrower shall cause the Receivables Subsidiary after the Closing Date, but prior to the Post-Closing Borrowing Date, to apply the entire amount of the Subsequent Capital Contribution to the repayment of outstanding Receivables Advances in the aggregate principal amount of $10,000,000 in order to enable the Receivables Subsidiary to avoid a Funding Excess after giving effect to the Payroll Reserve (as such terms are defined in Annex X to the Receivables Funding Agreement) .
Any funds in the Depository Account in excess of the Minimum Funding Requirement and the Payroll Reserve may be transferred to Owner from time to time pursuant to delivery instructions and a payment schedule approved by Owner.
Attachment 4 is subject to revisions based on employee compensation rates, Payroll Reserve Assessment Rates, and Indirect Cost Rate each fiscal year.
More Definitions of Payroll Reserve
Payroll Reserve means (i) at all times during the period from the Third Amendment Effective Date through November 1, 2001, an amount equal to $5,000,000 and (ii) at all times on and after November 2, 2001, an amount equal to $15,000,000. The imposition of the Payroll Reserve is not intended to modify or impair the Administrative Agent's discretion to impose additional reserves with respect to the unpaid employee payroll of the Parent and its Subsidiaries under clause (iv) of the definition of the term "Reserves" herein.
Payroll Reserve set forth in Annex X to the Funding Agreement, the Sale Agreement and the Servicing Agreement are hereby deleted in their entireties and the following respective amended definitions of such terms are substituted in lieu thereof:
Payroll Reserve means, as of any date of determination, a reserve in an amount equal to Borrower’s payroll for a two-week period, as determined by Lender.
Payroll Reserve means a reserve in respect of any unpaid payroll tax obligations of Borrowers, all as reasonably determined by Agent. “PBGC” means the Pension Benefit Guaranty Corporation and any Person succeeding to any or all of its functions under ERISA. “Pension Plan” means any ERISA Plan that is subject to Section 412 of the Code or Title IV of ERISA. “Permits” means all governmental licenses, authorizations, provider numbers, supplier numbers, registrations, permits, drug or device authorizations and approvals, certificates, franchises, qualifications, accreditations, consents and approvals of a Credit Party required under all applicable Laws and required for such Credit Party in order to carry on its business as now conducted. “Permitted Affiliate” means with respect to any Person (a) any Person that directly or indirectly controls such Person, and (b) any Person which is controlled by or is under common control with such controlling Person. As used in this definition, the term “control” of a Person means the possession, directly or indirectly, of the power to vote eighty percent (80%) or more of any class of voting securities of such Person or to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise. “Permitted Asset Dispositions” means the following Asset Dispositions, provided, however, that at the time of such Asset Disposition, no Default or Event of Default exists or would result from such Asset Disposition: (a) dispositions of Inventory in the Ordinary Course of Business and not pursuant to any bulk sale, (b) dispositions of furniture, fixtures and equipment in the Ordinary Course of Business that the applicable Borrower or Subsidiary determines in good faith is no longer used or useful in the business of such Borrower and its Subsidiaries, and (c) dispositions approved by Agent. “Permitted Contest” means, with respect to any tax obligation or other obligation allegedly or potentially owing from any Borrower or its Subsidiary to any governmental tax authority or other third party, a contest maintained in good faith by appropriate proceedings promptly instituted and diligently conducted and with respect to which such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made on the books and records and financial statements of the applicable Credit Party(ies); provided, however, that (a) compliance with the obl...
Payroll Reserve means (a) at all times during the period from the Third Amendment Effective Date through November 1, 2001, an amount equal to $5,000,000, (b) at all times on and after November 2, 2001 and prior to the Eighth Amendment Effective Date, an amount equal to $15,000,000, (c) at all times on and after the Eighth Amendment Effective Date and prior to the Payroll Reserve Adjustment Date (defined below), an amount equal to $20,000,000, and (d) at all times on and after the Payroll Reserve Adjustment Date (defined below), an amount equal to $15,000,000. The imposition of the Payroll Reserve is not intended to modify or impair the Administrative Agent's discretion to impose additional reserves with respect to the unpaid employee payroll of the Parent and its Subsidiaries under clause (iv) of the definition of the term "Reserves" herein. As used herein, the term "Payroll Reserve Adjustment Date" shall mean the first date upon which each of the following conditions shall be satisfied in full: (i) the outstanding principal amount of the Revolving Loan (as such term is defined in the Revolving Credit Agreement) is permanently reduced to an amount equal to or less than $25,000,000; (ii) Parent shall have delivered to GE Capital a Borrowing Limit Reduction Notice (as such term is defined in the Revolving Credit Agreement), which shall have resulted in a permanent reduction in the Borrowing Limit (as such term is defined in the Revolving Credit Agreement) to an amount equal to or less than $25,000,000 in accordance with the terms of the Revolving Credit Agreement; and (iii) Parent shall have delivered to GE Capital an Advance Rate Reduction Notice (as such term is defined in the Revolving Credit Agreement), which shall have resulted in a permanent reduction in the Advance Rate (as such term is defined in the Revolving Credit Agreement) to no more than 23.8% in accordance with the terms of the Revolving Credit Agreement.
Payroll Reserve as of any date of determination, an amount equal to the average aggregate weekly W-2 payroll of field employees and fees for services payable to independent contractors of Borrowers assigned to work for clients or customers of Borrowers for the period of 4 weeks immediately preceding any such date of determination; provided, that, for the avoidance of doubt, all out-of-pocket expenses that are reimbursable to such Persons shall be excluded from such calculation. PBGC: the Pension Benefit Guaranty Corporation. Pension Plan: any employee pension benefit plan (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the preceding five plan years.
Payroll Reserve a reserve in an amount equal to the weekly Payroll Expenses of the U.S. Borrowers and U.S. Subsidiaries for the payroll week most recently ended prior to the date of \8885650.14 determination thereof; provided however, that if the Fixed Charge Coverage Ratio for the most recently ended Fiscal Month is less than 2.75 to 1.00 for the trailing twelve Fiscal Month period then ended, the Payroll Reserve shall be twice the weekly Payroll Expenses of the U.S. Borrowers and U.S. Subsidiaries for the payroll week most recently ended prior to the date of determination thereof.