Payroll Reserve definition

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.

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Payroll Reserve means an amount determined by ▇▇▇▇▇ 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

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) .
Owner shall replenish any depletion in the Minimum Funding Requirement and/or the Payroll Reserve within five (5) business days after receiving a request from Manager.
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.
Each Borrowing Base Certificate shall include a detailed calculation of the Payroll Reserve.
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 set forth in Annex X to the Funding Agreement, the Sale Agreement and the Servicing Agreement is hereby deleted in its entireties and the following amended definition of such term is substituted in lieu thereof:

Payroll Reserve means (i) at all times during the period from the Third Amendment Effective Date through the earlier of October 31, 2001 and the Revolving Credit Agreement Closing Date, an amount equal to $5,000,000 and (ii) at all times thereafter, 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 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 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.

Payroll Reserve means an amount, as determined by Agent in its Permitted Discretion, equal to the aggregate amount of all of Borrowers’ then accrued or incurred and unpaid payroll and payroll taxes, which reserve amount, in addition to all of Agent’s other rights hereunder, may be increased by Agent from time to time, including for any deviation from any Borrowers’ past practices with respect to such payroll and payroll taxes; provided, however, that (a) in the event that Liquidity is less than $30,000,000, the Payroll Reserve shall be limited to the foregoing amounts with respect to a 2-week period, (b) in the event that Liquidity is equal to or greater than $30,000,000 and less than $50,000,000, the Payroll Reserve shall be limited to the foregoing amounts with respect to a 1-week period, and (c) in the event that Liquidity is equal to or greater than $50,000,000, the Payroll Reserve shall equal $0. Agent shall provide Administrative Borrower with prompt notice of any change in the Payroll Reserve, but the delivery of such notice shall not be a condition to the effectiveness of such change.

Payroll Reserve means a reserve for payroll obligations of the Borrower (including, without limitation, payroll taxes) in such amount as W▇▇▇▇ Fargo deems necessary in its reasonable business judgment from time to time, after consultation with the Borrower.”

Payroll Reserve shall have the meaning assigned to such term in the Receivables Funding Agreement.