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, 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.
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.
Examples of Payroll Reserve in a sentence
Hourly labor costs can escalate over time due to several factors such as: • Employee Salary – This includes merit salary adjustments, bargained raises, and cost of living adjustments.• Payroll Reserve Assessment Rate (PRAR) – Caltrans employee benefits are applied using an additive percentage.• Indirect Cost Rate Proposal (ICRP) – Per SB 45 (1997) Caltrans must include functional indirect costs when calculating COS project costs.
This Employee Payroll Reserve accounts for the fiscal year beginning on October 1 with tax collections arriving the following January.
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).
These related to the Stable Pensions Payroll Reserve, the Community Right to Challenge and the Bursary Account.
DBAW Loan Collateral Reserve Capital Project Reserve Emergency Contingency Reserve Office Building Reserve Customer DepositsPayables ReserveElection Expense Liability ReserveOPEB (Post-Employment Benefits) Trust Fund Reserve from FY0910 Payroll Reserve (2 weeks)EE PTO Benefits Reserve Per resolution 5-16, which established appropriation authority for the Board of Harbor Commissioners, the Commission, and only the Commission, retains the ability to appropriate funds from the reserves.
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 obligations for a two-week payroll period as shown on Borrowers' Books, the amount of which reserve shall be determined by Agent in its sole discretion.
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 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 shall have the meaning assigned to such term in the Receivables Funding Agreement.
Payroll Reserve means (i) at all times during the period from the Third Amendment Effective Date through October 14, 2001, an amount equal to $5,000,000 and (ii) at all times during the period from and after October 15, 2001, an amount equal to $15,000,000; provided that the amount of the Payroll Reserve specified in clause (ii) above shall be subject to reduction in accordance with the following terms and conditions: (x) such amount shall be reduced by $5,000,000 from and after the date after the Third Amendment Effective Date that the Parent and its Subsidiaries have received not less than $100,000,000 in Net Proceeds of the Additional Parent Debt; (y) such amount shall be reduced by an additional $5,000,000 from and after the date that after the Third Amendment Effective Date the Parent and its Subsidiaries have received not less than $100,000,000 in Net Proceeds of the Additional Parent Debt and the Parent has provided, at all times as it may be required to do so under the Standby Letter of Credit Agreement, the Standby L/C Creditor during a period of 90 consecutive days with Pledged Entity Valuation Certificates (as defined in the Standby Letter of Credit Agreement) establishing that the Excess Liquidity (as defined in the Standby Letter of Credit Agreement) as of the date of each such certificate was not less than $40,000,000; and (z) such amount shall be reduced by an additional $5,000,000 from and after the date that the Administrative Agent has received from the Parent quarterly or annual financial statements meeting the requirements of Annex 4.02(h) of the Sale Agreement in respect of any fiscal quarter or year of the Parent and its Subsidiaries ending on or after December 31, 2001 establishing that the Parent and its Subsidiaries have on a consolidated basis EBITDA (as defined in Annex 4.02(p) to the Sale Agreement) for the Rolling Period (as defined in Annex 4.02(p) to the Sale Agreement) then ended of not less than $60,000,000. The imposition, reduction or elimination 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.