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
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.
Attachment 4 is subject to revisions based on employee compensation rates, Payroll Reserve Assessment Rates, and Indirect Cost Rate each fiscal year.
Mistrust between public and private sectors is exacerbated by outdated or unreasonable regulatory laws; poor enforcement (often involving corruption); little reward for quality care; and overall, a lack of understanding by the government of the realities of operating a for-profit business.
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) .
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 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 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 a Reserve established by the Administrative Agent equal to a Borrower’s payroll expenses (which shall include expenses related to any payroll taxes or employee deductions at source) pertaining to temporary workers for one Payroll Period, with such calculation being made on the basis of the prior rolling 16 week average of the normal Payroll Period; provided, that, such one Payroll Period shall not serve as a limitation on the Administrative Agent’s ability to increase such Reserve in its Permitted Discretion to the extent such payroll expenses are not paid, remitted or reported as, and when, due by the applicable Borrower.
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 means (i) during each period beginning with the date three (3) Business Days prior to each Payroll Date and ending on the applicable Payroll Date, an amount equal to Borrower’s Payroll Funding Amount for such payroll period, and (ii) on any other date, zero.
Payroll Reserve means a reserve to cover Borrower's payroll expenses in the initial amount of Seven Hundred Dollars ($700,000), as adjusted from time to time in the sole discretion of Lender.