Common use of Plan Funding Statement Clause in Contracts

Plan Funding Statement. Unless Progress Fuels provides written notice to Holdings on or before the thirtieth (30th) day following the Closing Date that Progress Fuels has elected to assume, effective as of the Closing Date, sponsorship of, and all Liabilities of the Pension Plan for Salaried, Non-Bargaining Unit Employees and Bargaining Unit Employees of Chemetron Railway Products, Inc. with respect to benefits accrued as of the Closing Date, then the Unfunded PBO with respect to any Pension Plan not so assumed shall be treated as a current liability for purposes of calculating the Closing Working Capital. The Unfunded PBO with respect to any Pension Plan not so assumed will be set forth in a Plan Funding Statement delivered by Progress Fuels to Holdings within thirty (30) days following the Closing Date. Upon receipt of the Plan Funding Statement, Holdings shall have the right to review and confirm the accuracy of the calculations. Holdings shall deliver a Notice of Disagreement to Progress Fuels within thirty (30) calendar days after receiving the Plan Funding Statement if Holdings disagrees with Progress Fuels calculation of Unfunded PBO, which Notice of Disagreement will initiate the Dispute Resolution Process set forth in Section 8.3(c). If the Plan Funding Statement cannot be delivered prior to the time the Closing Working Capital is determined pursuant to Section 2.8, or is delayed on account of the Dispute Resolution Process and thus cannot be finalized until after the Closing Working Capital is determined pursuant to Section 2.8, then the amount of the Unfunded PBO shall be paid by Progress Fuels to Holdings in immediately available funds by wire transfer to an account specified by Holdings within sixty (60) days from the delivery of the Plan Funding Statement or the completion of the Dispute Resolution Process, as the case may be. Holdings shall provide, or shall cause the Companies or the Subsidiaries to provide to Progress Fuels, such information as Progress Fuels reasonably requests to assist Progress Fuels in the administration of any assumed Pension Plan.