Xxxx & Talbot Ltd. Mackenzie Pulp Operations: In June 2002, Xxxx & Xxxxxx, Inc. was requested by Environment Canada, based on detection of environmental contamination in an effluent treatment pond at the Mackenzie pulp mill, to remediate the basin. The environmental contamination occurred before Xxxx & Xxxxxx, Inc. acquired the mill as a result of a manufacturing process that was discontinued at the mill in 1993. Xxxx & Talbot, Inc. has worked with British Columbia’s Ministry of Environment to develop an appropriate remediation strategy. Xxxx & Xxxxxx, Inc. performed site testing and a series of partial basin dredges in 2003 and extensive dredging in 2004 and in 2005. The liability balance was $0.7 million at December 31, 2005, representing the estimated cost of removing the remaining sources of water contamination. Remediation costs charged to the liability in 2005 totaled $0.3 million. Further dredges are planned for 2007 to complete the remediation.
Xxxx & Talbot Ltd in its capacity as a Borrower under the Credit Agreement (as herein defined) OF THE SECOND PART AND: XXXX & XXXXXX, INC., a corporation incorporated under the laws of the State of Delaware OF THE THIRD PART
Xxxx & Talbot Ltd. (the “Obligor”) granted to and in favour of The Toronto-Dominion Bank (the “Agent”) a debenture/security agreement (the “Debenture/Security Agreement”) dated July ·, 2005;
Xxxx & Talbot Ltd. Pension Plan For Permanent Salaried Employees Summary of Results1 Going-Concern Financial Position 12.31.2003 12.31.2000 Actuarial value of assets $ 40,650,000 $ 43,794,000 Actuarial liability $ 58,211,000 $ 39,807,000 Finding excess/ (unfunded liability) ($ 17,561,000 ) $ 3,987,000 Funded ratio 70 % 110 % Solvency Financial Position 12.31.2003 12.31.2000 Adjusted solvency assets $ 48,354,000 $ 43,644,000 Solvency liability $ 52,236,000 $ 40,257,000 Solvency excess (deficiency) ($ 3,882,000 ) $ 3,387,000 Solvency ration 78 % 108 % Funding Requirements (annualised) 2004 2001 Total current service cost $ 2,003,000 $ 1,595,000 Estimated members’ required contributions $ 0 $ 0 Estimated employers’ current service cost $ 2,003,000 $ 1,595,000 Employers’ current service costs as a percentage 12 % 9.7 % of members pensionable earning Minimum special payments $ 2,726,000 $ 0 Estimated minimum employer contribution for year $ 4,729,000 $ 1,112,000 Estimated maximum employer contribution for year $ 19,564,000 $ 1,589,000 1 October Actuarial Valuation Report of the Actuarial Valuation for Funding Purposes as at December 31, 2003 prepared by Xxxxxx Human Resource Consulting dated October 2004 (the “December 31, 2003 Actuarial Valuation”) at page 1 Special Payments2 The following minimum quarterly special payments must be made to the plan to eliminate the unfunded liability and any solvency deficiency as at December 31, 2003, within the periods prescribed by the BC Pension Benefits Standards Act and Regulations (the “PBSA”). Minimum Quarterly Special Payments Type of Deficit Effective Date Special Payment Last Payment Unfunded Deficiency December 31, 2003 $ 456,000 December 31, 2018 Solvency Deficiency December 31, 2003 $ 225,500 December 31, 2003 Total $ 681,500 There is an unfunded liability of $17,561,000, and a solvency ratio of 78% as at December 31, 2003. As such, the December 31, 2003 Actuarial Valuation recommends that Xxxx & Talbot Ltd. make quarterly contributions to the plan from 2004 to 2006, as follows: Quarterly Employer Contributions For current service: 12.7% of members’ pensionable earnings Minimum special payments for unfunded liability: $456,000 Minimum additional special payments for solvency: $225,500 On the basis of the members’ estimated pensionable earnings, the minimum total employer contribution for 2004 is estimated to be $4,729,000, or $1,182,250 per quarter. Estimated Minimum Annual Employers’ Contributions Until December 31, 2006 Year Endi...
