Severance Charge definition

Severance Charge means (i) on or before November 30, 2003, an amount of up to $4,000,000 as certified to the Administrative Agent by an Authorized Officer of the US-Borrower (which amount shall represent charges taken by the US-Borrower relating to employee severance packages in accordance with Agreement Accounting Principles), and (ii) after November 30, 2003, an amount equal to $0.
Sample 1
Severance Charge means up to a cumulative amount of $2,500,000 representing charges taken by the US-Borrower after the date of this Agreement relating to employee severance packages in accordance with Agreement Accounting Principles, as certified to the Administrative Agent by an Authorized Officer of the US-Borrower. For the avoidance of doubt, the parties acknowledge that, to the extent a Severance Charge is taken in a given calendar year, the remaining amount of available Severance Charge shall be reduced by such amount for all remaining calendar years.
Sample 1

Examples of Severance Charge in a sentence

  • For purposes of determining compliance by Borrowers with the covenant set forth in this Section 8.3 for any period containing the fiscal quarter ending March 31, 2001, Consolidated Net Income of AHL and its Subsidiaries for such fiscal quarter shall be deemed to be increased by an amount equal to the PIMMS Severance Charge.

  • During the 114th Congress, two pieces of legislation were introduced that specify that HHS may not take any action to finalize, implement, enforce, or otherwise give effect to the proposed rule entitled “Flexibility, Efficiency, and Modernization in Child Support Enforcement Programs” or any proposal set forth in the proposed rule (S.

  • Severance Charge In July 2003, the Company recorded a charge of $13.0 million associated with a decision to streamline operations.

  • For purposes of determining compliance by Borrowers with the covenant set forth in this Section 8.2 for any period containing the fiscal quarter ending March 31, 2001, Consolidated Net Income of AHL and its Subsidiaries for such fiscal quarter shall be deemed to be increased by an amount equal to the PIMMS Severance Charge.

  • Accordingly, the Company recorded an Impairment and Severance Charge of $45,689 during the fourth quarter of 2000 as a component of operating income.

Related to Severance Charge

  • Severance Amount means:

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Change in Control Payments means all change in control, transaction, retention and similar bonuses or payments, paid or payable by the Acquired Companies to any current or former directors, managers, officers, employees, or other Persons as a result of the Closing of the Transactions or the execution of this Agreement, including any deferred compensation, in each instance, plus the employer portion of any employment Taxes due in connection with any such payments, but excluding, for the avoidance of doubt, severance payments relating to a termination of employment following the Closing.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Termination Benefit means the benefit set forth in Article 7.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Compensation Accrued at Termination means the following:

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Change in Control Benefits means the following benefits:

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Severance means the complete separation and dismemberment of the part from the body.

  • Special compensation means payment to an adult foster care facility to ensure the provision of a specialized program in addition to the basic payment for adult foster care. Special compensation does not include payment received directly from the Medicaid program for personal care services for a resident, or payment received under the supplemental security income program.

  • Change in Control Payment shall have the meaning stated in Section 6.4 hereof.

  • Monthly salary means the gross amount paid to a participant making a claim under s. 40.65, at the time he or she becomes disabled within the meaning of s. 40.65 (4), by the employer in whose employ the injury occurred or the disease was contracted. Overtime pay may not be considered part of an employee’s monthly salary unless the employee received it on a regular and dependable basis.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Severance Multiple means 2.50; provided, however, that notwithstanding the foregoing, for each full month that elapses during the period beginning on the date the Executive attains age 63 and ending on the date the Executive attains age 65, the Severance Multiple shall be reduced by an amount equal to the product of (i) 1/24 and (ii) the excess of (A) the original Severance Multiple set forth above over (B) 1.0 (rounded to the nearest hundredth).

  • Termination Payments means any payment or distribution of Compensation or benefits made pursuant to Section 4.1(a)-(c) of this Agreement.