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.
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.
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.
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.