Underfunding definition

Underfunding the excess of the present value of all accrued benefits under a Plan (based on those assumptions used to fund such Plan), determined as of the most recent annual valuation date, over the value of the assets of such Plan allocable to such accrued benefits.

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Underfunding means, with respect to any Plan, the excess, if any, of (a) the present value of all benefits under the Plan (based on the assumptions used to fund the Plan pursuant to Section 412 of the Code) as of the most recent valuation date over (b) the fair market value of the assets of such Plan as of such valuation date.

Underfunding means, with respect to any Plan, the excess, if any, of the “accumulated benefit obligations” (within the meaning of Statement of Financial Accounting Standards 87) under such Plan (determined using the actuarial assumptions and discount rate used with respect to such Plan in the most recent financial statements of the Borrower) over the fair market value of the assets held under the Plan.

Examples of Underfunding in a sentence

• The aggregate amount of Underfunding for all Underfunded Plans does not exceed $100,000.

• No ERISA Funding Event, ERISA Termination Event, Foreign Termination Event or Foreign Underfunding exists or has occurred, or is reasonably expected to exist or occur, that, when taken together with all other ERISA Funding Events, ERISA Termination Events, Foreign Termination Events and Foreign Underfundings that exist or have occurred, or which could reasonably be expected to exist or occur, could reasonably be expected to result in a Material Adverse Effect.

• The aggregate Underfunding with respect to all Plans which have any Underfunding does not exceed $100,000,000.

• Underfunding shall occur that, in the reasonable opinion of the Majority Lenders, when taken together with all other ERISA Funding Events, ERISA Termination Events, Foreign Termination Events and Foreign Underfundings that have occurred, could reasonably be expected to have a Material Adverse Effect.

• In the event they are unable to reach agreement within three Business Days after Buyer's receipt of Seller Parent's calculation, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP shall be engaged to determine the Net Underfunding Amount and Buyer and Seller Parent shall be bound by its determination.

More Definitions of Underfunding

Underfunding means, with respect to any Title IV Plan, the excess, if any, of (a) the present value of all benefits under the Title IV Plan (based on the assumptions used to fund the Title IV Plan pursuant to Section 412 of the IRC) as of the most recent valuation date over (b) the fair market value of the assets of such Title IV Plan as of such valuation date.

Underfunding shall have the meaning set forth in Section 5.11(j).

Underfunding means, with respect to any Plan, the excess, if any, of ------------

Underfunding means, with respect to any Plan subject to Title IV of ERISA, the excess, if any, of the “projected benefit obligations” (within the meaning of Statement of Financial Accounting Standards 87) under such Plan (determined using the actuarial assumptions used for purposes of calculating funding requirements in the most recent actuarial report for such plan) over the fair market value of the assets held under the Plan.

Underfunding means, with respect to any Plan, the "amount of unfunded benefit liabilities" of such Plan with the meaning of ERISA Section 4001(a)(18).

Underfunding means the extent to which the present value of all accrued benefits determined on a plan termination basis exceeds the current fair market value of the plan assets. With respect to each Multiemployer Company Plan, no event has occurred that could give rise to a liability on the part of the Company under ERISA, including, without limitation, any "withdrawal liability" as described under Part I of Subtitle E of Title IV of ERISA.

Underfunding means, with respect to any Plan, the excess, if any, of the "projected benefit obligations" (within the meaning of Statement of Financial Accounting Standards 87 and based on the actuarial assumptions used in the Company's most recent financial statements) under such Plan over the fair market value of the assets held under the Plan.