Canadian Benefit and Pension Plans. The Canadian Pension Plans are duly registered under the provisions of the ITA and any other Requirements of Law and no event has occurred which is reasonably likely to cause the loss of such registered status. The Canadian Pension Plans and the Canadian Benefits Plans have been administered in accordance with the ITA and all other Requirements of Law. All material obligations of each of the Canadian Borrower or any Subsidiary thereof (including fiduciary and funding obligations) required to be performed in connection with the Canadian Pension Plans have been performed. No promises of benefit improvements under the Canadian Pension Plans or the Canadian Benefit Plans have been made except where such improvement could not have a Material Adverse Effect. There have been no improper withdrawals or applications of the assets of the Canadian Pension Plans or the Canadian Benefit Plans. As of the most current evaluation date, each of the Canadian Pension Plans and the Canadian Benefit Plans is fully funded and there exist no going concern unfunded actuarial liabilities or solvency deficiencies in respect of such plans.
Canadian Benefit and Pension Plans. (i) The Parent and the Borrower will cause to be delivered to the Agents, promptly upon the Agents’ written request, a copy of each Canadian Benefit Plan and Canadian Pension Plan (or, where any such Canadian Benefit Plan or Canadian Pension Plan is not in writing, a complete description of all material terms thereof) and, if applicable, related trust agreements or other funding instruments and all amendments thereto, and all written interpretations thereof and written descriptions thereof that have been distributed to employees or former employees of the Loan Parties.
(ii) The Parent and the Borrower shall obtain and to provide the Agents upon their request with written confirmation from the applicable Governmental Authorities that each Canadian Pension Plan maintained and sponsored by the Loan Parties which is required to be registered with any Governmental Authority under the Income Tax (Canada) or under any other Requirement of Law has been registered. Each Loan Party shall ensure that the Canadian Pension Plans maintained and sponsored by the Loan Parties retain their registered status under and are administered in all material respects in accordance with the applicable pension plan text, funding agreement, the Income Tax Act (Canada) and all other Requirements of Law.
(iii) The Parent and the Borrower shall cause all reports and disclosures relating to any Canadian Pension Plans maintained or sponsored by a Loan Party that are required by the plan or any Requirement of Law to be filed or distributed in a timely manner and shall promptly notify the Agents on becoming aware of any Pension Plan Termination Event.
(iv) The Parent and the Borrower shall cause each Loan Party to perform in all material respects all obligations (including (if applicable), funding, investment and administration obligations) required to be performed by it in connection with each Canadian Pension Plan and Canadian Benefit Plan and the funding therefor; make and pay all employer contributions and premiums required to be made or paid by it in accordance with the terms of the applicable Canadian Pension Plan and Canadian Benefit Plan and all Requirements of Law and withhold by way of authorized payroll deductions or otherwise collect and pay into the plan all employee contributions required to be withheld or collected by it in accordance with the terms of the applicable Canadian Pension Plan and Canadian Benefit Plan and all Requirements of Law.
Canadian Benefit and Pension Plans. (a) For each existing Canadian Pension Plan and Canadian Benefit Plan and for any Canadian Pension Plan or Canadian Benefit Plan hereafter adopted, the Canadian Borrower and its Subsidiaries shall in a timely fashion perform all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor in accordance with the terms of such plan and all Requirements of Law.
(b) Each of the Canadian Borrower and its Subsidiaries shall deliver to the General Administrative Agent (A) if requested by the Canadian Administrative Agent, acting reasonably, promptly after the filing thereof by the Canadian Borrower or such Subsidiary with any applicable Governmental Authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan, copies of any actuarial report with respect to each Canadian Pension Plan (whether or not required by any Governmental Authority) and (B) promptly after receipt thereof, a copy of any direction, notice or other communication (i) in respect of any breach of Applicable Law, (ii) which would have the effect of increasing the funding obligation in respect of each such plan, or (iii) which could result in the imposition of any Lien on any of the properties or assets of the Canadian Borrower or such Subsidiary, and any order or ruling that the Canadian Borrower or such Subsidiary may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan.
Canadian Benefit and Pension Plans. Permit the Canadian Borrower or any of its Subsidiaries to directly, or indirectly, (a) terminate or cause to terminate, in whole or in part, or initiate the termination of, in whole or in part, any Canadian Pension Plan so as to result in any liability to any of them which could have a Material Adverse Effect, (b) permit to exist any event or condition in respect of any Canadian Pension Plan which presents the risk of liability of the Canadian Borrower or any of its Subsidiaries which could have a Material Adverse Effect, (c) enter into any new Canadian Pension Plan or Canadian Benefit Plan or modify any such existing plans so as to increase its obligations thereunder which could result in any liability to any of them and which could have a Material Adverse Effect; (d) permit the greater of the going concern unfunded liability or the solvency deficiency under Canadian Pension Plans, but only to the extent they are permitted to remain unfunded under Requirements of Law, to exceed (in the aggregate, taking into account all Canadian Pension Plans of the Canadian Borrower and its Subsidiaries) C$5,000,000, (e) fail to make minimum required contributions to amortize any funding deficiencies under a Canadian Pension Plan within the time period set out in any Requirements of Law, (f) fail to make a required contribution under any Canadian Pension Plan or Canadian Benefit Plan which could result in the imposition of a Lien upon the assets of any of the Canadian Borrower or any of its Subsidiaries within 30 days after the date such payment becomes due, unless such payment is being contested pursuant to Section 9.3; (g) make any improper withdrawals or applications of assets of a Canadian Pension Plan or Canadian Benefit Plan or (h) accept payment of any amount from any Canadian Pension Plan.
Canadian Benefit and Pension Plans. The Canadian Pension Plans are duly registered in accordance with any Applicable Law which requires registration and no Secured Loan Party knows of any event that has occurred which is reasonably likely to cause the loss of such registered status. Each Secured Loan Party is in material compliance with all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the Canadian Benefit Plans and the funding agreements therefore. There are no outstanding disputes concerning the assets held under the funding agreements for the Canadian Pension Plans or the Canadian Benefit Plans. As of January 1, 2007 (in the case of the Main CAW Pension Plan, May 1, 2007) the present value of all benefit liabilities under all Canadian Pension Plans (based on actuarial methods and assumptions which are consistent with the valuations as of such dates filed with the applicable Governmental Authority and which are consistent with generally accepted actuarial principles) did not exceed the fair market value of the assets of such Plans by more than $500,000,000. As of December 31, 2007, no Secured Loan Party has post-retirement medical liability in excess of $2,000,000,000 based on the actuarial assumptions set forth in the financial statements under GAAP as of December 31, 2007 of the Secured Loan Party. There has been no partial termination of any Canadian Pension Plan that would reasonably be expected to result in liability to any Secured Loan Party in excess of $1,000,000,000 and except as disclosed on Schedule 6.16 no facts or circumstances have occurred or existed that would result, or be reasonably anticipated to result, in the declaration of a partial termination of any Canadian Pension Plan under applicable law that would reasonably be expected to result in liability to Borrower. The pension fund under each Canadian Pension Plan is exempt from the payment of any income tax and there are no Taxes, penalties or interest owing in respect of any such pension fund
Canadian Benefit and Pension Plans. Neither the Borrower nor any Subsidiary shall (a) fail to perform any material obligations required to be performed in connection with any Canadian Pension Plan or Canadian Benefit Plan in accordance with the terms of such plan and any requirement of applicable Law, or (b) fail to use its best efforts to ensure that each Canadian Pension Plan is registered and retains its registered status (if required under any requirement of applicable Law) under, and is administered in a timely manner in all material respects in accordance with, the applicable pension plan text, funding agreement, the Income Tax Act (Canada) and any other requirement of applicable Law.
Canadian Benefit and Pension Plans. The Borrower shall use its best efforts to ensure that each Canadian Pension Plan and Canadian Benefit Plan is administered in a timely manner in all respects in accordance with the applicable pension plan text, funding agreement, and all Applicable Laws, including the Tax Act.
Canadian Benefit and Pension Plans. (a) Each Borrower shall ensure that each Canadian Pension Plan described in Schedule 8.1
Canadian Benefit and Pension Plans. The Parent Borrower will, and will cause each of its Subsidiaries to (a) use its best efforts to ensure that each Canadian Pension Plan is registered and retains its registered status (if required under any Requirement of Law) under, and is administered in a timely manner in all material respects in accordance with, the applicable pension plan text, funding agreement, the Income Tax Act (Canada) and any other Requirement of Law, and (b) perform all material obligations required to be performed in connection with each Canadian Pension Plan and Canadian Benefit Plan in accordance with the terms of such Plan and any Requirement of Law.
Canadian Benefit and Pension Plans. As of the Effective Date, neither Xxxxx’x, either of the Borrowers, nor any of their respective Subsidiaries maintains or contributes to, or has any obligation under, any Canadian Pension Plan. Each Canadian Pension Plan, should such a plan ever be in effect, and each Canadian Benefit Plan has been maintained in compliance with its terms and in compliance with the requirements of any and all applicable Laws and is in good standing with applicable regulatory authorities. All obligations of Xxxxx’x, either of the Borrowers, and each of their respective Subsidiaries under each Canadian Pension Plan and Canadian Benefit Plan have been performed in accordance with the terms thereof and any requirement of applicable Law (including, without limitation, the Income Tax Act (Canada) and the Supplemental Pension Plan Act (Quebec)), except where the failure to so perform would not reasonably be expected to result in a Material Adverse Effect. Neither Xxxxx’x, the Borrowers. nor any of their respective Subsidiaries has incurred any material obligation in connection with the termination of or withdrawal from any Canadian Pension Plan or Canadian Benefit Plan. No Canadian Pension Plan has any unfunded liabilities on an actuarial basis which would reasonably be expected to have a Material Adverse Effect.
