Common use of Canadian Employee Benefit Plans Clause in Contracts

Canadian Employee Benefit Plans. As of the Effective Date, none of the Canadian Pension Plans are Canadian Defined Benefit Pension Plans. All Canadian Pension Plans are duly registered under the ITA and applicable Canadian Pension Benefits Legislation and no event has occurred which would reasonably be expected to cause the loss of such registered status where the loss of such registered status could reasonably be expected to result in a Material Adverse Effect. The Canadian Pension Plans have each been administered, funded and invested in accordance with the terms of the particular plan, all applicable laws including, where applicable, the ITA and Canadian Pension Benefits Legislation, and the terms of all applicable collective bargaining agreements and employment contracts, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. All material obligations of each of the Loan Parties (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements therefor have been performed on a timely basis, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There are no outstanding disputes concerning the assets of the Canadian Pension Plans except for such disputes which would not reasonably be expected to result in a Material Adverse Effect. All employee and employer payments, contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls) or premiums required to be withheld, made, remitted or paid to or in respect of each Canadian Pension Plan and all other amounts that are due to the pension fund of any Canadian Pension Plan from any Loan Party or any of their respective Affiliates have been withheld, made, remitted or paid on a timely basis in accordance with the terms of such plans, any applicable collective bargaining agreement or employment contract and all applicable laws, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There has been no improper withdrawal or application of the assets of the Canadian Pension Plans as of the Effective Date.

Canadian Employee Benefit Plans. As of the Restatement Effective Date, none of the Canadian Pension Plans are Canadian Defined Benefit Pension Plans. All Canadian Pension Plans are duly registered under the ITA and applicable Canadian Pension Benefits Legislation and no event has occurred which would reasonably be expected to cause the loss of such registered status where the loss of such registered status could reasonably be expected to result in a Material Adverse Effect. The Canadian Pension Plans have each been administered, funded and invested in accordance with the terms of the particular plan, all applicable laws including, where applicable, the ITA and Canadian Pension Benefits Legislation, and the terms of all applicable collective bargaining agreements and employment contracts, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. All material obligations of each of the Loan Parties (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements therefor have been performed on a timely basis, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There are no outstanding disputes concerning the assets of the Canadian Pension Plans except for such disputes which would not reasonably be expected to result in a Material Adverse Effect. All employee and employer payments, contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls) or premiums required to be withheld, made, remitted or paid to or in respect of each Canadian Pension Plan and all other amounts that are due to the pension fund of any Canadian Pension Plan from any Loan Party or any of their respective Affiliates have been withheld, made, remitted or paid on a timely basis in accordance with the terms of such plans, any applicable collective bargaining agreement or employment contract and all applicable laws, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There has been no improper withdrawal or application of the assets of the Canadian Pension Plans as of the Restatement Effective Date.

Canadian Employee Benefit Plans. As of the Effective Date, none of the Canadian Pension Plans are Canadian Defined Benefit Pension Plans. All Canadian Pension Plans are duly registered under the ITA and applicable Canadian Pension Benefits Legislation and no event has occurred which would Except as could not ------------------------------- reasonably be expected to cause have a Material Adverse Effect, the loss Borrower and its Subsidiaries have complied in all material respects with all applicable laws regarding each Canadian Employee Benefits Plan (including, where applicable, the Pension Benefits Act (Ontario) and the Income Tax Act (Canada)); and each Canadian Employee Benefits Plan is, and has been, maintained and administered in substantial compliance with its terms, applicable collective bargaining agreements and all applicable laws (including, where applicable, the Pension Benefits Act (Ontario) and the Income Tax Act (Canada)). There exists no outstanding liability of such registered status where the loss Borrower or any of such registered status its Subsidiaries with respect to any Canadian Employee Benefit Plan that has been terminated, which liability could reasonably be expected to result in have a Material Adverse Effect. The Canadian Pension Plans Borrower and its Subsidiaries have each been administered, funded paid when due all amounts which the Borrower and invested in accordance with its Subsidiaries are required to have paid under the terms of the particular plan, all each Canadian Employee Benefit Plan or applicable laws including, where applicable, the ITA and law as contributions to such Canadian Pension Benefits Legislation, and the terms of all applicable collective bargaining agreements and employment contracts, except where the failure to do so Employee Benefit Plan (excluding any nonpayment that could not reasonably be expected to result in have a Material Adverse Effect. All material obligations of each ); as of the Loan Parties date of the most recent audit performed with respect to the Borrower's Canadian Employee Benefit Plans, no accumulated funding deficiency, whether or not waived, resulting from the action or inaction of the Borrower or any of its Subsidiaries existed with respect to any Canadian Employee Benefit Plan; and, to the best knowledge of the Borrower, no accumulated funding deficiency, whether or not waived, resulting from the action or inaction of the Borrower or any of its Subsidiaries exists with respect to any Canadian Employee Benefit Plan. Each Plan is fully funded, on a going concern basis, in accordance with its terms and regulatory requirements as outlined by the Pension Benefits Act (including fiduciaryOntario), funding, investment administrative requirements of the Financial Services Commission of Ontario and administration obligations) required to be performed in connection the Superintendent of Financial Services and the most recent actuarial report filed with the Canadian Pension Plans Superintendent of Financial Services in respect of such Plan, as and to the funding agreements therefor have been performed on a timely basisextent applicable, except where to the extent any failure to do so as to be so funded could not reasonably be expected to result in have a Material Adverse Effect. There are no outstanding disputes concerning Neither the assets Borrower nor any Subsidiary of the Canadian Borrower sponsors, maintains or contributes to, or has at any time in the preceding six-year period sponsored, maintained or contributed to any "multi-employer pension plan" (as defined in the Pension Plans except for such disputes which would not reasonably be expected to result in a Material Adverse Effect. All employee and employer payments, contributions Benefits Act (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls) or premiums required to be withheld, made, remitted or paid to or in respect of each Canadian Pension Plan and all other amounts that are due to the pension fund of any Canadian Pension Plan from any Loan Party or any of their respective Affiliates have been withheld, made, remitted or paid on a timely basis in accordance with the terms of such plans, any applicable collective bargaining agreement or employment contract and all applicable laws, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There has been no improper withdrawal or application of the assets of the Canadian Pension Plans as of the Effective DateOntario)).

Canadian Employee Benefit Plans. As Each of the Effective DateHoldings, none of the Dollarama and their respective Subsidiaries have complied in all material respects with all Laws regarding each Canadian Pension Plans are Canadian Defined Employee Benefit Pension Plans. All Canadian Pension Plans are duly registered under the ITA and applicable Canadian Pension Benefits Legislation and no event has occurred which would reasonably be expected to cause the loss of such registered status where the loss of such registered status could reasonably be expected to result in a Material Adverse Effect. The Canadian Pension Plans have each been administered, funded and invested in accordance with the terms of the particular plan, all applicable laws Plan (including, without limitation and where applicable, the ITA Supplemental Pension Plans Act (Quebec) and the Income Tax Act (Canada); and each Canadian Pension Employee Benefits LegislationPlan is, and the terms of all has been, established, registered (where required), invested, maintained and administered in substantial compliance with its terms, applicable collective bargaining agreements and employment contractsall applicable Laws, in each case except where the failure to do so noncompliance has not had and could not (individually or in the aggregate) reasonably be expected to result in have a Material Adverse Effect. All material obligations of each of the Loan Parties (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements therefor have been performed on a timely basis, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There are no outstanding disputes concerning the assets of the Canadian Pension Plans except for such disputes which would not reasonably be expected to result in a Material Adverse Effect. All employee and employer payments, contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls) or premiums required to be withheld, made, remitted made or paid by each of Holdings, Dollarama or their respective Subsidiaries to or in respect of each the Canadian Pension Plan and all other amounts that are due to the pension fund of any Canadian Pension Plan from any Loan Party or any of their respective Affiliates Employee Benefits Plans have been withheld, made, remitted or paid made on a timely basis in accordance with applicable Laws, the terms of such plans, any Canadian Employee Benefit Plans and any applicable collective bargaining agreement agreement. None of the Canadian Employee Benefit Plans provides benefits on a defined benefit basis. There exists no outstanding liability of any of Holdings, Dollarama or employment contract and all applicable lawsany of their Subsidiaries with respect to any Canadian Employee Benefit Plan that has been terminated, except where the failure to do so which liability has had or could not (individually or together with other similar liabilities) reasonably be expected to result in have a Material Adverse Effect. There has been no improper withdrawal or application of the assets None of the Canadian Pension Employee Benefits Plans as is a multi-employer pension plan or other form of multi-employer plan. All obligations regarding the Canadian Employee Benefits Plans have been satisfied and there are no outstanding defaults or violations by any party thereto and no taxes, penalties or fees are owing or eligible under any of the Effective DateCanadian Employee Benefits Plans, in each case that could reasonably be expected to have a Material Adverse Effect. No Canadian Employee Benefits Plan, nor any related trust or other funding medium thereunder, is subject to any pending, threatened or anticipated investigation, examination or other proceeding, action or claim initiated by any Governmental Authority, by or on behalf of any of the Canadian Employee Benefits Plans, by any employee, former employee or beneficiary covered under any such Canadian Employee Benefits Plan, or otherwise involving any such Canadian Employee Benefits Plan or by any other party (other than routine claims for benefits), and there exists no state of facts which after notice or lapse of time or both could reasonably be expected to give rise to any such investigation, examination or other proceeding, action or claim or to affect the registration of any Canadian Employee Benefits Plan required to be registered; that in each case individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

Canadian Employee Benefit Plans. As of the Effective Closing Date, none of the Canadian Pension Plans are Canadian Defined Benefit Pension Plans. All Canadian Pension Plans are duly registered under the ITA and applicable Canadian Pension Benefits Legislation all other Applicable Laws which require registration and no event has occurred which would is reasonably be expected likely to cause the loss of such registered status where status. As of the loss Closing Date, the Canadian Pension Plans and Canadian Benefit Plans have been administered and invested in compliance with their terms and Applicable Laws and there have been no improper withdrawals or applications of such registered status could the assets of the Canadian Pension Plans or the Canadian Benefit Plans, except as would not reasonably be expected to result in have a Material Adverse Effect. The Canadian Pension Plans have each been administered, funded and invested in accordance with the terms As of the particular planClosing Date, all applicable laws including, where applicable, the ITA and Canadian Pension Benefits Legislation, and the terms of all applicable collective bargaining agreements and employment contracts, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. All material obligations of each of the Loan Parties (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements therefor have been performed on a timely basis, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. There there are no outstanding disputes concerning the assets of the Canadian Pension Plans except for such or the Canadian Benefit Plans, which disputes which would not reasonably be expected to result in have a Material Adverse Effect. All employee As of the Closing Date, except to the extent of any deficiency specified in Schedule 4.11(B), each of the Canadian Pension Plans is fully funded on both a solvency basis and employer ongoing basis (using actuarial methods and assumptions which are consistent with the valuations last filed with the applicable Governmental Authorities and which are consistent with generally accepted actuarial principles). As of the Closing Date, all payments, contributions (including “normal cost”, “special payments” which in the case of such Canadian Pension Plan shall be limited to those contributions determined by the plan actuary and any other payments identified in respect of any funding deficiencies or shortfallsthe most recently completed and filed actuarial valuation report) or premiums required to be withheld, made, remitted or paid made by any Loan Party to or in respect of each any Canadian Benefit Plan or Canadian Pension Plan and all other amounts that are due to the pension fund of any Canadian Pension Plan from any Loan Party or any of their respective Affiliates have been withheld, made, remitted or paid made on a timely basis in accordance with the current terms of such plans, any applicable collective bargaining agreement or employment contract plans and all applicable lawsApplicable Laws. As of the Closing Date, no promises of benefit improvements under the Canadian Pension Plans or the Canadian Benefit Plans have been made and there are no taxes, penalties or interest owing in respect of any Canadian Pension Plan, except where the failure to do so could as would not reasonably be expected to result in have a Material Adverse Effect. There As of the Closing Date, there has been no improper withdrawal partial termination of any Canadian Pension Plan and no facts or application circumstances have occurred or existed that could result, or be reasonably expected to result, in the declaration of a partial termination of any Canadian Pension Plan under Applicable Laws, except as would not reasonably be expected to have a Material Adverse Effect. Schedule 4.11(B) lists all Canadian Benefit Plans and Canadian Pension Plans. This subsection 4.11(B) contains the assets of sole and exclusive representation and warranty by the Loan Parties with respect to the Canadian Benefit Plans and Canadian Pension Plans as of the Effective DatePlans.