Canadian Pension and Benefit Plans. For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. (i) For each Canadian Pension Plan hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. (ii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. (iii) Subject to any applicable privacy laws, each Borrower and each Subsidiary of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, with any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable. (iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party was not previously contributing.
Appears in 2 contracts
Samples: Credit Agreement (Uap Holding Corp), Credit Agreement (Uap Holding Corp)
Canadian Pension and Benefit Plans. (a) For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or such Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA Income Tax Act (Canada) and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ib) For each Canadian Pension Plan hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA Income Tax Act (Canada) or any other applicable laws, that the Canadian Borrower or such Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is unconditionally registered under the ITA Income Tax Act (Canada) and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iic) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or such Subsidiary, as applicable, shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiid) Subject to any applicable privacy laws, each Canadian Borrower and each Subsidiary of such Canadian Borrower shall deliver to Administrative Agent and Canadian Agent, if requested by Administrative Agent or Canadian Agent, promptly after the filing thereof by such Canadian Borrower or such Subsidiary, as applicable, with any applicable governmental authority, (i) copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Canadian Borrower or such Subsidiary, as applicable.
; (ivii) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party Canadian Borrower or such Subsidiary, as applicable, may receive from any applicable Governmental Authority governmental authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent Borrower or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralSubsidiary, as applicable; and (iii) notification within 30 days of any increases having a cost to any Credit Party Canadian Borrower or such Subsidiary, as applicable, in excess of $250,000 per annum or the Dollar Equivalent thereofannum, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which Canadian Borrower or such Credit Party Subsidiary, as applicable, was not previously contributing.
Appears in 2 contracts
Samples: Loan and Security Agreement (Channell Commercial Corp), Loan and Security Agreement (Channell Commercial Corp)
Canadian Pension and Benefit Plans. For (a) The Canadian Loan Parties will cause to be delivered to Agent, promptly upon Agent's written request, acting reasonably, a copy of each existing Canadian Employee Plan and of any Canadian Pension Plan, and, if applicable, related actuarial valuations, trust agreements or other funding instruments and all amendments thereto and any correspondence with any Governmental Authority relating to the termination or proposed termination of the plan or the plan's compliance with applicable law.
(b) The Canadian Loan Parties shall administer the Canadian Employee Plans and any Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with their terms and with applicable law, including Canadian Employee Benefits Legislation, provided that any Canadian Loan Party may amend a Canadian Employee Plan or any Canadian Pension Plan as permitted under the terms of such plan and applicable pension plan textlaw, funding agreement, the ITA and all other applicable laws, except where the failure to do so could provided that such amendment does not reasonably be expected to have constitute a Material Adverse EffectChange with respect to such Canadian Loan Party.
(ic) For each The Canadian Loan Parties will cause all reports and disclosures required by any Canadian Pension Plan hereafter adopted by or the applicable Canadian Borrower or any of its Subsidiaries which is required Employee Benefits Legislation to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, filed and distributed as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effectrequired.
(iid) For each existing and hereafter adopted Each applicable Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, Loan Party shall in a timely fashion perform in all material respects all obligations (including fiduciary(if applicable), funding, investment and administration obligations) required to be performed by such Canadian Loan Party in connection with such plan any applicable Canadian Pension Plan and Canadian Employee Plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Borrower ; make and each Subsidiary of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiarypay all current service and, as applicable, with special payments relating to solvency deficiencies under any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan and pay all premiums required to be made or paid by it in accordance with the terms of such Borrower each applicable Canadian Employee Plan and the Canadian Employee Benefits Legislation and withhold by way of authorized payroll deductions or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any otherwise collect and pay into the applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably all employee contributions required to be expected to have an adverse effect on a Credit Party withheld or collected by it in accordance with the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; and notification within 30 days terms of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing applicable Canadian Pension Plan or Canadian Employee Plan and the Canadian Employee Benefits Legislation; and ensure that, to the extent that such Canadian Loan Party sponsors or is required to contribute to any Canadian Defined Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any that such plan to is fully funded, both on an ongoing basis and on a solvency basis (using actuarial methods and assumptions which such Credit Party was not previously contributingare consistent with the actuarial valuations last filed with the applicable Governmental Authorities and which are consistent with GAAP).
Appears in 2 contracts
Samples: Credit Agreement (MDC Partners Inc), Credit Agreement (MDC Partners Inc)
Canadian Pension and Benefit Plans. (a) For each existing Canadian Pension Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ib) For each Canadian Pension Plan hereafter adopted by any Canadian Borrower or any of its Subsidiaries which Borrowing Base Guarantor that is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iic) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall in a timely fashion perform in all material respects all statutory obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiid) Subject to any applicable privacy laws, each Borrower and each Subsidiary of such Borrower Each Canadian Borrowing Base Guarantor shall deliver to Canadian Agent, Agent if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, Canadian Borrowing Base Guarantor with any applicable governmental authority, (i) copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
Canadian Borrowing Base Guarantor; (ivii) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party such Canadian Borrowing Base Guarantor may receive from any applicable Governmental Authority governmental authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralBorrowing Base Guarantor; and (iii) notification within 30 thirty (30) days of any increases having a cost to any Credit Party such Canadian Borrowing Base Guarantor in excess of $250,000 Cdn.$250,000 per annum or the Dollar Equivalent thereofannum, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party Canadian Borrowing Base Guarantor was not previously contributing.
Appears in 2 contracts
Samples: Credit Agreement (Milacron Inc), Senior Secured, Super Priority Debtor in Possession Credit Agreement (Milacron Inc)
Canadian Pension and Benefit Plans. For (a) The Canadian Loan Parties will cause to be delivered to Agent, promptly upon Agent's written request, acting reasonably, a copy of each existing Canadian Employee Plan and of any Canadian Pension Plan, and, if applicable, related trust agreements or other funding instruments and all amendments thereto.
(b) The Canadian Loan Parties shall administer the Canadian Employee Plans and any Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with their terms and with applicable law, including Canadian Employee Benefits Legislation, provided that any Canadian Loan Party may amend a Canadian Employee Plan or any Canadian Pension Plan as permitted under the terms of such plan and applicable pension plan textlaw, funding agreement, the ITA and all other applicable laws, except where the failure to do so could provided that such amendment does not reasonably be expected to have constitute a Material Adverse EffectChange with respect to such Canadian Loan Party.
(ic) For each The Canadian Loan Parties will cause all reports and disclosures required by any Canadian Pension Plan hereafter adopted by or the applicable Canadian Borrower or any of its Subsidiaries which is required Employee Benefits Legislation to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, filed and distributed as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effectrequired.
(iid) For each existing and hereafter adopted Each applicable Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, Loan Party shall in a timely fashion perform in all material respects all obligations (including fiduciary(if applicable), funding, investment and administration obligations) required to be performed by such Canadian Loan Party in connection with such plan any applicable Canadian Pension Plan and Canadian Employee Plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Borrower ; make and each Subsidiary of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiarypay all current service and, as applicable, with special payments relating to solvency deficiencies under any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan and pay all premiums required to be made or paid by it in accordance with the terms of such Borrower each applicable Canadian Employee Plan and the Canadian Employee Benefits Legislation and withhold by way of authorized payroll deductions or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver otherwise collect and pay into the applicable Canadian Pension Plan all employee contributions required to Canadian Agent promptly after receipt thereof, a copy be withheld or collected by it in accordance with the terms of any directionapplicable Canadian Pension Plan or Canadian Employee Plan and the Canadian Employee Benefits Legislation; and ensure that, order, notice, ruling or opinion to the extent that any Credit such Canadian Loan Party may receive from any applicable Governmental Authority with respect to has any Canadian Pension Plan which could reasonably be expected to have is a defined benefit pension plan, that such plan is fully funded, both on an adverse effect ongoing basis and on a Credit Party or solvency basis (using actuarial methods and assumptions which are consistent with the interests of Canadian Agent or actuarial valuations last filed with the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; applicable Governmental Authorities and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party was not previously contributingare consistent with GAAP).
Appears in 2 contracts
Samples: Credit Agreement (MDC Partners Inc), Credit Agreement (MDC Partners Inc)
Canadian Pension and Benefit Plans. (a) For each existing Canadian Pension Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ib) For each Canadian Pension Plan hereafter adopted by any Canadian Borrower or any of its Subsidiaries which Borrowing Base Guarantor that is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iic) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall in a timely fashion perform in all material respects all statutory obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.. LEGAL_US_E # 82813718.8
(iiid) Subject to any applicable privacy laws, each Borrower and each Subsidiary of such Borrower Each Canadian Borrowing Base Guarantor shall deliver to Canadian Agent, Agent if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, Canadian Borrowing Base Guarantor with any applicable governmental authority, (i) copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
Canadian Borrowing Base Guarantor; (ivii) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party such Canadian Borrowing Base Guarantor may receive from any applicable Governmental Authority governmental authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralBorrowing Base Guarantor; and (iii) notification within 30 thirty (30) days of any increases having a cost to any Credit Party such Canadian Borrowing Base Guarantor in excess of $250,000 Cdn.$250,000 per annum or the Dollar Equivalent thereofannum, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party Canadian Borrowing Base Guarantor was not previously contributing.
Appears in 1 contract
Samples: Senior Secured, Super Priority Debtor in Possession Credit Agreement (Milacron Inc)
Canadian Pension and Benefit Plans. (i) For each existing Canadian Pension Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) For each Canadian Pension Plan hereafter adopted by any Canadian Borrower or any of its Subsidiaries which Borrowing Base Guarantor that is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiiii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall in a timely fashion perform in all material respects all statutory obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiiiv) Subject to any applicable privacy laws, each Borrower and each Subsidiary of such Borrower Each Canadian Borrowing Base Guarantor shall deliver to Canadian Agent, the Administrative Agent if requested by Canadian the Administrative Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, Canadian Borrowing Base Guarantor with any applicable governmental authority, (i) copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
Canadian Borrowing Base Guarantor; (ivii) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party such Canadian Borrowing Base Guarantor may receive from any applicable Governmental Authority governmental authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralBorrowing Base Guarantor; and (iii) notification within 30 days of any increases having a cost to any Credit Party such Canadian Borrowing Base Guarantor in excess of $250,000 Cdn.$250,000 per annum or the Dollar Equivalent thereofannum, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party Canadian Borrowing Base Guarantor was not previously contributing.
Appears in 1 contract
Samples: Financing Agreement (Milacron Inc)
Canadian Pension and Benefit Plans. For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(i) For each Canadian Pension Plan hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Each Borrower and each Subsidiary of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, with any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralPlan; and notification within 30 days of any increases having a cost to any Credit Party in excess of [$250,000 250,000] per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party was not previously contributing.
Appears in 1 contract
Samples: Credit Agreement (Uap Holding Corp)
Canadian Pension and Benefit Plans. (a) For each existing Canadian Pension Plan of Canadian Borrower or any of its SubsidiariesPlan, Canadian Borrower or Subsidiary, as applicable, Westcon Canada shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ib) For each Canadian Pension Plan hereafter adopted by Canadian Borrower or any of its Subsidiaries Westcon Canada which is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, Westcon Canada shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Government Authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iic) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its SubsidiariesPlan, Canadian Borrower or Subsidiary, as applicable, Westcon Canada shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiid) Subject to any applicable privacy laws, each Borrower and each Subsidiary of such Borrower Westcon Canada shall deliver to Canadian Agent, Collateral Agent if requested by Canadian Collateral Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, Westcon Canada with any applicable governmental authorityGovernment Authority, (i) copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
Plan; (ivii) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party Westcon Canada may receive from any applicable Governmental Government Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralPlan; and (iii) notification within 30 days of any increases having a cost to any Credit Party Westcon Canada in excess of $250,000 50,000 per annum or the Dollar Equivalent thereofannum, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party Westcon Canada was not previously contributing.
Appears in 1 contract
Samples: Credit Agreement (Westcon Group Inc)
Canadian Pension and Benefit Plans. For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ia) For each Canadian Pension Plan existing, or hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA or any other applicable lawsadopted, that Canadian Borrower or Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its SubsidiariesPlan, Canadian Borrower or Subsidiary, as applicable, shall comply in a timely fashion with and perform in all material respects all of its obligations (including fiduciary, funding, investment and administration obligations) required to be performed under and in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Borrower and each Subsidiary respect of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, with any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, including under any funding agreements, any applicable collective bargaining agreement and all laws (including the Canadian Pension Regulations).
(b) For each existing, or the establishment hereafter adopted, registered Canadian Pension Plan, ensure that such plan retains its registered status under applicable laws.
(c) Remit or pay all employer and employee payments, contributions (“normal cost”, “special payments” and any other payments in respect of any new funding deficiencies or shortfalls) or premiums required to be remitted, paid to or in respect of each Canadian Pension Plan or Canadian Benefit Plan and ensure all other amounts that are due to the pension fund of a Canadian Pension Plan from the Canadian Subsidiaries of AbitibiBowater have been paid or remitted in a timely fashion in accordance with the terms thereof, any funding agreements, any applicable collective bargaining agreement and all laws (including the Canadian Pension Regulations).
(d) Furnish to the Administrative Agent (i) upon request by the Administrative Agent, copies of each annual information return, actuarial and other reports (including applicable schedules), pension plan financial statements and any applications for regulatory approval of asset withdrawals or commuted value transfers with respect to each registered Canadian Pension Plan or any fund maintained in respect thereof, unless such requirement is waived by the Administrative Agent; (ii) promptly after becoming aware of any failure to withhold, make, remit or pay any employee or employer payments, contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls) or premiums to a Canadian Pension Plan or Canadian Benefit Plan on a timely basis or the occurrence of or forthcoming occurrence of any event which could reasonably be expected to result in the partial or full termination of any Canadian Pension Plan, written notice thereof, together with an explanation of the actions taken or proposed to be taken by the commencement applicable Canadian Subsidiary of contributions AbitibiBowater relating thereto; and (iii) upon request by the Administrative Agent, copies of any notifications or remittances or similar documents prepared and delivered to the trustee or custodian of any such plan registered Canadian Pension Plan pursuant to which such Credit Party was not previously contributingsection 56.1 of the Pension Benefits Act (Ontario) or similar legislation in another applicable jurisdiction in Canada.
(e) Comply in all material respects with all covenants, responsibilities and other obligations imposed on AbitibiBowater and each of its Subsidiaries under the Government Pension Agreements.
Appears in 1 contract
Canadian Pension and Benefit Plans. For (a) Canadian Opco will cause to be delivered to Agent, promptly upon Agent’s written request, a copy of each existing Canadian Pension Plan of and Canadian Borrower or any of its SubsidiariesEmployee Plan and, Canadian Borrower or Subsidiary, as if applicable, related trust agreements or other funding instruments and all amendments thereto.
(b) Canadian Opco shall obtain and provide Agent, upon its request, with written confirmation from the applicable Governmental Authorities for each Canadian Pension Plan or Canadian Employee Plan that is required to be registered with any Governmental Authority under Canadian Employee Benefits Legislation. Canadian Opco shall ensure that such plan each Canadian Pension Plan or Canadian Employee Plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the terms of the applicable pension plan Canadian Pension Plan text, funding agreement, the ITA agreement and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse EffectCanadian Employee Benefits Legislation.
(ic) For each Canadian Opco will cause all reports and disclosures required by any Canadian Pension Plan hereafter adopted by or applicable Canadian Borrower or any of its Subsidiaries which is required Employee Benefits Legislation to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, filed and distributed as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effectrequired.
(iid) For each existing and hereafter adopted Each applicable Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, Loan Party shall in a timely fashion perform in all material respects all obligations (including fiduciary(if applicable), funding, investment and administration obligations) required to be performed by such Canadian Loan Party in connection with such plan each applicable Canadian Pension Plan and Canadian Employee Plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Borrower ; make and each Subsidiary of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiarypay all current service and, as applicable, with any special payments relating to solvency deficiencies under each applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan and pay all premiums required to be made or paid by it in accordance with the terms of such Borrower each applicable Canadian Employee Plan and Canadian Employee Benefits Legislation and withhold by way of authorized payroll deductions or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any otherwise collect and pay into the applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, Employee Plan all employee contributions required to be withheld or collected by it in accordance with the establishment terms of any new each applicable Canadian Pension Plan or Canadian Benefit Employee Plan, or and Canadian Employee Benefits Legislation; and ensure that, to the commencement of contributions to any extent that such Canadian Loan Party has a Canadian Pension Plan which is a defined benefit pension plan, that such plan to is fully funded, both on an ongoing basis and on a solvency basis (using actuarial methods and assumptions which such Credit Party was not previously contributingare consistent with the actuarial valuations last filed with the applicable Governmental Authorities and which are consistent with Canadian actuarial standards for pension plan funding valuations.
Appears in 1 contract
Samples: Senior Term Loan Credit Agreement (Bumble Bee Capital Corp.)
Canadian Pension and Benefit Plans. For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ia) For each Canadian Pension Plan existing, or hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA or any other applicable lawsadopted, that Canadian Borrower or Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities to the effect that such plan is registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its SubsidiariesPlan, Canadian Borrower or Subsidiary, as applicable, shall comply in a timely fashion with and perform in all material respects all of its obligations (including fiduciary, funding, investment and administration obligations) required to be performed under and in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Borrower and each Subsidiary respect of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, with any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, including under any funding agreements, any applicable collective bargaining agreement and all laws (including the Canadian Pension Regulations).
(b) For each existing, or the establishment hereafter adopted, registered Canadian Pension Plan, ensure that such plan retains its registered status under applicable laws.
(c) Remit or pay all employer and employee payments, contributions (“normal cost”, “special payments” and any other payments in respect of any new funding deficiencies or shortfalls) or premiums required to be remitted, paid to or in respect of each Canadian Pension Plan or Canadian Benefit Plan and ensure all other amounts that are due to the pension fund of a Canadian Pension Plan from the Canadian Subsidiaries of AbitibiBowaterResolute have been paid or remitted in a timely fashion in accordance with the terms thereof, any funding agreements, any applicable collective bargaining agreement and all laws (including the Canadian Pension Regulations).
(d) Furnish to the Administrative Agent (i) copies of (x) the final plan texts and funding agreements for the Canadian Pension Plans which are target benefit pension plans, (y) each annual information return and actuarial report (including applicable schedules) filed with the applicable Governmental Authorities with respect to its Canadian Pension Plans and (z) any amendments to the Government Pension Agreements, the Ontario Pension Regulations or the Quebec Pension Regulations, (ii) upon request by the Administrative Agent, copies of pension plan financial statements, status of any negotiations with any Governmental Authority relating to compliance with the Government Pension Agreements, the Ontario Pension Regulations or the Quebec Pension Regulations (and any material correspondence relating thereto) and any applications for regulatory approval of asset withdrawals or commuted value transfers with respect to each registered Canadian Pension Plan or any fund maintained in respect thereof; (iii) promptly after becoming aware of any failure to withhold, make, remit or pay any employee or employer payments, contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls) or premiums to a Canadian Pension Plan or Canadian Benefit Plan on a timely basis or any decision or written notice of a Governmental Authority ordering, proposing to order or indicating an intention to order the partial or full termination of any Canadian Pension Plan or the occurrence of or forthcoming occurrence of any event which could reasonably be expected to result in the partial or full termination of any Canadian Pension Plan, written notice thereof, together with an explanation of the actions taken or proposed to be taken by the commencement applicable Canadian Subsidiary of contributions AbitibiBowaterResolute relating thereto; and (iv) copies of any notifications or remittances or similar documents prepared and delivered to the trustee or custodian of any such plan registered Canadian Pension Plan pursuant to which such Credit Party was not previously contributingsection 56.1 of the Pension Benefits Act (Ontario) or similar legislation in another applicable jurisdiction in Canada.
(e) Comply in all material respects with all covenants, responsibilities and other obligations imposed on AbitibiBowaterResolute and each of its Subsidiaries under the Government Pension Agreements.
Appears in 1 contract
Canadian Pension and Benefit Plans. For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(i) For each Canadian Pension Plan hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or Subsidiary, as applicable, shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Each Borrower and each Subsidiary of such Borrower shall deliver to Canadian Agent, if requested by Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, with any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralPlan; and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party was not previously contributing.
Appears in 1 contract
Canadian Pension and Benefit Plans. (i) For each existing Canadian Pension Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) For each Canadian Pension Plan hereafter adopted by any Canadian Borrower or any of its Subsidiaries which Borrowing Base Guarantor that is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiiii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of any Canadian Borrower or any of its SubsidiariesBorrowing Base Guarantor, such Canadian Borrower or Subsidiary, as applicable, Borrowing Base Guarantor shall in a timely fashion perform in all material respects all statutory obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiiiv) Subject to any applicable privacy laws, each Borrower and each Subsidiary of such Borrower Each Canadian Borrowing Base Guarantor shall deliver to Canadian Agent, the Administrative Agent if requested by Canadian the Administrative Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, Canadian Borrowing Base Guarantor with any applicable governmental authority, (i) copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
Canadian Borrowing Base Guarantor; (ivii) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party such Canadian Borrowing Base Guarantor may receive from any applicable Governmental Authority governmental authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralBorrowing Base Guarantor; and (iii) notification within 30 days of any increases having a cost to any Credit Party such Canadian Borrowing Base Guarantor in excess of $250,000 Cdn.$250,000 per annum or the Dollar Equivalent thereofannum, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party Canadian Borrowing Base Guarantor was not previously contributing.
Appears in 1 contract
Samples: Financing Agreement (Milacron Inc)
Canadian Pension and Benefit Plans. For each existing Canadian Pension Plan of Canadian any Borrower or any of its Subsidiaries, Canadian such Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ia) For each Canadian Pension Plan hereafter adopted by Canadian any Borrower or any of its Subsidiaries which is required to be registered under the ITA or any other applicable laws, that Canadian Borrower or Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iib) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian any Borrower or any of its Subsidiaries, Canadian such Borrower or Subsidiary, as applicable, shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiic) Subject to any applicable privacy laws, each Each Borrower and each Subsidiary of such Borrower shall deliver to Agent and Canadian Agent, if requested by Agent or Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, with any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party was not previously contributing.
Appears in 1 contract
Canadian Pension and Benefit Plans. (a) For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or such Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA Income Tax Act (Canada) and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ib) For each Canadian Pension Plan hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA Income Tax Act (Canada) or any other applicable laws, that the Canadian Borrower or such Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is unconditionally registered under the ITA Income Tax Act (Canada) and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iic) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian Borrower or such Subsidiary, as applicable, shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iiid) Subject to any applicable privacy laws, each Canadian Borrower and each Subsidiary of such Canadian Borrower shall deliver to Administrative Agent and Canadian Agent, if requested by Administrative Agent or Canadian Agent, promptly after the filing thereof by such Canadian Borrower or such Subsidiary, as applicable, with any applicable governmental authority, (i) copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Canadian Borrower or such Subsidiary, as applicable.
; (ivii) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party Canadian Borrower or such Subsidiary, as applicable, may receive from any applicable Governmental Authority governmental authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent Borrower or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the CollateralSubsidiary, as applicable; and (iii) notification within 30 days of any increases having a cost to any Credit Party Canadian Borrower or such Subsidiary, as applicable, in excess of $250,000 500,000 per annum or the Dollar Equivalent thereofannum, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which Canadian Borrower or such Credit Party Subsidiary, as applicable, was not previously contributing.
Appears in 1 contract
Canadian Pension and Benefit Plans. For each existing Canadian Pension Plan of Canadian Borrower or any of its Subsidiaries, Canadian such Borrower or Subsidiary, as applicable, shall ensure that such plan retains its registered status under and is administered in a timely manner in all material respects in accordance with the applicable pension plan text, funding agreement, the ITA and all other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(i) For each Canadian Pension Plan hereafter adopted by Canadian Borrower or any of its Subsidiaries which is required to be registered under the ITA or any other applicable laws, that Canadian such Borrower or Subsidiary, as applicable, shall use its best efforts to seek and receive confirmation in writing from the applicable Governmental Authorities governmental authorities to the effect that such plan is unconditionally registered under the ITA and such other applicable laws, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(ii) For each existing and hereafter adopted Canadian Pension Plan and Canadian Benefit Plan of Canadian Borrower or any of its Subsidiaries, Canadian such Borrower or Subsidiary, as applicable, shall in a timely fashion perform in all material respects all obligations (including fiduciary, funding, investment and administration obligations) required to be performed in connection with such plan and the funding media therefor, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
(iii) Subject to any applicable privacy laws, each Canadian Borrower and each Subsidiary of such Borrower shall deliver to Canadian Administrative Agent, if requested by Administrative Agent or Canadian Agent, promptly after the filing thereof by such Borrower or Subsidiary, as applicable, with any applicable governmental authority, copies of each annual and other return, report or valuation with respect to each Canadian Pension Plan of such Borrower or Subsidiary, as applicable.
(iv) Each Credit Party shall deliver to Canadian Agent promptly after receipt thereof, a copy of any direction, order, notice, ruling or opinion that any Credit Party may receive from any applicable Governmental Authority with respect to any Canadian Pension Plan which could reasonably be expected to have an adverse effect on a Credit Party or the interests of Canadian Agent or the Lenders in the Obligations of such Credit Party or the Collateral or the priority of Canadian Agent’s Lien on the Collateral; and notification within 30 days of any increases having a cost to any Credit Party in excess of $250,000 per annum or the Dollar Equivalent thereof, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the commencement of contributions to any such plan to which such Credit Party was not previously contributing.
Appears in 1 contract