Canadian Pension Plan. Any event or condition shall occur or exist with respect to a Canadian Pension Plan that would reasonably be expected to subject any Canadian Loan Party to any tax, penalty or other liabilities under the Pension Benefits Act (Ontario) or any other applicable pension benefits standards legislation or other applicable Laws, or if a Canadian Loan Party is in default with respect to required payments to a Canadian Pension Plan or any Lien arises on the assets of a Canadian Loan Party (save for contribution amounts not yet due) in connection with any Canadian Pension Plan, where any of the foregoing events, conditions, defaults or Liens would reasonably be expected to result in a Material Adverse Effect.
Canadian Pension Plan. Except with the written consent of the Required Lenders: (i) establish, maintain, administer, sponsor, contribute to, participate in or assume or incur any liability in respect of any new defined benefit Canadian Pension Plan, or acquire an interest in any Person if such Person sponsors, administers, contributes to, participates in or has any liability in respect of, any defined benefit Canadian Pension Plan; (ii) permit its Canadian unfunded pension fund and other employee benefit plan obligations and liabilities to remain unfunded other than in accordance with applicable law; or (iii) terminate or wind-up any defined benefit Canadian Pension Plan.
Canadian Pension Plan. Any event or condition shall occur or exist with respect to a Canadian Pension Plan that could reasonably be expected to subject any Canadian Loan Party to any tax, penalty or other liabilities under the Supplemental Pension Plans Act (Quebec) and the Pension Benefits Act (Ontario) or any other applicable Laws, or if a Canadian Loan Party is in default with respect to required payments to a Canadian Pension Plan or any Lien arises (save for contribution amounts not yet due) in connection with any Canadian Pension Plan, and which could reasonably be expected to result in a Material Adverse Effect.
Canadian Pension Plan. No Loan Party maintains, administers, contributes to, participates in or has any liability in respect of any Canadian Pension Plan.
Canadian Pension Plan a “registered pension plan,” as defined in the Income Tax Act (Canada) and any other pension plan maintained or contributed to by, or to which there is or may be an obligation to contribute by, any Obligor in respect of its Canadian employees or former employees, excluding, for greater certainty, a Canadian Multi-Employer Plan.
Canadian Pension Plan. (i) Any Borrower or any of its Subsidiaries shall, directly or indirectly, 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 liability of the Borrower and its Subsidiaries in an aggregate amount exceeding (A) $25,000,000 in any year or (B) $50,000,000 for all periods; or (ii) any event or condition exists in respect of any Canadian Pension Plan which presents the risk of liability of such Borrower or any of its Subsidiaries which could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding (A) $25,000,000 in any year or (B) $50,000,000 for all periods. In addition to and cumulative of any rights or remedies expressly provided for in this Article XI, if any one or more Events of Default shall have occurred and be continuing, the Administrative Agent shall at the request, and may with the consent, of the Majority Lenders proceed to protect and enforce the rights of the Lenders and of the Issuing Banks under the Loan Documents in any manner or order the Administrative Agent deems appropriate, without regard to any equitable principles of marshalling or otherwise. In addition to all other rights hereunder or under applicable Law, if any one or more Events of Default shall have occurred and be continuing, the Administrative Agent shall at the request, and may with the consent, of the Majority Lenders institute proceedings in equity or other appropriate proceedings for the specific performance of any covenant or agreement made in any of the Loan Documents or for an injunction against the violation of any of the terms of any of the Loan Documents or in aid of the exercise of any power granted in any of the Loan Documents or by Law or otherwise. Further, to the extent permitted under Law, the Administrative Agent shall be entitled to the appointment of a trustee or receiver for all or any part of the businesses of the Borrower or any of its Subsidiaries, which trustee or receiver shall have such powers as may be conferred by the appointing authority.
Canadian Pension Plan. Neither the Servicer nor the Borrower is subject to any Canadian Pension Plan.
Canadian Pension Plan. (A) In accordance with Section 5.8(l)(iii), the Buyers shall assume the pension plan sponsored and maintained by Ingersoll-Rand Canada, Inc. for all of its current and fxxxxx xxxxxxxxs represented by Canadian Auto Workers Local 956, and all Liabilities, rights and obligations thereunder and assets thereof (the "Canadian Pension Plan"). In connection with the Sellers' assignment and Buyers' assumption of the Canadian Pension Plan, the Sellers and the Buyers each agree to prepare and file all necessary resolutions as amendments to the plan with the appropriate Government Authorities, and shall provide such notice as may be required to the participants of such plan in respect of such assignment and assumption.
(B) In the event that the projected benefit obligation (as calculated and adjusted by the Sellers' designated actuarial firm (the "Sellers' Actuary") in accordance with the actuarial methods and assumptions as in effect for the valuation period ending December 31, 2002) under the Canadian Pension Plan exceeds the fair market value of the assets of the Canadian Pension Plan (in each case as of the Closing Date), the Sellers shall transfer an amount, in cash, equal to any such excess directly to the Canadian Pension Plan. Notwithstanding the foregoing, in the event the Sellers are not permitted by Law or by the Canadian Pension Plan to transfer such excess amount directly to the Canadian Pension Plan, the Sellers shall pay such excess to the Buyers, who shall promptly transfer such excess in full to the Canadian Pension Plan.
Canadian Pension Plan. (i) Effective as of the Closing Date, each Continued Employee who participated in the Pension Plan for Employees of Rockwell Automation Canada Inc. (the “Rockwell Canadian Salaried Pension Plan”) will cease to accrue benefits under the Rockwell Canadian Salaried Pension Plan and will have a fully nonforfeitable right to such Continued Employee’s benefit payable at normal retirement age under the Rockwell Canadian Salaried Pension Plan accrued as of the Closing Date; provided, however, that no provision in this Agreement shall be construed to provide any Continued Employee credit for purposes of determining eligibility for an early retirement or disability pension under the Rockwell Canadian Salaried Pension Plan, except as required by applicable law or as Seller or any of its Affiliates may otherwise determine in its sole discretion. None of the Buyer or its Affiliates (including the Acquired Companies), any retirement plan of Buyer (or any trust or other funding medium thereunder) will have or acquire any interest in or right with respect to any of the assets of the Rockwell Canadian Salaried Pension Plan (or any trust or other funding medium thereunder), and Seller and its Affiliates will retain full power and authority with respect to the amendment and termination of the Rockwell Canadian Salaried Pension Plan and the investment and disposition of assets held in the Rockwell Canadian Salaried Pension Plan (and any trust or other funding medium thereunder). From and after the Closing Date, none of the Seller or its Affiliates, the Rockwell Canadian Salaried Pension Plan (or any trust or other funding medium thereunder) will have any Liabilities with respect to the benefits and entitlements of Continued Employees under the Rockwell Canadian Salaried Pension Plan, except with respect to benefits accrued and vested under the Rockwell Canadian Salaried Pension Plan as of the Closing Date, which will be retained by the Rockwell Canadian Salaried Pension Plan. Notwithstanding anything contained herein to the contrary, no provision of this Agreement shall be construed to provide any Continued Employee with credit for service with Buyer or its Affiliates (including the Acquired Companies) after the Closing Date for any purpose under the Rockwell Canadian Salaried Pension Plan.
(ii) Effective as of the Closing Date, Buyer will establish or amend, or will cause the establishment or amendment of, and as soon as practicable (but in no event later than 120 days) foll...
Canadian Pension Plan. A Canadian Pension Plan Event shall have occurred that, either individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect;.
