Common use of Canadian Pension Plans and Canadian Benefit Plans Clause in Contracts

Canadian Pension Plans and Canadian Benefit Plans. As of the Closing Date, no Credit Party (i) sponsors, maintains or contributes to, or has ever sponsored, maintained or contributed to, any Canadian Pension Plan, or (ii) maintains or has any obligation to establish or contribute to any “retirement compensation arrangement”, as defined in subsection 248(1) of the Income Tax Act (Canada). Except as could not reasonably be expected to have a Material Adverse Effect (i) each Canadian Pension Plan and each Canadian Benefit Plan, to the reasonable knowledge of the Borrowers, is in compliance in all material respects with applicable laws and its terms, (ii) there are no pending or, to the knowledge of any Credit Party, threatened material claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted or instituted against any Canadian Pension Plan or Canadian Benefit Plan or any Person as fiduciary or sponsor of any Canadian Pension Plan or Canadian Benefit Plan. All material payments, contributions and premiums required to be paid or remitted to or under any Canadian Pension Plan have been made in a timely manner.