Common use of Compliance with ERISA and the IRC Clause in Contracts

Compliance with ERISA and the IRC. In addition to and without limiting the generality of Section 5.8, (a) except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change, (i) comply with all applicable provisions of ERISA, the IRC and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (ii) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan, (iii) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the IRC, and (iv) operate each Employee Benefit Plan in such a manner that will not incur any tax liability under Section 4980B of the IRC or any liability to any qualified beneficiary as defined in Section 4980B of the IRC, and (b) furnish to Agent upon its request such additional information about any Employee Benefit Plan as may be reasonably requested by Agent.

Appears in 2 contracts

Samples: Credit Agreement (AdvancePierre Foods Holdings, Inc.), Credit Agreement (AdvancePierre Foods Holdings, Inc.)

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Compliance with ERISA and the IRC. In addition to and without limiting the generality of Section 5.8, (a) except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change, (i) comply with all material applicable provisions of ERISA, the IRC and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (iib) without the prior written consent of Agent, not take any action or fail to take action the result of which could reasonably be expected to result in a material liability to the PBGC or to a Multiemployer Plan, (iiic) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the IRC, other than any prohibited transaction that could not reasonably be expected to result in liability other than de minimis liability and (ivd) operate each Employee Benefit Plan in such a manner that will not incur any material tax liability under Section 4980B of the IRC or any material liability to any qualified beneficiary as defined in Section 4980B of the IRC, IRC and (be) furnish to Agent upon its Agent’s request such additional information about any Employee Benefit Plan as may be reasonably requested by Agent.

Appears in 1 contract

Samples: Senior Term Loan Credit Agreement (Bumble Bee Capital Corp.)

Compliance with ERISA and the IRC. In addition to and without limiting the generality of Section 5.8, (a) except where the failure to do so could not, individually or comply in the aggregate, reasonably be expected to result in a Material Adverse Change, (i) comply all material respects with all applicable provisions of ERISA, the IRC and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (iib) without the prior written consent of Agent and the Required Lenders, not take any action or fail to take action the result of which could reasonably be expected to result in a material liability to the PBGC or to a Multiemployer PlanPlan (other than claims for benefits, contributions or premiums payable in the ordinary course), (iiic) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the IRC, other than any prohibited transaction that could not reasonably be expected to result in liability other than de minimis liability, and (ivd) operate each Employee Benefit Plan in such a manner that will not incur any material tax liability under Section 4980B of the IRC or any liability to any qualified beneficiary as defined in Section 4980B of the IRC, and (be) furnish to Agent upon its Agent’s written request such additional information about any Employee Benefit Plan for which Parent or any Subsidiary, or ERISA Affiliate could reasonably expect to incur any material liability as may be reasonably requested by Agent.

Appears in 1 contract

Samples: Credit Agreement (K Swiss Inc)

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Compliance with ERISA and the IRC. In addition to and without limiting the generality of Section 5.8, (a) except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change, (i) comply with all material applicable provisions of ERISA, the IRC and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (iib) without the prior written consent of U.S. Agent, not take any action or fail to take action the result of which could reasonably be expected to result in a material liability to the PBGC or to a Multiemployer Plan, (iiic) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the IRC, other than any prohibited transaction that could not reasonably be expected to result in liability other than de minimis liability and (ivd) operate each Employee Benefit Plan in such a manner that will not incur any material tax liability under Section 4980B of the IRC or any material liability to any qualified beneficiary as defined in Section 4980B of the IRC, IRC and (be) furnish to the U.S. Agent upon its the U.S. Agent’s request such additional information about any Employee Benefit Plan as may be reasonably requested by the U.S. Agent.

Appears in 1 contract

Samples: Senior Revolving Credit Agreement (Bumble Bee Capital Corp.)

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