Common use of Employee Benefits; Employees Clause in Contracts

Employee Benefits; Employees. All employee benefit plans maintained or contributed to by New Century are set forth on Schedule 2.17 attached hereto. Except as set forth on Schedule 2.17: (a) To the extent applicable, all such employee benefit plans are, and have been at all times since their establishment, qualified for federal income tax purposes under Internal Revenue Code Section 401(a) and the related trusts are, and have been at all times since their establishment, exempt from federal income tax under Internal Revenue Code Section 501(a). All such employee benefit plans are in compliance in all material respects with all applicable provisions of ERISA, including, but not limited to, the applicable reporting and disclosure requirements, as they relate to such plans, and New Century is not subject to any liabilities based on past non-compliance, if any except to the extent such liabilities would not have a material adverse effect on New Century. (b) New Century has made all required contributions under each employee benefit plan listed on Schedule 2.17 for all periods through and including the fiscal year ended December 31, 2000, and has made all required contributions for subsequent periods or has provided adequate accruals therefor in New Century Financial Statements, except to the extent the failure to make such contributions or accruals would not have a material adverse effect on new century. (c) There are no collective bargaining agreements applicable to any persons employed by New Century, and to the knowledge of New Century, New Century has no duty to bargain with any labor organization with respect to any such person. There are not pending any unfair labor practice charges against New Century, nor is there any demand for recognition, or any other request or demand from a labor organization for representative status with respect to any person employed by New Century. (d) New Century is in substantial compliance with all applicable legal requirements respecting employment conditions and practices, have withheld all amounts required by any applicable legal requirements or contracts to be withheld from the wages or salaries of their employees, and are not liable for any arrears of wages or any taxes or penalties for failure to comply with any of the foregoing, except to the extent the failure to withhold any such amounts would not have a material adverse effect on New Century. (e) New Century has not engaged in any unfair labor practice within the meaning of the National Labor Relations Act and have not violated any legal requirement prohibiting discrimination on the basis of race, color, national origin, sex, religion, age, marital status, or handicap in their employment conditions or practices, except where such violations would not have a material adverse effect on New Century. There is not pending or, to the best of New Century's knowledge, threatened any discrimination complaint relating to race, color, national origin, sex, religion, age, marital status, or handicap against New Century before any regulatory authority.

Employee Benefits; Employees. All employee benefit plans maintained or contributed to by New Century the Company are set forth on Schedule 2.17 3.18 attached hereto. Except as set forth on Schedule 2.173.18: (a) To the extent applicable, all such employee benefit plans are, and have been at all times since their establishment, qualified for federal income tax purposes under Internal Revenue Code Section 401(a) and the related trusts are, and have been at all times since their establishment, exempt from federal income tax under Internal Revenue Code Section 501(a). All such employee benefit plans are in compliance in all material respects with all applicable provisions of ERISA, including, but not limited to, the applicable reporting and disclosure requirements, as they relate to such plans, and New Century the Company is not subject to any liabilities based on past non-compliance, if any except to the extent such liabilities would not have a material adverse effect on New Centurythe Company. (b) New Century The Company has made all required contributions under each employee benefit plan listed on Schedule 2.17 3.18 for all periods through and including the fiscal year ended December 31, 2000, and has made all required contributions for subsequent periods or has provided adequate accruals therefor in New Century the Company Financial Statements, except to the extent the failure to make such contributions or accruals would not have a material adverse effect on new centurythe Company. (c) There are no collective bargaining agreements applicable to any persons employed by New Centurythe Company, and to the knowledge of New Centurythe Company, New Century the Company has no duty to bargain with any labor organization with respect to any such person. There are not pending any unfair labor practice charges against New Centurythe Company, nor is there any demand for recognition, or any other request or demand from a labor organization for representative status with respect to any person employed by New Centurythe Company. (d) New Century The Company is in substantial compliance with all applicable legal requirements respecting employment conditions and practices, have withheld all amounts required by any applicable legal requirements or contracts to be withheld from the wages or salaries of their employees, and are not liable for any arrears of wages or any taxes or penalties for failure to comply with any of the foregoing, except to the extent the failure to withhold any such amounts would not have a material adverse effect on New Centurythe Company. (e) New Century The Company has not engaged in any unfair labor practice within the meaning of the National Labor Relations Act and have not violated any legal requirement prohibiting discrimination on the basis of race, color, national origin, sex, religion, age, marital status, or handicap in their employment conditions or practices, except where such violations would not have a material adverse effect on New Centurythe Company. There is not pending or, to the best of New Centurythe Company's knowledge, threatened any discrimination complaint relating to race, color, national origin, sex, religion, age, marital status, or handicap against New Century the Company before any regulatory authority.

Employee Benefits; Employees. All employee benefit plans maintained or contributed to by New Century the Company are set forth on Schedule 2.17 3.18 attached hereto. Except as set forth on Schedule 2.173.18: (a) To the extent applicable, all such employee benefit plans are, and have been at all times since their establishment, qualified for federal income tax purposes under Internal Revenue Code Section 401(a) and the related trusts are, and have been at all times since their establishment, exempt from federal income tax under Internal Revenue Code Section 501(a). All such employee benefit plans are in compliance in all material respects with all applicable provisions of ERISA, including, but not limited to, the applicable reporting and disclosure requirements, as they relate to such plans, and New Century the Company is not subject to any liabilities based on past non-compliance, if any except to the extent such liabilities would not have a material adverse effect on New Centurythe Company. (b) New Century The Company has made all required contributions under each employee benefit plan listed on Schedule 2.17 3.18 for all periods through and including the fiscal year ended December 31, 2000, and has made all required contributions for subsequent periods or has provided adequate accruals therefor in New Century the Company Financial Statements, except to the extent the failure to make such contributions or accruals would not have a material adverse effect on new centurythe Company. (c) There are no collective bargaining agreements applicable to any persons employed by New Centurythe Company, and to the knowledge of New Centurythe Company, New Century the Company has no duty to bargain with any labor organization with respect to any such person. There are not pending any unfair labor practice charges against New Centurythe Company, nor is there any demand for recognition, or any other request or demand from a labor organization for representative status with respect to any person employed by New Centurythe Company. (d) New Century The Company is in substantial compliance with all applicable legal requirements respecting employment conditions and practices, have withheld all amounts required by any applicable legal requirements or contracts to be withheld from the wages or salaries of their employees, and are not liable for any arrears of wages or any taxes or penalties for failure to comply with any of the foregoing, except to the extent the failure to withhold any such amounts would not have a material adverse effect on New Centurythe Company. (e) New Century The Company has not engaged in any unfair labor practice within the meaning of the National Labor Relations Act and have not violated any legal requirement prohibiting discrimination on the basis of race, color, national origin, sex, religion, age, marital status, or handicap in their employment conditions or practices, except where such violations would not have a material adverse effect on New Centurythe Company. There is not pending or, to the best of New Centurythe Company's knowledge, threatened any discrimination complaint relating to race, color, national origin, sex, religion, age, marital status, or handicap against New Century the Company before any regulatory authority. status, or handicap in their employment conditions or practices, except where such violations would not have a material adverse effect on the Company. There is not pending or, to the best of the Company's knowledge, threatened any discrimination complaint relating to race, color, national origin, sex, religion, age, marital status, or handicap against the Company before any regulatory authority.