ERISA Reporting. The Borrower shall deliver to the Agent as soon as possible, and in any event within 10 Business Days after the Borrower knows that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by the chief financial officer of the Borrower setting forth details respecting such event or condition and the action, if any, that the Borrower or its ERISA Affiliate proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by the Borrower or an ERISA Affiliate with respect to such event or condition): (a) any reportable event, as defined in Section 4043(b) of ERISA and the regulations issued thereunder, with respect to a Plan, as to which PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISA, including, without limitation, the failure to make on or before its due date a required installment under Section 412(m) of the Internal Revenue Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d) of the Internal Revenue Code); and any request for a waiver under Section 412(d) of the Internal Revenue Code for any Plan; (b) the distribution under Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken by the Borrower or an ERISA Affiliate to terminate any Plan; (c) the institution by PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Borrower or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by PBGC with respect to such Multiemployer Plan; (d) the complete or partial withdrawal from a Multiemployer Plan by the Borrower or any ERISA Affiliate that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by the Borrower or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA; (e) the institution of a proceeding by a fiduciary of any Multiemployer Plan against the Borrower or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days; and (f) the adoption of an amendment to any Plan that, pursuant to Section 401 (a)(29) of the Internal Revenue Code or Section 307 of ERISA, would result in the loss of tax-exempt status of the trust of which such Plan is a part if the Borrower or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said Sections.
Appears in 4 contracts
Samples: Credit Agreement (Regency Centers Corp), Credit Agreement (Regency Realty Corp), Credit Agreement (Regency Centers Corp)
ERISA Reporting. The Such Borrower shall deliver to Agent and Lenders, at such Borrower's expense, the Agent following information as and when provided below:
(i) as soon as possible, and in any event within 10 Business Days ten (10) days after the Borrower knows that such Borrower, any of the events its Subsidiaries or conditions specified below with respect any ERISA Affiliate of such Borrower or any of its Subsidiaries knows or has reason to any Plan or Multiemployer Plan know that a Termination Event has occurred or existsoccurred, a written statement signed by the chief financial officer of the an Authorized Officer of such Borrower setting forth details respecting describing such event or condition Termination Event and the action, if any, that the Borrower which such Borrower, such Subsidiary or its such ERISA Affiliate has taken, is taking or proposes to take with respect thereto thereto, and when known, any action taken or threatened by the Internal Revenue Service ("IRS"), the Department of Labor ("DOL") or PBGC with respect thereto;
(ii) as soon as possible, and in any event within thirty (30) days, after such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower knows or has reason to know that a nonexempt prohibited transaction (defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code) has occurred with respect to any Plan, a statement of an Authorized Officer of such Borrower describing such transaction;
(iii) promptly after the filing thereof with the DOL, IRS or PBGC, copies of each annual report, including schedule B thereto, filed with respect to each Benefit Plan;
(iv) promptly after the filing thereof with the IRS, a copy of each funding waiver request filed with respect to any report Benefit Plan and all communications received by such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries with respect to such request;
(v) promptly upon the occurrence thereof, notification of any material increases in the benefits of any existing Benefit Plan or the commencement of contributions in excess of $100,000 per annum to any Plan to which such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries was not previously contributing;
(vi) promptly upon, and in any event within two (2) Business Days after, receipt by such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries of notice of the PBGC's intention to terminate a Benefit Plan or to have a trustee appointed to administer a Benefit Plan or notice required to be filed with or is given to PBGC by the such Borrower or an ERISA Affiliate with respect of such Borrower to terminate any Benefit Plan, which termination could result in a material liability to such event or condition):Borrower, copies of each such notice;
(avii) promptly upon, and in any reportable eventevent within two (2) Business Days after, as defined in Section 4043(b) receipt by such Borrower, any of its Subsidiaries or any ERISA and the regulations issued thereunder, with respect to a Plan, as to which PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence Affiliate of such event (provided that Borrower or any of its Subsidiaries of an unfavorable determination letter from the IRS regarding the qualification of a failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISA, including, without limitation, the failure to make on or before its due date a required installment Plan under Section 412(m) of the Internal Revenue Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d401(a) of the Internal Revenue Code); and any request for a waiver under Section 412(d) , copies of the Internal Revenue Code for any Plansuch letter;
(bviii) the distribution under Section 4041 of ERISA of a notice of intent to terminate promptly upon, and in any Plan or any action taken event within two (2) Business Days after, receipt by the Borrower or an ERISA Affiliate to terminate any Plan;
(c) the institution by PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administersuch Borrower, any Plan, or the receipt by the Borrower of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries of a notice from a Multiemployer Plan that regarding the imposition of material withdrawal liability, copies of such action has been taken by PBGC with respect to such Multiemployer Plan;notice; and
(dix) the complete or partial withdrawal from a Multiemployer Plan by the Borrower or promptly upon, and in any ERISA Affiliate that results in liability under Section 4201 or 4204 event within ten (10) Business Days after, such Borrower, any of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by the Borrower its Subsidiaries or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;
(e) the institution of a proceeding by a fiduciary of any Multiemployer Plan against the such Borrower or any ERISA Affiliate of its Subsidiaries fails to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days; and
make a required installment under Subsection (f) the adoption of an amendment to any Plan that, pursuant to Section 401 (a)(29m) of Section 412 of the Internal Revenue Code or any other payment required under Section 307 412 on or before the due date for such installment or payment, a notification of ERISA, would result in the loss of tax-exempt status of the trust of which such Plan is a part if the Borrower or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said Sectionsfailure.
Appears in 2 contracts
Samples: Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp)
ERISA Reporting. The Borrower shall deliver to the Agent as soon as possibleEach U.S. Loan Party shall:
(i) promptly, and in any event event, within 10 Business Days after the Borrower knows that any U.S. Loan Party or any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed its ERISA Affiliates (A) is notified by the chief financial officer Internal Revenue Service of its liabilities for the tax imposed by Section 4971 of the Borrower setting forth details respecting such event or condition and the action, if any, that the Borrower or its ERISA Affiliate proposes Code for failure to take with respect thereto make required contributions to a Pension Plan; (and a copy of any report or notice required to be filed with or given to PBGC B) is notified by the Borrower Department of Labor or an ERISA Affiliate with respect to such event the Internal Revenue Service that it has or condition):
(a) any reportable event, as defined in may have violated Section 4043(b) 4975 of the Code or Sections 404 or 406 of ERISA and the regulations issued thereunder, with respect to a Plan, as to which ; (C) notifies PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence termination of such event (provided that a failure Pension Plan, if there are or may not be sufficient assets to meet satisfy the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISA, including, without limitation, the failure to make on or before its due date a plan’s benefit liabilities as required installment under Section 412(m) of the Internal Revenue Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d) of the Internal Revenue Code); and any request for a waiver under Section 412(d) of the Internal Revenue Code for any Plan;
(b) the distribution under by Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken ERISA; (D) is notified by the Borrower or an ERISA Affiliate to terminate any Plan;
(c) PBGC of the institution by PBGC of Pension Plan termination proceedings under Section 4042 of ERISA for or that it has a material liability under Section 4063 of ERISA; or (E) is notified that it has withdrawal liability under Section 4202 of ERISA that is material or that a Multi employer Plan is in reorganization or is insolvent, provide copies to the termination ofLender of the notice or other communication given or sent;
(ii) promptly after the filing or receiving thereof, provide copies to the Lender of all reports and notices with respect to any “Reportable Event” as defined in Title IV of ERISA which any U.S. Loan Party files under ERISA with the PBGC; and
(iii) provide immediate notice to the Lender of any failure to make a required contribution to any Pension Plan if such failure is sufficient to give rise to a lien under Section 302(f) of ERISA, or the appointment taking of any action with respect to a trustee Pension Plan which could result in the requirement that any U.S. Loan Party furnish a bond or other security to administer, any the PBGC or such Pension Plan, or the receipt by the Borrower or occurrence of any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by PBGC event with respect to such Multiemployer Plan;
(d) the complete or partial withdrawal from a Multiemployer any Pension Plan by the Borrower or any ERISA Affiliate that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by the Borrower or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;
(e) the institution of a proceeding by a fiduciary of any Multiemployer Plan against the Borrower or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days; and
(f) the adoption of an amendment to any Plan that, pursuant to Section 401 (a)(29) of the Internal Revenue Code or Section 307 of ERISA, would could result in the loss incurrence by any U.S. Loan Party or of tax-exempt status of the trust of which such Plan is a part if the Borrower any material liability, fine or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said Sectionspenalty.
Appears in 2 contracts
Samples: Credit Agreement, Credit Agreement (Accelerize Inc.)
ERISA Reporting. The Borrower shall deliver to the Agent as soon as possiblepromptly, and in any event event, within 10 Business Days thirty days after the Borrower knows that a Responsible Officer becomes aware of any of the events or conditions specified below with respect following, deliver to any Plan or Multiemployer Plan has occurred or exists, the Administrative Agent a statement signed by the chief financial officer of the Borrower written notice setting forth details respecting such event or condition the nature thereof and the action, if any, that the Borrower Borrower, a Guaranteeing Subsidiary or its an ERISA Affiliate proposes to take with respect thereto thereto:
(and a copy of any report or notice required to be filed with or given to PBGC by the Borrower or an ERISA Affiliate i) with respect to such event or condition):
(a) any Pension Plan, any reportable event, as defined in Section 4043(bsection 4043(c) of ERISA and the regulations issued thereunder, with respect to a Plan, as to for which PBGC notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or
(ii) the taking by regulation waived the requirement PBGC of Section 4043(a) of ERISA that it be notified within 30 days steps to institute, or the threatening in writing by the PBGC of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISAinstitution of, including, without limitation, the failure to make on or before its due date a required installment under Section 412(m) of the Internal Revenue Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d) of the Internal Revenue Code); and any request for a waiver under Section 412(d) of the Internal Revenue Code for any Plan;
(b) the distribution under Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken by the Borrower or an ERISA Affiliate to terminate any Plan;
(c) the institution by PBGC of proceedings under Section section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or the receipt by the Borrower Borrower, a Guaranteeing Subsidiary or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan;; or
(diii) any event, transaction or condition that results in the complete or partial withdrawal from a Multiemployer Plan incurrence of any liability by the Borrower Borrower, a Guaranteeing Subsidiary or any ERISA Affiliate that results in liability under Section 4201 pursuant to Title I or 4204 of IV or ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by penalty or excise tax provisions of the Borrower Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Borrower, a Guaranteeing Subsidiary or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 Title I or 4245 IV of ERISA or that it intends such penalty or excise tax provisions, if such reportable event, proceedings, liability or Lien, taken together with any other such reportable events, proceedings, liabilities or Liens then existing, could reasonably be expected to terminate or has terminated under Section 4041A of ERISA;
(e) the institution of have a proceeding by a fiduciary of any Multiemployer Plan against the Borrower or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days; and
(f) the adoption of an amendment to any Plan that, pursuant to Section 401 (a)(29) of the Internal Revenue Code or Section 307 of ERISA, would result in the loss of tax-exempt status of the trust of which such Plan is a part if the Borrower or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said SectionsMaterial Adverse Effect.
Appears in 1 contract
Samples: Loan Agreement (MDS Inc)
ERISA Reporting. The Such Borrower shall deliver to Agent and Lenders, at such Borrower's expense, the Agent following information as and when provided below:
(i) as soon as possible, and in any event within 10 Business Days ten (10) days after the Borrower knows that such Borrower, any of the events its Subsidiaries or conditions specified below with respect any ERISA Affiliate of such Borrower or any of its Subsidiaries knows or has reason to any Plan or Multiemployer Plan know that a Termination Event has occurred or existsoccurred, a written statement signed by the chief financial officer of the an Authorized Officer of such Borrower setting forth details respecting describing such event or condition Termination Event and the action, if any, that the Borrower which such Borrower, such Subsidiary or its such ERISA Affiliate has taken, is taking or proposes to take with respect thereto thereto, and when known, any action taken or threatened by the Internal Revenue Service ("IRS"), the Department of Labor ("DOL") or PBGC with respect thereto;
(ii) as soon as possible, and in any event within thirty (30) days, after such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower knows or has reason to know that a nonexempt prohibited transaction (defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code) has occurred with respect to any Plan, a statement of an Authorized Officer of such Borrower describing such transaction;
(iii) promptly after the filing thereof with the DOL, IRS or PBGC, copies of each annual report, including schedule B thereto, filed with respect to each Benefit Plan; 69
(iv) promptly after the filing thereof with the IRS, a copy of each funding waiver request filed with respect to any report Benefit Plan and all communications received by such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries with respect to such request;
(v) promptly upon the occurrence thereof, notification of any material increases in the benefits of any existing Benefit Plan or the commencement of contributions in excess of $100,000 per annum to any Plan to which such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries was not previously contributing;
(vi) promptly upon, and in any event within two (2) Business Days after, receipt by such Borrower, any of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries of notice of the PBGC's intention to terminate a Benefit Plan or to have a trustee appointed to administer a Benefit Plan or notice required to be filed with or is given to PBGC by the such Borrower or an ERISA Affiliate with respect of such Borrower to terminate any Benefit Plan, which termination could result in a material liability to such event or condition):Borrower, copies of each such notice;
(avii) promptly upon, and in any reportable eventevent within two (2) Business Days after, as defined in Section 4043(b) receipt by such Borrower, any of its Subsidiaries or any ERISA and the regulations issued thereunder, with respect to a Plan, as to which PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence Affiliate of such event (provided that Borrower or any of its Subsidiaries of an unfavorable determination letter from the IRS regarding the qualification of a failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISA, including, without limitation, the failure to make on or before its due date a required installment Plan under Section 412(m) of the Internal Revenue Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d401(a) of the Internal Revenue Code); and any request for a waiver under Section 412(d) , copies of the Internal Revenue Code for any Plansuch letter;
(bviii) the distribution under Section 4041 of ERISA of a notice of intent to terminate promptly upon, and in any Plan or any action taken event within two (2) Business Days after, receipt by the Borrower or an ERISA Affiliate to terminate any Plan;
(c) the institution by PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administersuch Borrower, any Plan, or the receipt by the Borrower of its Subsidiaries or any ERISA Affiliate of such Borrower or any of its Subsidiaries of a notice from a Multiemployer Plan that regarding the imposition of material withdrawal liability, copies of such action has been taken by PBGC with respect to such Multiemployer Plan;notice; and
(dix) the complete or partial withdrawal from a Multiemployer Plan by the Borrower or promptly upon, and in any ERISA Affiliate that results in liability under Section 4201 or 4204 event within ten (10) Business Days after, such Borrower, any of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by the Borrower its Subsidiaries or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;
(e) the institution of a proceeding by a fiduciary of any Multiemployer Plan against the such Borrower or any ERISA Affiliate of its Subsidiaries fails to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days; and
make a required installment under Subsection (f) the adoption of an amendment to any Plan that, pursuant to Section 401 (a)(29m) of Section 412 of the Internal Revenue Code or any other payment required under Section 307 412 on or before the due date for such installment or payment, a notification of ERISA, would result in the loss of tax-exempt status of the trust of which such Plan is a part if the Borrower or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said Sectionsfailure.
Appears in 1 contract
Samples: Loan and Security Agreement (Abc Rail Products Corp)
ERISA Reporting. The Borrower shall deliver to the Agent as As soon as possible, and but in any event within 10 ten --------------- (10) Business Days after the Borrower Company knows or has reason to know that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by the chief a senior financial officer of the Borrower Company setting forth details respecting such event or condition and the action, if any, that the Borrower Company or its ERISA Affiliate proposes to take with respect thereto (and together with a copy of any application, request, report or notice given to or filed with or required to be given to or filed with or given to the PBGC by the Borrower Company or an ERISA Affiliate with respect to such event or condition and, to the extent applicable, a copy of any report, notice, demand or material received from the PBGC or any applicable regulatory authority with respect to such event or condition):
(ai) any "reportable event", as defined in Section 4043(b) of ERISA and the regulations issued thereunder, with respect to a Plan which might constitute grounds for a termination of such Plan under Title IV or ERISA or other action by the PBGC with respect to the Plan, as to which the PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 thirty (30) days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISA, including, without limitation, the failure to make on or before its due date a required installment under Section 412(m) of the Internal Revenue Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d) of the Internal Revenue Code); and ;
(ii) any request for a waiver under Section 412(d) of the Internal Revenue Code for any Plan;
(biii) the distribution under Section 4041 of ERISA of a notice of intent to terminate any Plan or under Section 4063 of ERISA of a notice of withdrawal from any Plan (or of a deemed withdrawal under Section 4062(e) of ERISA), or of any action taken by the Borrower Company or an ERISA Affiliate to terminate or withdraw from (or resulting in the deemed withdrawal from) any Plan;
(civ) the institution by receipt of notice from the PBGC advising of its intent to institute proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Borrower Company or any ERISA Affiliate of a notice from a Multiemployer Plan that any such action is intended to be or already has been taken by the PBGC with respect to such Multiemployer Plan;
(dv) the complete or partial withdrawal from a Multiemployer Plan by the Borrower Company or any ERISA Affiliate that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by the Borrower Company or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;
(evi) the institution of a proceeding by a fiduciary of any Multiemployer Plan against the Borrower Company or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 thirty (30) days; and;
(fvii) the adoption of an amendment to any Plan that, pursuant to Section 401 (a)(29401(a)(29) of the Internal Revenue Code or Section 307 of ERISA, would result in the loss of tax-exempt status of the trust of which such Plan is a part if the Borrower Company or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said Sections.; or
(viii) the failure to make any payment or contribution to any Plan or Multiemployer Plan, or the occurrence of any other event which has resulted or could reasonably be expected to result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code;
Appears in 1 contract
ERISA Reporting. The Each Borrower shall deliver to the Agent as soon as possible, and in any event within 10 Business Days after the such Borrower knows that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by the chief financial officer of the such Borrower setting forth details respecting such event or condition and the action, if any, that the such Borrower or its ERISA Affiliate proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by the such Borrower or an ERISA Affiliate with respect to such event or condition):
(a) any reportable event, as defined in Section 4043(b) of ERISA and the regulations issued thereunder, with respect to a Plan, as to which PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISA, including, without limitation, the failure to make on or before its due date a required installment under Section 412(m) of the Internal Revenue Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d) of the Internal Revenue Code); and any request for a waiver under Section 412(d) of the Internal Revenue Code for any Plan;
(b) the distribution under Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken by the such Borrower or an ERISA Affiliate to terminate any Plan;
(c) the institution by PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the such Borrower or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by PBGC with respect to such Multiemployer Plan;
(d) the complete or partial withdrawal from a Multiemployer Plan by the such Borrower or any ERISA Affiliate that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by the such Borrower or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;
(e) the institution of a proceeding by a fiduciary of any Multiemployer Plan against the such Borrower or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days; and
(f) the adoption of an amendment to any Plan that, pursuant to Section 401 (a)(29) of the Internal Revenue Code or Section 307 of ERISA, would result in the loss of tax-exempt status of the trust of which such Plan is a part if the such Borrower or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said Sections.
Appears in 1 contract