Common use of ERISA Title IV Liability; Defined Benefit Plans Clause in Contracts

ERISA Title IV Liability; Defined Benefit Plans. Except as set forth in Section 5.14(b) of the Parent Disclosure Schedule or as is not reasonably likely to result in a Parent Material Adverse Effect, (i) neither Parent, nor any Parent Subsidiary, nor any ERISA Affiliate of Parent has incurred any direct or indirect liability under, arising out of, or by operation of Title IV of ERISA that has not been satisfied in full, and no fact or event exists that could reasonably be expected to give rise to any such liability, other than liability for premiums due the PBGC (which premiums have been paid when due); (ii) for each Parent Plan which is subject to Title IV of ERISA, the aggregate accumulated benefit obligation (as determined under Statement of Financial Accounting Services No. 87) of such Parent Plan does not exceed the fair market value of the assets of such Parent Plan; (iii) no Parent Plan or any trust established thereunder that is subject to Section 302 of ERISA and Section 412 of the Code has incurred any "accumulated funding deficiency" (as defined in Section 302 of ERISA and Section 412 of the Code), whether or not waived; (iv) all contributions required to be made with respect thereto (whether pursuant to the terms of any Parent Plan or otherwise) have been timely made; (v) no Lien exists under Section 412(n) of the Code or Section 4068 of ERISA with respect to any assets of Parent or any Parent Subsidiary; (vi) no tax under Section 4971 of the Code has been incurred with respect to any Parent Plan; and (vii) neither Parent nor any of Parent Subsidiaries sponsors, maintains, contributes to, or is required to contribute to a "multiemployer pension plan," as defined in Section 3(37) of ERISA, or a plan described in Section 4063(a) of ERISA.

Appears in 4 contracts

Samples: Agreement and Plan of Merger (Provident Companies Inc), Agreement and Plan of Merger (Revere Paul Corp /Ma/), Agreement and Plan of Merger (Textron Inc)

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ERISA Title IV Liability; Defined Benefit Plans. Except as set forth in Section 5.14(b4.12(b) of the Parent Company Disclosure Schedule or as is not reasonably likely to result in a Parent Company Material Adverse Effect, (i) neither Parentthe Company, nor any Parent Company Subsidiary, nor any ERISA Affiliate (as defined in Section 9.10) of Parent the Company has incurred any direct or indirect liability under, arising out of, or by operation of Title IV of ERISA that has not been satisfied in full, and no fact or event exists that could reasonably be expected to give rise to any such liability, other than liability for premiums due the PBGC Pension Benefit Guaranty Corporation ("PBGC") (which premiums have been paid when due); (ii) for each Parent Company Plan which is subject to Title IV of ERISA, the aggregate accumulated benefit obligation (as determined under Statement of Financial Accounting Services No. 87) of such Parent Company Plan does not exceed the fair market value of the assets of such Parent Company Plan; (iii) no Parent Company Plan or any trust established thereunder that is subject to Section 302 of ERISA and Section 412 of the Code has incurred any "accumulated funding deficiency" (as defined in Section 302 of ERISA and Section 412 of the Code), whether or not waived; (iv) all contributions required to be made with respect thereto (whether pursuant to the terms of any Parent Company Plan or otherwise) have been timely made; (v) no Lien exists under Section 412(n) of the Code or Section 4068 of ERISA with respect to any assets of Parent the Company or any Parent Company Subsidiary; (vi) no tax under Section 4971 of the Code has been incurred with respect to any Parent Company Plan; and (vii) neither Parent the Company nor any of Parent the Company Subsidiaries sponsors, maintains, contributes to, or is required to contribute to a "multiemployer pension plan," as defined in Section 3(37) of ERISA, or a plan described in Section 4063(a) of ERISA.

Appears in 3 contracts

Samples: Agreement and Plan of Merger (Textron Inc), Agreement and Plan of Merger (Textron Inc), Agreement and Plan of Merger (Revere Paul Corp /Ma/)

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ERISA Title IV Liability; Defined Benefit Plans. Except as set forth in Section 5.14(b) of the Parent Disclosure Schedule or as is not reasonably likely to result in a Parent Material Adverse Effect, (i) neither Parent, Neither the Fund nor any Parent SubsidiaryRMG, nor any ERISA Affiliate of Parent the Fund or RMG has incurred any direct or indirect liability under, arising out of, or by operation of Title IV of ERISA that has not been satisfied in full, and no fact or event exists that could reasonably be expected to give rise to any such liability, other than liability for premiums due the PBGC (which premiums have been paid when due); (ii) for each Parent Plan and ERISA Affiliate Plan which is subject to Title IV of ERISA, the aggregate accumulated benefit obligation (as determined under Statement of Financial Accounting Services Standards No. 87) of such Parent Plan or ERISA Affiliate Plan does not exceed the fair market value of the assets of such Parent Plan or ERISA Affiliate Plan; (iii) no Parent Plan or any trust established thereunder that is subject to Section 302 of ERISA and Section 412 of the Code has incurred any "accumulated funding deficiency" (as defined in Section 302 of ERISA and Section 412 of the Code), whether or not waived; (iv) all contributions required to be made with respect thereto (whether pursuant to the terms of any Parent Plan or otherwise) have been timely made; (v) no Lien exists under Section 412(n) of the Code or Section 4068 of ERISA with respect to any assets of Parent the Fund or any Parent SubsidiaryRMG; (vi) no tax under Section 4971 of the Code has been incurred with respect to any Parent Plan; and (vii) neither Parent nor any the Fund and RMG and each ERISA Affiliate of Parent Subsidiaries sponsorsthe Fund and RMG does not sponsor, maintainsmaintain, contributes contribute to, or is required to contribute (and has not within the past six (6) years contributed) to a "multiemployer pension plan," as defined in Section 3(37) of ERISA, or a plan described in Section 4063(a) of ERISA.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Zenith National Insurance Corp)

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