ERISA Violation Sample Clauses
The ERISA Violation clause defines the parties' obligations and remedies in the event of a breach of the Employee Retirement Income Security Act (ERISA) within the context of the agreement. Typically, this clause outlines what constitutes an ERISA violation, such as improper management of employee benefit plans or failure to comply with reporting and disclosure requirements, and may specify the steps to be taken if such a violation occurs, including notification, corrective actions, or indemnification. Its core practical function is to allocate risk and responsibility for ERISA compliance, protecting parties from potential legal and financial consequences arising from non-compliance.
ERISA Violation. A prohibited transaction within the meaning of ERISA Section 406 or IRC Section 1975(c) shall occur with respect to a Plan which could have a material adverse effect on the financial condition of Borrower; any lien upon the assets of Borrower in connection with any Plan shall arise; Borrower or any ERISA Affiliate shall completely or partially withdraw from a Multiemployer Plan and such withdrawal could, in the opinion of BACC, have a material adverse effect on the financial condition of Borrower. Borrower or any of its ERISA Affiliates shall fail to make full payment when due of all amounts which Borrower or any of its ERISA Affiliates may be required to pay to any Plan or any Multiemployer Plan as one or more contributions thereto; Borrower or any of its ERISA Affiliates creates or permits the creation of any accumulated funding deficiency, whether or not waived; the voluntary or involuntary termination of any Plan which termination could, in the opinion of BACC, have a material adverse effect on the financial condition of Borrower or Borrower shall fail to notify BACC promptly and in any event within ten (l0) days of the occurrence of an event which constitutes an Event of Default under this clause or would constitute an Event of Default upon the exercise of BACC's judgment; or
ERISA Violation. A prohibited transaction within the meaning of ERISA Section 406 or IRC Section 1975(c) shall occur with respect to a Plan which could have a material adverse effect on the financial condition of Borrower; any lien upon the assets of Borrower in connection with any Plan shall arise; Borrower or any ERISA Affiliate shall completely or partially withdraw from a Multiemployer Plan and such withdrawal could, in the opinion of BACC, have a material adverse effect on the financial condition of Borrower. Borrower or any of its ERISA Affiliates shall fail to make full payment when due of all amounts which Borrower or any of its ERISA Affiliates may be required to pay to any Plan or any Multiemployer Plan as one or more contributions thereto; Borrower or any of its ERISA Affiliates creates or permits the creation of any accumulated funding deficiency, whether or not waived; the voluntary or involuntary termination of any Plan which termination could, in the opinion of BACC, have a material adverse effect on the financial condition of Borrower or Borrower shall fail to notify BACC promptly and in any event within ten (l0) days of the occurrence of an event which constitutes an Event of Default under this clause or would constitute an Event of Default upon the exercise of BACC's judgment. Notwithstanding anything contained in this Section 8 to the contrary, BACC shall refrain from exercising its rights and remedies and an Event of Default shall not be deemed to have occurred by reason of the occurrence of any of the events set forth in Sections 8.6, 8.8, 8.10 or 8.11 hereof if, within ten (10) days from the date thereof, the same is released, discharged, dismissed, bonded against or satisfied; provided, however, BACC shall not be obligated to make Advances to Borrower during such period.
ERISA Violation. Borrower shall not take any action that would cause any of Borrower’s representations in Section 3.1(g) to become false or misleading.
ERISA Violation. The Borrower will not, and will not permit any of its Subsidiaries, to engage in any transaction, take any action, or fail to take any action which could reasonably be expected to subject the Borrower, any Subsidiary of Borrower, or any Affiliate of the Borrower or any Subsidiary of Borrower to a material civil penalty pursuant to an ERISA violation.
ERISA Violation. (i) The Company shall engage in any "prohibited transaction" (as defined in section 406 of ERISA or section 4975 of the Code) involving any Plan, or (ii) any "accumulated funding deficiency" (as defined in section 302 of ERISA), whether or not waived, shall exist with respect to any Plan of the Company, or (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate any Single Employer Plan of the Company, which Reportable Event or institution of proceedings is, in the reasonable opinion of the Owner, likely to result in the termination of such Plan for purposes of Title IV of ERISA, or (iv) any Single Employer Plan of the Company shall terminate for purposes of Title IV of ERISA, and in each case such event or condition, together with all other such events or conditions, if any, could have a Material Adverse Effect; or
ERISA Violation. (i) If any Loan Party or any of its ERISA Affiliates fails to make full payment when due of all amounts which, under the provisions of any Pension Plan or Section 412 of the Internal Revenue Code, such Loan Party or such ERISA Affiliate is required to pay as contributions thereto;
(ii) If any accumulated funding deficiency occurs or exists, whether or not waived, with respect to any Pension Plan;
(iii) If the excess of the actuarial present value of all benefit liabilities under all Pension Plans over the fair market value of the assets of such Pension Plans (excluding in such computation Pension Plans with assets greater than benefit liabilities) allocable to such benefit liabilities are greater than Two Million Dollars ($2,000,000);
(iv) If any Loan Party or any of its ERISA Affiliates enters into any transaction which has as its principal purpose the evasion of liability under Subtitle D of Title IV of ERISA;
(v) If any Pension Plan maintained by any Loan Party or any of its ERISA Affiliates shall be terminated within the meaning of Title IV of ERISA, or (B) a trustee shall be appointed by an appropriate United States district court to administer any Pension Plan, or (C) the Pension Benefit Guaranty Corporation (or any successor thereto) shall institute proceedings to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan, or (D) any Loan Party or any of its ERISA Affiliates shall withdraw (under Section 4063 of ERISA) from a Pension Plan, if as of the date of the event listed in subclauses (A)-(D) above or any subsequent date, either any Loan Party or its ERISA Affiliates have any liability (such liability to include, without limitation, any liability to the Pension Benefit Guaranty Corporation, or any successor thereto, or to any other party under Sections 4062, 4063 or 4064 of ERISA or any other provision of law) resulting from or otherwise associated with the events listed in subclauses (A)-(D) above; (As used in this subsection 7.01(n) the term "accumulated funding deficiency" has the meaning specified in Section 412 of the Internal Revenue Code, and the terms "actuarial present value" and "benefit liabilities" have the meanings specified in Section 4001 of ERISA);
ERISA Violation. A “prohibited transaction” within the meaning of ERISA Section 406 or IRC Section 1975(c) shall occur with respect to a Plan which could have a material adverse effect on the financial condition of Borrower; any lien upon the assets of Borrower in connection with any Plan shall arise; Borrower or any person that is then an ERISA Affiliate shall completely or partially withdraw from a Multiemployer Plan and such withdrawal could, in the opinion of Lender, have a material adverse effect on the financial condition of Borrower. Borrower or any of person that is then an ERISA Affiliates shall fail to make full payment when due of all amounts which Borrower or any persons who are then ERISA Affiliates may be required to pay to any Plan or any Multiemployer Plan as one or more contributions thereto; Borrower or any persons that are then ERISA Affiliates creates or permits the creation of any accumulated funding deficiency, whether or not waived; the voluntary or involuntary termination of any Plan which termination could, in the opinion of Lender, have a material adverse effect on the financial condition of Borrower or Borrower shall fail to notify Lender promptly and in any event within ten (10) days of the occurrence of an event which constitutes an Event of Default under this clause or would constitute an Event of Default upon the exercise of Lender’s judgment.
ERISA Violation. The occurrence of any "reportable event," as defined in ERISA, which is determined to constitute grounds for termination by the Pension Benefit Guarantee Corporation of any Plan or for the appointment by the appropriate United States District Court of a trustee to administer any Plan and the reportable event is not corrected and the determination is not revoked within thirty (30) days after notice of the determination has been given to the Plan administrator or to Debtor; or the institution of an action by the Pension Benefit Guarantee Corporation to terminate any Plan or to appoint a trustee to administer a Plan; or the appointment of a trustee by the appropriate United States District Court to administer any Plan.