Multiemployer Plan Reporting Sample Clauses
The Multiemployer Plan Reporting clause requires parties to provide information and disclosures related to their participation in multiemployer benefit plans, such as pension or health plans jointly managed by multiple employers and unions. Typically, this involves supplying regular reports on contributions, funding status, or potential withdrawal liabilities associated with these plans. The core function of this clause is to ensure transparency and allow the other party to assess potential financial risks or obligations arising from multiemployer plan participation.
Multiemployer Plan Reporting. (a) Parent and the Co-Borrowers shall deliver to the Agent prompt written notice of any ERISA Affiliate, after the Closing Date, becoming party to or bound to any Multiemployer Plan setting forth the relevant details of such Multiemployer Plan.
(b) On or before the last day of each calendar year after the Closing Date, Co-Borrowers shall, pursuant to Section 101(l) of ERISA, request in writing from the plan sponsor or administrator of each Multiemployer Plan a notice of potential Withdrawal Liability as of the last day of the preceding plan year with an explanation of how such estimated liability was determined and promptly deliver to the Agent copies of any such notices received from the plan sponsor or administrator of each Multiemployer Plan.
Multiemployer Plan Reporting