Common use of Pension and Employment Liabilities Clause in Contracts

Pension and Employment Liabilities. Except for a deficit not exceeding $2,000,000 in respect of the pension plan for executives of the Borrower, no member of the VL Group has any unfunded pension liabilities, whether valued on a going concern or a wind-up basis, and all obligations (including wages, salaries, commissions and vacation pay) to current employees and to former employees have been paid in full or duly provided for.

Pension and Employment Liabilities. Except for a deficit not exceeding $2,000,000 5,000,000 in respect of the pension plan for executives of the Borrower, no member of the VL Group has any unfunded pension liabilitiesliabilities (except for amounts that are not material to the Borrower on a consolidated basis and except for any such plan that does not need to be fully funded in accordance with Applicable Law), whether valued on a going concern or a wind-up basis, and all material obligations (including wages, salaries, commissions and vacation pay) to current employees and to former employees have been paid in full or duly provided for.