Pension Obligations. (i) Immediately upon acquiring knowledge or ------------------- reason to know of the occurrence or existence with respect to any Pension Plan of any Prohibited Transaction, Reportable Event, Accumulated Funding Deficiency or event or condition that, but for a waiver by the Internal Revenue Service, would constitute an Accumulated Funding Deficiency, that, after notice, after lapse of time or after both notice and lapse of time, will or might constitute a Reportable Event or that constitutes or will or might constitute grounds for the initiation by the Pension Benefit Guaranty Corporation of any proceeding under ERISA seeking the termination of such Pension Plan or the appointment of a trustee to administer such Pension Plan, provide to the Bank a certificate executed by the President or a Vice President of the Borrower and by the chief financial officer of the Borrower and specifying the nature of such Prohibited Transaction, Reportable Event, Accumulated Funding Deficiency, event or condition, what action the Borrower has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, by the Department of Labor or by the Pension Benefit Guaranty Corporation with respect thereto and (ii) immediately upon acquiring knowledge or reason to know of (A) the institution by the Pension Benefit Guaranty Corporation or by any other Person of any proceeding under ERISA seeking the termination of any Pension Plan or the appointment of a trustee to administer any Pension Plan or (B) the complete or partial withdrawal or proposed complete or partial withdrawal by the Borrower or by any Subsidiary from any Pension Plan, provide to the Bank a certificate executed by the President or a Vice President of the Borrower and by the chief financial officer of the Borrower and describing such proceeding, withdrawal or proposed withdrawal;
Pension Obligations. (i) Engage in any Prohibited Transaction ------------------- with respect to any Pension Plan, (ii) permit to occur or exist with respect to any Pension Plan any Accumulated Funding Deficiency or event or condition that, but for a waiver by the Internal Revenue Service, would constitute an Accumulated Funding Deficiency or that constitutes or will or might constitute grounds for the institution by the Pension Benefit Guaranty Corporation of any proceeding under ERISA seeking the termination of such Pension Plan or the appointment of a trustee to administer such Pension Plan, (iii) make any complete or partial withdrawal from any Pension Plan, (iv) fail to make to any Pension Plan any contribution that it is required to make, whether to meet any minimum funding standard under ERISA or any requirement of such Pension Plan or otherwise, or (v) terminate any Pension Plan in any manner, or otherwise take or omit to take any action with respect to any Pension Plan, that would or might result in the imposition of any lien upon any asset of the Borrower or of any Subsidiary pursuant to ERISA;
Pension Obligations. No Pension Plan was or is a multiemployer ------------------- plan, as such term is defined in Section 3(37) of ERISA. The present value of all benefits vested under any Pension Plan does not exceed the value of the assets of such Pension Plan allocable to such vested benefits. Since September 2, 1974, (i) no Prohibited Transaction that could subject any Pension Plan to any tax or penalty imposed pursuant to the Internal Revenue Code or pursuant to ERISA has been engaged in by any Pension Plan, (ii) there has not occurred or existed with respect to any Pension Plan any Reportable Event, Accumulated Funding Deficiency or event or condition that, but for a waiver by the Internal Revenue Service, would constitute an Accumulated Funding Deficiency, that, after notice, after lapse of time or after both notice and lapse of time, will or might constitute a Reportable Event or that constituted or will or might constitute grounds for the institution by the Pension Benefit Guaranty Corporation of any proceeding under ERISA seeking the termination of such Pension Plan or the appointment of a trustee to administer such Pension Plan, (iii) no Pension Plan has been terminated, (iv) no trustee has been appointed by a United States District Court to administer any Pension Plan, (v) no proceeding seeking the termination of any Pension Plan or the appointment of a trustee to administer any Pension Plan has been instituted, and (vi) neither the Borrower nor any Subsidiary has made any complete or partial withdrawal from any Pension Plan.
Pension Obligations. No Pension Plan was or is a multiemployer plan, as such term is defined in Section 3(37)
Pension Obligations. (a) Sellers shall indemnify and hold harmless Purchaser from 90% of any liability or obligation arising under any of the Pension Arrangements of Bakelite or InfraTec Duisburg GmbH as a result of any inaccuracy of the Pension Plan Classification or as a result of the invalidity or unenforceability of any of the stated terms and conditions of such Pension Arrangements.
(b) Sellers shall indemnify and hold harmless the Purchaser from any pension obligations due and payable after December 31, 2003, assumed by Bakelite under the contribution agreement (Einbringungsvertrag) dated June 19, 1995 vis-à-vis those persons who were pensioners of the so-called Duroplast business at the time the Duroplast business was so contributed to Bakelite (the “Duroplast Pensioners”).
(c) Sellers shall indemnify and hold harmless the Purchaser from any pension obligations due and payable after December 31, 2003, assumed by Bakelite under a certain administration agreement with VFT AG (now Rütgers Chemicals AG) (Vertrag über die Übernahme der Bewirtschaftung und Verwaltung des Werkes Meiderich durch Bakelite AG von VFT AG und über die Verrechnung von Kosten von Infrastruktur, Versorgung und Dienstleistungen) dated June 16, 1997, confirmed in an agreement between Bakelite and VFT AG dated June 20/August 31, 2000 (Personalkostenvertrag), vis-à-vis certain former employees of VFT (“VFT Pensioners”) and certain former employees and pensioners of Rütgerswerke AG (“Chemistry Pensioners”).
Pension Obligations. The Purchaser shall assume the obligations of the employer under the Collective Agreements with respect to pension plans of those Employees who become employees of the Purchaser.
Pension Obligations. Lender shall have reviewed and found satisfactory any matters with respect to unfunded or underfunded balances in Borrower's Plans, including without limitation matters relative to the priority of any potential Lien in favor of such Plan which may be imposed by law, and, to the extent that Lender shall have concluded that any such potential Lien may take precedence or priority over the Lien in favor of Lender with respect to the Collateral, Lender shall be permitted to require that an Availability Reserve be established prior to the Closing Date, in the amount satisfactory to Lender with respect to such unfunded and underfunded pension liabilities.
Pension Obligations. Columbus does not have any unfounded pension liability to any person or entity in connection with any retirement, pension plan, or similar arrangement.
Pension Obligations. The group (as the context requires) operates defined contribution plans in Hong Kong, Singapore and Malaysia, the assets of which are held in separate trustee–administered funds. The pension plan is funded by payments from employees and by the group (as the context requires). The group’s (as the context requires) contributions to the defined contribution plans are expensed as incurred and are reduced by contributions forfeited by those employees who leave the plans prior to vesting fully in the contributions.
Pension Obligations. From the date hereof until the Effective Time, the Company shall cooperate with Parent to evaluate alternatives to reduce existing and potential pension funding obligations of the Company at and following the Closing.
