Common use of Plan Contributions and Funding Clause in Contracts

Plan Contributions and Funding. All contributions, premiums or payments required to be made by the Company or any Subsidiary with respect to any Plan have been made on or before their due dates. All such contributions have been fully deducted for income tax purposes and no such deduction has been challenged or disallowed by any Governmental Authority, and no Company Representative, after having made due inquiry, is aware or knows of any fact or event that exists that presents a reasonable likelihood of giving rise to any such challenge or disallowance. As of the Closing, no Plan that is subject to Title IV of ERISA will have an “unfunded benefit liability” (within the meaning of Section 4001(a)(18) of ERISA).

Appears in 2 contracts

Samples: Stockholder Agreement (First Bancorp /Pr/), Investment Agreement (Bank of Nova Scotia /)

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Plan Contributions and Funding. All contributions, premiums or payments required to be made by with respect to any Plan (and any other employee benefit plan for which the Company or any Subsidiary with respect to any Plan may have liability for funding) have been made on or before their due dates. All such contributions have been fully deducted for income tax purposes and no such deduction has been challenged or disallowed by any Governmental Authority, government entity and no Company Representative, after having made due inquiry, is aware or knows of any fact or event that exists that presents a reasonable likelihood of giving which could give rise to any such challenge or disallowance. As of the ClosingClosing Date, no Plan that which is subject to Title IV of ERISA will have an "unfunded benefit liability" (within the meaning of Section 4001(a)(18) of ERISA).

Appears in 2 contracts

Samples: Stock Purchase Agreement (Industrial Acoustics Co Inc), Stock Purchase Agreement (Industrial Acoustics Co Inc)

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