Social Security Matters. 16.1. The Company is in material compliance with all applicable pension and social security laws. All social security, pension fund, benefit plan or similar payments due by the Company in favour of the employees, under applicable law or any benefit plans (“Benefit Plans”) for any period ending prior to consummation of the transaction contemplated hereby, have been fully paid or adequately accrued in the Financial Statements.
16.2. Schedule 16.2 hereto contains a correct and complete list of all of the Company’s Employee Benefit Plans and the participants or beneficiaries thereof. All contributions required to be made under the terms of any such Benefit Plans until the consummation of the transaction contemplated hereby have been made in a timely manner or have been adequately accrued in the relevant Financial Statements.
16.3. Except for the pension undertaking (Versorgungszusage) for the Seller set forth in Section 16.5 below and the pension commitments described in Schedule 16.3 hereto, the Company has not sponsored, maintained or contributed to company pension schemes (betriebliche Altersversorgung) beyond the statutory German pension system; in particular, no old age, widows, orphans or invalidity pensions, payments in the event of death, early retirement or termination arrangements apply to any of the employees of the -41- Company, their relatives or successors; no Liabilities of the Company exist under any agreement or commitment relating to pensions or similar benefits including, without limitation, old age, widows, orphans and invalidity pensions, payments in the event of death, early retirement or termination arrangements.
16.4. All contributions required to be made by the Company under the undertakings of company retirement provisions in form of a pension fund (Zusagen der betrieblichen Altersversorgung in Form einer Pensionskasse), as further described in Schedule 16.3 hereto, have been made to the respective pension funds on or before their due dates.
16.5. The Company paid an amount of EUR 488,000.00 (in words: four hundred eighty eight thousand Euros) to the Seller as compensation for any and all claims, demands, losses, costs, expenses (including reasonable attorneys’ fees and expenses), obligations, liabilities and damages of every kind and nature whatsoever, whether now existing, known or unknown, relating in any way to the pension undertaking (Versorgungszusage) from the Company to the Seller (the “Pension Payment).
Social Security Matters. 16.1. The Company is in material compliance with all applicable pension and social security laws. All social security, pension fund, benefit plan or similar payments due by the Company in favour of the employees, under applicable law or any benefit plans (“Benefit Plans”) for any period ending prior to consummation of the transaction contemplated hereby, have been fully paid or adequately accrued in the Financial Statements.
Social Security Matters. 15.1 The Company is in material compliance with all applicable pension and social security Laws. All social security, pension fund, benefit plan or similar payments due by the Company in favour of the employees, under applicable Law or any benefit plans (Benefit Plans) for any period ending before consummation of the transaction contemplated hereby, have been fully paid or adequately provisioned in the Financial Statements.
15.2 All contributions required to be made under the terms of any such Benefit Plans until the consummation of the transaction contemplated hereby have been made in a timely manner or have been adequately provisioned in the relevant Financial Statements. The Benefit Plans of the Company do not have an accumulated funding deficiency pursuant to applicable Laws.
Social Security Matters. Carplastic has complied with all applicable social security obligations arising under Mexican Law, including without limitation those related to the Mexican Social Security Institute (IMSS), Mexican Housing Fund (Infonavit), and the mandatory retirement system (Afores) per the applicable Mexican Laws, and that, to the Knowledge of Seller, no amounts whatsoever are therefore owed to any related authorities on such regard. There are no existing claims or complaints filed or, to Seller's Knowledge threatened to be filed, by any Mexican authority against Carplastic regarding any outstanding debt or social security matter.
Social Security Matters. The Vendor shall have delivered to the Purchaser a written confirmation of the "Caisse Cantonale Neuchateloise de Compensation" that the Company has paid in full any and all Social Security Contributions as and when due. If any of the conditions contained in this Section 10.2, shall not be performed or fulfilled at or prior to the Time of Closing to the satisfaction of the Purchaser, the Purchaser, by notice to the Vendor, may terminate this Agreement and the obligations of the Vendor and the Purchaser under this Agreement, other than the obligations contained in Sections 13.5, 13.6, 13.7 and 13.8, shall be terminated, provided that the Purchaser may also bring an action pursuant to Article 12 against a Covenantor for damages (other than consequential damages) suffered by the Purchaser where the non-performance or non-fulfilment of the relevant condition is as a result of a breach of covenant, representation or warranty by the Covenantor. Any such condition which is waived in whole or in part by the Purchaser shall be with prejudice to any claims it may have for breach of covenant, representation or warranty.
