Common use of UK Pensions Clause in Contracts

UK Pensions. (a) Each U.K. Credit Party shall ensure that all pension schemes operated by or maintained for its benefit and/or any of its employees are fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004 (UK) and that no action or omission is taken by any U.K. Credit Party in relation to such a pension scheme which has or is reasonably likely to have a Material Adverse Effect (including the termination or commencement of winding-up proceedings of any such pension scheme or a U.K. Credit Party ceasing to employ any member of such a pension scheme); (b) Each U.K. Credit Party shall ensure that it is not an employer (for the purposes of sections 38 to 51 of the Pensions Xxx 0000 (UK)) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Xxxxxxx Xxxxxxx Xxx 0000(XX)) or “connected” with or an “associate” of (as those terms are defined in sections 38 or 43 of the Xxxxxxxx Xxx 0000(XX)) such an employer; (c) Each U.K. Credit Party shall deliver to the Administrative Agent: (i) at such times as those reports are prepared in order to comply with the then current statutory or auditing requirements (as applicable either to the trustees of any relevant schemes or to the U.K. Credit Parties); and (ii) at any other time if the Administrative Agent reasonably believes that any relevant statutory or auditing requirements are not being complied with, actuarial reports in relation to all pension schemes mentioned in paragraph (a) of this Section 5.14; (d) Each U.K. Credit Party shall promptly notify the Administrative Agent of any material change in the rate of contributions to any pension scheme mentioned in paragraph (a) of this Section 5.14 paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise).

UK Pensions. (a) Each U.K. Credit Loan Party shall ensure that all pension schemes operated by or maintained for its benefit and/or any of its employees are fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004 (UK) and that no action or omission is taken by any U.K. Credit Loan Party in relation to such a pension scheme which has or is reasonably likely to have a Material Adverse Effect (including the termination or commencement of winding-up proceedings of any such pension scheme or a U.K. Credit Loan Party ceasing to employ any member of such a pension scheme);. (b) Each U.K. Credit Loan Party shall ensure that it is not or has not been at any time an employer (for the purposes of sections 38 to 51 of the Pensions Xxx 0000 (UK)) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Xxxxxxx Xxxxxxx Xxx 0000(XX)Pension Schemes Act 199) or “connected” with or an “associate” of (as those terms are defined in sections 38 or 43 of the Xxxxxxxx Xxx 0000(XX)Pensions Act 2004) such an employer;. (c) Each U.K. Credit Loan Party shall deliver to the Administrative Agent: (i) at such times as those reports are prepared in order to comply with the then current statutory or auditing requirements (as applicable either to the trustees of any relevant schemes or to the U.K. Credit Loan Parties); and (ii) at any other time if the Administrative Agent reasonably believes that any relevant statutory or auditing requirements are not being complied with, actuarial reports in relation to all pension schemes mentioned in paragraph (a) of this Section 5.14;above. (d) Each U.K. Credit Loan Party shall promptly notify the Administrative Agent of any material change in the rate of contributions to any pension scheme mentioned in paragraph (a) of this Section 5.14 above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise).

UK Pensions. (a) Each U.K. Credit Loan Party shall ensure that all pension schemes operated by or maintained for its benefit and/or any of its employees are fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004 Xxx 0000 (UKU.K.) and that no action or omission is taken by any U.K. Credit Loan Party in relation to such a pension scheme which has or is reasonably likely to have a Material Adverse Effect (including the termination or commencement of winding-up proceedings of any such pension scheme or a U.K. Credit Loan Party ceasing to employ any member of such a pension scheme); (b) Each U.K. Credit Loan Party shall ensure that it is not an employer (for the purposes of sections 38 to 51 of the Pensions Xxx 0000 (UKU.K.)) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Xxxxxxx Xxxxxxx Xxx 0000(XXPension Schemes Act 1993(U.K.)) or “connected” with or an “associate” of (as those terms are defined in sections 38 or 43 of the Xxxxxxxx Pensions Xxx 0000(XX0000 (U.K.)) such an employer;; 3775032.13 (c) Each U.K. Credit Loan Party shall deliver to the Administrative Agent: (i) at such times as those reports are prepared in order to comply with the then current statutory or auditing requirements (as applicable either to the trustees of any relevant schemes or to the U.K. Credit Loan Parties); and (ii) at any other time if the Administrative Agent reasonably believes that any relevant statutory or auditing requirements are not being complied with, actuarial reports in relation to all pension schemes mentioned in paragraph clause (a) of this Section 5.14above; (d) Each U.K. Credit Loan Party shall promptly notify the Administrative Agent (i) of any material change in the rate of contributions to any pension scheme mentioned in paragraph clause (a) of this Section 5.14 above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise); (ii) of any investigation or proposed investigation by the Pensions Regulator which may lead to the issue of a Financial Support Direction or a Contribution Notice to any U.K. Loan Party; and (iii) if it or any Loan Party receives a Financial Support Direction or a Contribution Notice from the Pensions Regulator.

UK Pensions. (a) Each The U.K. Credit Party Loan Parties shall ensure that all pension schemes operated by or maintained for its benefit benefit, any of its Subsidiaries and/or any of its their employees are fully funded based on the statutory funding objective under sections 221 and 222 of the Pensions Act 2004 (UKU.K.) and that no action or omission is taken by the U.K. Loan Party or any U.K. Credit Party of its Subsidiaries in relation to such a pension scheme which has or is reasonably likely to have a Material Adverse Effect (including the termination or commencement of winding-up proceedings of any such pension scheme or a the U.K. Credit Loan Party or its Subsidiaries ceasing to employ any member of such a pension scheme); (b) Each The U.K. Credit Party Loan Parties shall ensure that it that (i) no U.K. Loan Party nor any of its Subsidiaries is not an employer (for the purposes of sections 38 to 51 of the Pensions Xxx 0000 Act 2004 (UKU.K.)) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Xxxxxxx Xxxxxxx Xxx 0000(XXPension Schemes Act 1993 (U.K.)) or “connected” with or an “associate” of (as those terms are defined used in sections 38 or 43 of the Xxxxxxxx Xxx 0000(XXPensions Act 2004 (U.K.)) such an employer; (cii) Each each U.K. Credit Loan Party shall deliver to the Administrative Agent: (i) at such times as those reports are prepared in order to comply with the then current statutory or auditing requirements (as applicable either to the trustees of any relevant schemes or to the U.K. Credit Parties); and (iiLoan Party) at any other time if the Administrative Agent reasonably believes that any relevant statutory or auditing requirements are not being complied with, actuarial reports in relation to all pension schemes mentioned in paragraph clause (a) of this Section 5.14;above (diii) Each each U.K. Credit Loan Party shall shall: (A) promptly notify the Administrative Agent of any material change in the rate of contributions to any pension scheme mentioned in paragraph clause (a) of this Section 5.14 above paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise).