Borrower Plan definition

Borrower Plan means any Plan (A) which Borrower, any of its Subsidiaries or any of its ERISA Affiliates maintains, administers, contributes to or is required to contribute to, or, within the five years prior to the Closing Date, maintained, administered, contributed to or was required to contribute to, or under which Borrower, any of its Subsidiaries or any of its ERISA Affiliates may incur any liability and (B) which covers any employee or former employee of Borrower, any of its Subsidiaries or any of its ERISA Affiliates (with respect to their relationship with such entities).
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Borrower Plan means an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.
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Borrower Plan a plan of reorganization confirmed by the bankruptcy court in a case filed under chapter 11 of the Bankruptcy Code related to Borrower.
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Examples of Borrower Plan in a sentence

  • Each Borrower Plan is in compliance with ERISA and the applicable provisions of the Internal Revenue Code in all respects except where the failure to comply would not have a Material Adverse Effect.

  • There are no claims (other than claims for benefits in the normal course), actions or lawsuits asserted or instituted against, and none of Borrower, the REIT, any of the Subsidiaries or any of their ERISA Affiliates has knowledge of any threatened litigation or claims against the assets of any Borrower Plan or against any fiduciary of such Borrower Plan with respect to the operation of such Borrower Plan which could have a Material Adverse Effect.

  • Each Borrower Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of Borrower, nothing has occurred subsequent to the issuance of such determination letter which would prevent, or cause the loss of, such qualification.

  • Borrower and each member of its ERISA Group have made all required contributions to each Borrower Plan, except to the extent that a failure to do so would not reasonably be expected to have a Material Adverse Effect, and no extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Borrower Plan.

  • There are no claims (other than claims for benefits in the normal course), actions or lawsuits asserted or instituted against, and none of Borrower, the REIT, any of the Material Subsidiaries or any of their ERISA Affiliates has knowledge of any threatened litigation or claims against the assets of any Borrower Plan or against any fiduciary of such Borrower Plan with respect to the operation of such Borrower Plan which could have a Material Adverse Effect.

  • The termination of, or withdrawal from, any Borrower Plan or to the knowledge of any Loan Party or Loan Party Affiliate, any Pension Plan, on or prior to the Closing Date, has not and will not subject any Loan Party to any liability to the PBGC or to any other party, nor has there been any event requiring any disclosure under Section 4041(c) (3) (c), 4063(a) or 4068(f) of ERISA with respect to any Borrower Plan or to the knowledge of any Loan Party or Loan Party Affiliate, with respect to any Pension Plan.

  • Except as disclosed on Schedule 4.12(C), the market value of assets under each Borrower Plan (other than any Multiemployer Plan) equals or exceeds the actuarial present value of accrued benefits thereunder (determined in accordance with then current funding assumptions).

  • All contributions which are due have been paid to each Borrower Plan, the funding method used in connection with each Borrower Plan is acceptable under ERISA, and the actuarial assumptions used in connection with funding each Borrower Plan, in the aggregate, are reasonable (taking into account the experience of such Borrower Plan and reasonable expectations).

  • The value of Borrower Distributions (other than cash) received in connection with a Borrower Plan shall equal the value of such property as determined by or ascribed in the Borrower Plan on the date the Borrower Plan is confirmed by the bankruptcy court.

  • All Borrower Plans are being, and have been, maintained, operated and administered in all respects in accordance with their respective terms and in compliance with all applicable laws, rules and regulations governing or applying to the Borrower Plans, including ERISA and the IRC, and all filings and notices required to be made or given with respect to each Borrower Plan have been timely made or given, as the case might be.


More Definitions of Borrower Plan

Borrower Plan means any Plan maintained or contributed to by the Borrower and/or a Related Party now or prior to the termination of the Loan, or any Plan under which Borrower or any Related Party has an obligation now or prior to the termination of the Loan to any Person (including current and former employees), including without limitation, those Plans listed on Exhibit 7.08.
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Borrower Plan means any Plan (A) which Borrower, any of its Subsidiaries or any of its ERISA Affiliates maintains administers, contributes to or is required to contribute to, or, within the five years prior to the Closing Date, maintained, administered, contributed to or was required to contribute to, or under which Borrower, any of its Subsidiaries or any of its ERISA Affiliates may incur any liability and (B) which covers any employee or former employee of Borrower, any of its Subsidiaries or any of its ERISA Affiliates (with respect to their relationship with such entities).
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Borrower Plan means any Plan sponsored or maintained by any Loan Party or to which any Loan Party contributes or is required to contribute.
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Borrower Plan means the memorandum dated July 8, 1998 furnished to the Banks in connection with the transactions contemplated hereby.
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Related to Borrower Plan

  • Borrower Group has the meaning provided in Section 10(c) hereof.

  • Borrower Party means any one of them.

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to the Borrower Loan Agreement in the aggregate principal amount of the Borrower Loan Amount, as evidenced by the Borrower Notes.

  • Borrower as defined in the preamble hereto.

  • Credit Party means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender.

  • Domestic Loan Party means any Loan Party organized under the laws of any state of the United States of America or the District of Columbia.

  • Borrower Affiliate shall have the meaning set forth in the Lead Securitization Servicing Agreement; provided that in the event that any Non-Lead Note is securitized in a Securitization, the term “Borrower Affiliate” as used in the definitions of “Non-Lead Note Holder” and “Non-Lead Note Holder Representative” shall refer to a “Borrower Affiliate” as defined in the related Non-Lead Securitization Servicing Agreement or such other analogous term used in the related Non-Lead Securitization Servicing Agreement.

  • Domestic Credit Party means any Credit Party which is incorporated or organized under the laws of any State of the United States or the District of Columbia.

  • Borrower/s means and refers to jointly and severally to the Applicants (more particularly described in the Application Form) who has/have been sanctioned/granted/disbursed the Loan by ABFL pursuant to the relevant Application Form submitted by such applicants to ABFL for availing of the Loan and depending upon the nature of the Borrower/s, shall, unless repugnant to the context or meaning thereof, be deemed to include his/her legal heirs, executors and administrators;

  • Borrower Parties means the collective reference to the Borrower and the Restricted Subsidiaries, and “Borrower Party” means any one of them.

  • Domestic Loan Parties means the Domestic Guarantors.

  • Borrower Loan Agreement means this Borrower Loan Agreement.

  • Loan Party means any one of them.

  • Borrower Account has the meaning specified in Section 2.11(a)(ii).

  • Co-Borrower shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

  • Loan Parties means, collectively, the Borrower and each Guarantor.

  • Borrower Party Affiliate With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a restricted mezzanine holder, (a) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or restricted mezzanine holder, as applicable, (b) any other person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor or manager, as applicable, or (c) any other person owning, directly or indirectly 25% or more of the beneficial interests in such restricted mezzanine holder. For the purposes of this definition, “control” when used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

  • Borrower Loan Documents shall have the meaning given such term in the Borrower Loan Agreement.

  • Borrower Financial Statements has the meaning assigned to such term in Section 4.4(a).

  • Eligible borrower means owners or others having an interest in property situated within the downtown area of a participating city, community development corporations associated with a participating city, Iowa main street program organizations associated with a participating city, community-initiated development groups associated with a participating city, or other organization associated with a participating city for purposes of implementing the Iowa main street program.

  • Borrower Agreement shall have the meaning provided such term in Section 3(a) hereof.

  • Mortgage Loan Borrower Related Party shall have the meaning assigned to such term in Section 13.

  • Canadian Credit Party means Borrower and each other Credit Party that (i) is organized under the laws of Canada or any province or territory thereof, (ii) carries on business in Canada, or (iii) has any title or interest in or to material property in Canada.

  • Borrowers each has the meaning specified in the introductory paragraph hereto.

  • Subsidiary Loan Party means any Subsidiary that is not a Foreign Subsidiary or a Receivables Subsidiary.

  • Canadian Loan Party means any Loan Party incorporated or otherwise organized under the laws of Canada or any province or territory thereof.