Common use of ERISA Default Clause in Contracts

ERISA Default. The occurrence of any of the following (i) Any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any failure to contribute when due the minimum required contribution (as defined in Section 430(a) of the Code) to any Single Employer Plan maintained by any Credit Party or any ERISA Affiliate or (iii) any Lien in favor of the PBGC or a Single Employer Plan (other than a Permitted Lien) shall arise on the assets of any Credit Party or any ERISA Affiliate, (iv) a Reportable Event shall occur with respect to, or proceedings under Title IV of ERISA shall commence to have a trustee appointed, or a trustee shall be appointed under Title IV of ERISA, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (v) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, or (vi) any Credit Party or any ERISA Affiliate shall incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or

ERISA Default. The occurrence of any of the following which causes a Material Adverse Effect to exist: (i) Any any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any failure to contribute when due a Single Employer Plan shall be in “at risk” status within the minimum required contribution (as defined meaning of Code Section 430(i) or a Multiemployer Plan shall be in “endangered status” or “critical status” within the meaning of Section 430(a432(b) of the Code) to any Single Employer Plan maintained by any Credit Party Code or any ERISA Affiliate or (iii) any Lien in favor of the PBGC or a Single Employer Plan (other than a Permitted Lien) shall arise on the assets of any the Credit Party Parties or any ERISA AffiliateCommonly Controlled Entity, (iviii) a Reportable Event shall occur with respect to, or proceedings under Title IV of ERISA shall commence to have a trustee appointed, or a trustee shall be appointed under Title IV of ERISAappointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely could reasonably be expected to result in the termination of such Plan for purposes of Title IV of ERISA, (viv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, ERISA or (viv) a Credit Party, any Credit Party of its Restricted Subsidiaries or any ERISA Affiliate shall Commonly Controlled Entity could reasonably be expected to incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or

ERISA Default. The occurrence of any of the following following: (i) Any Person any Credit Party, Single Employer Plan of any Credit Party or any Commonly Controlled Entity shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Single Employer Plan, (ii) any failure to contribute when due the minimum required contribution “accumulated funding deficiency” (as defined in Section 430(a) 302 of the Code) ERISA), whether or not waived, shall exist with respect to any Single Employer Plan maintained by of any Credit Party or any ERISA Affiliate Commonly Controlled Entity or (iii) any Lien in favor of the PBGC or a Single Employer Plan (other than a Permitted Lien) shall arise on the assets of any the Credit Party Parties or any ERISA AffiliateCommonly Controlled Entity, (iviii) a Reportable Event shall occur with respect to, or proceedings under Title IV of ERISA shall commence to have a trustee appointed, or a trustee shall be appointed under Title IV of ERISAappointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (viv) any Single Employer Plan of any Credit Party or any Commonly Controlled Entity shall terminate for purposes of Title IV of ERISA, or (viERISA other than pursuant to a standard termination under Section 4041(b) any of ERISA unless such standard termination results in a liability to the Credit Party or any ERISA Affiliate Commonly Controlled Entity of an amount greater than $250,000.00, (v) a Credit Party or any Commonly Controlled Entity shall incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan; Plan and any such event, together with all then continuing events described in each case in clauses the foregoing sections (i) through (viv) above, such event or condition, together with all other such events or conditions, if any, would will reasonably be expected to have result in a Material Adverse Effectliability in excess of $250,000.00; or

ERISA Default. The occurrence of any of the following which causes a Material Adverse Effect to exist: (i) Any any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any failure to contribute when due a Single Employer Plan shall be in “at risk” status within the minimum required contribution (as defined meaning of Code Section 430(i) or a Multiemployer 103 Plan shall be in “endangered status” or “critical status” within the meaning of Section 430(a432(b) of the Code) to any Single Employer Plan maintained by any Credit Party Code or any ERISA Affiliate or (iii) any Lien in favor of the PBGC or a Single Employer Plan (other than a Permitted Lien) shall arise on the assets of any the Credit Party Parties or any ERISA AffiliateCommonly Controlled Entity, (iviii) a Reportable Event shall occur with respect to, or proceedings under Title IV of ERISA shall commence to have a trustee appointed, or a trustee shall be appointed under Title IV of ERISAappointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely could reasonably be expected to result in the termination of such Plan for purposes of Title IV of ERISA, (viv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, ERISA or (viv) a Credit Party, any Credit Party of its Subsidiaries or any ERISA Affiliate shall Commonly Controlled Entity could reasonably be expected to incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or

ERISA Default. The occurrence of any of the following (i) Any which causes a Material Adverse Effect to exist: any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (iia Single Employer Plan shall be in “at risk” status within the meaning of Code Section 430(i) any failure to contribute when due or a Multiemployer Plan shall be in “endangered status” or “critical status” within the minimum required contribution (as defined in meaning of Section 430(a432(b) of the Code) to any Single Employer Plan maintained by any Credit Party Code or any ERISA Affiliate or (iii) any Lien in favor of the PBGC or a Single Employer Plan (other than a Permitted Lien) shall arise on the assets of any the Credit Party Parties or any ERISA AffiliateCommonly Controlled Entity, (iv) a Reportable Event shall occur with respect to, or proceedings under Title IV of ERISA shall commence to have a trustee appointed, or a trustee shall be appointed under Title IV of ERISAappointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely could reasonably be expected to result in the termination of such Plan for purposes of Title IV of ERISA, (v) any Single Employer Plan shall terminate for purposes of Title IV of ERISAERISA or a Credit Party, or (vi) any Credit Party of its Restricted Subsidiaries or any ERISA Affiliate shall Commonly Controlled Entity could reasonably be expected to incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or

ERISA Default. The occurrence of any of the following which causes a Material Adverse Effect to exist: (i) Any any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any failure to contribute when due a Single Employer Plan shall be in “at risk” status within the minimum required contribution (as defined meaning of Code Section 430(i) or a Multiemployer Plan shall be in “endangered status” or “critical status” within the meaning of Section 430(a432(b) of the Code) to any Single Employer Plan maintained by any Credit Party Code or any ERISA Affiliate or (iii) any Lien in favor of the PBGC or a Single Employer Plan (other than a Permitted Lien) shall arise on the assets of any the Credit Party Parties or any ERISA AffiliateCommonly Controlled Entity, (iviii) a Reportable Event shall occur with respect to, or proceedings under Title IV of ERISA shall commence to have a trustee appointed, or a trustee shall be appointed under Title IV of ERISAappointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely could reasonably be expected to result in the termination of such Plan for purposes of Title IV of ERISA, (viv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, ERISA or (viv) a Credit Party, any Credit Party of its Subsidiaries or any ERISA Affiliate shall Commonly Controlled Entity could reasonably be expected to incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or