ERISA Lien Sample Clauses
An ERISA Lien clause establishes the right of a health plan governed by the Employee Retirement Income Security Act (ERISA) to recover medical expenses it has paid if the plan participant later receives compensation from a third party, such as in a personal injury settlement. In practice, this means that if an employee’s health plan covers medical bills after an accident, and the employee subsequently obtains a settlement or judgment from the party responsible for the injury, the plan can claim reimbursement from those proceeds. The core function of this clause is to ensure that the health plan is reimbursed for costs it has advanced, preventing double recovery by the participant and maintaining the financial integrity of the plan.
ERISA Lien. As of the Closing Date, the Borrower has not received notice that any Lien arising under ERISA has been filed against the assets of the Borrower.
ERISA Lien. As of the Closing Date, the Issuer has not received notice that any Lien arising under ERISA has been filed against the assets of the Issuer.
ERISA Lien. Holding or Company or any of their respective ERISA Affiliates shall fail to make required contributions when due under Section 412 of the Internal Revenue Code which results in the imposition of a Lien under Section 412 of the Internal Revenue Code to secure such unpaid contributions in an aggregate amount in excess of $1,000,000;
(i) upon the occurrence of any Event of Default described in the foregoing subsections 8.6 or 8.7 with respect to Holding, Company or any Subsidiary, each of (a) the unpaid principal amount of and accrued interest on the Revolving Credit Loans, (b) an amount equal to the maximum amount that may at any time be drawn under all Letters of Credit then outstanding (whether or not any beneficiary under any Letter of Credit shall have presented or be entitled to present, the drafts and other documents required to draw under the Letter of Credit), and (c) all other Obligations, shall automatically become immediately due and payable, without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by Holding and its Subsidiaries, and the obligation of each Lender to make any Revolving Credit Loan or to issue any Letter of Credit shall thereupon terminate and (ii) upon the occurrence and during the continuance of any other Event of Default (including any Event of Default described in the foregoing subsections 8.6 or 8.7 with respect to any Foreign Subsidiary), Requisite Lenders may, by written notice to Company, declare all or any portion of the amounts described in clause (a) through (c) above to be, and the same shall forthwith become, immediately due and payable, together with accrued interest thereon, and the obligation of each Lender to make any Revolving Credit Loan or to issue any Letter of Credit shall thereupon terminate. So long as any Letter of Credit shall remain outstanding, any amounts described in clause (b) above with respect to Letters of Credit, when received by the Issuing Lender, shall be held by the Issuing Lender, pursuant to such documentation as the Issuing Lender shall request, as cash collateral for the obligation of Company to reimburse the Issuing Lender in the event of any drawing under such Letters of Credit, and so much of such funds shall at all times remain on deposit as cash collateral as aforesaid as shall equal the maximum amount available at any time for drawing under all Letters of Credit (the "Maximum Available Amount"); PROVIDED that in the event of ca...
ERISA Lien. Notwithstanding anything herein to the contrary, the Springing Lien shall not be subject to the collective net worth limit applicable to a statutory lien under ERISA Section 4068 (the “ERISA Lien”). Nothing herein in any way limits PBGC’s rights, if any, to an ERISA Lien. However, any amount PBGC collects pursuant to an ERISA Lien from the IP Subsidiary shall serve to reduce the amount owed by the IP Subsidiary for the PBGC UBL Claims that would otherwise be secured by the Springing Lien; provided that no amounts collected hereunder, or under any other Transaction Document, pursuant to an ERISA Lien, or otherwise, from any Sears Party will reduce the PBGC UBL Claims or the amount of the Springing Lien therefor against any other of the foregoing Persons until PBGC has received a single full satisfaction of such claim.
ERISA Lien. 90 SECTION 9. AGENT 9.1 Appointment................................................ 91
ERISA Lien. Holding or Company or any of their respective ERISA Affiliates shall fail to make required contributions when due under Section 412 of the Internal Revenue Code which results in the imposition of a Lien under Section 412 of the Internal Revenue Code to secure such unpaid contributions in an aggregate amount in excess of $1,000,000; or
ERISA Lien. The PBGC shall file notice of a Lien with respect to an amount in excess of $100,000 pursuant to Section 4068 of ERISA with respect to any of the Receivables or Related Security and such Lien shall not have been released or fully-secured with cash pledged to Seller (and collaterally assigned to the Administrative Agent for the benefit of the Purchasers pursuant to this Agreement) within thirty (30) days; or
ERISA Lien. The U.S. Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of any MCC Entity and such lien shall not have been released within 15 Business Days, or the PBGC shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of any MCC Entity and such lien shall not have been released within 15 Business Days.