Multiemployer Plan Clause Examples
The Multiemployer Plan clause defines the parties’ obligations and responsibilities regarding participation in or contributions to multiemployer pension or benefit plans, which are typically collectively bargained and cover employees from multiple employers. This clause often requires the employer to disclose any involvement with such plans, address potential withdrawal liabilities, and ensure compliance with relevant laws such as ERISA. Its core function is to allocate risk and clarify financial responsibilities related to multiemployer plans, thereby preventing unexpected liabilities and ensuring transparency between contracting parties.
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Multiemployer Plan. “Multiemployer Plan” shall mean any “multiemployer plan,” as defined in Section 3(37) or 4001(a)(3) of ERISA, which any Seller or any ERISA Affiliate maintains, administers, contributes to or is required to contribute to, or maintained, administered, contributed to or was required to contribute to, or under which any Seller or any ERISA Affiliate has or may have any Liability.
Multiemployer Plan. Multiemployer Plan" shall mean any "multiemployer plan," as defined in Section 4001(a)(3) of ERISA, under which Harveys or any ERISA Affiliate may incur any liability.
Multiemployer Plan. A "multiemployer plan" as defined in Sections ------------------ 4001(a)(3) and 3(37) of ERISA, and to which any Loan Party or any ERISA Affiliate is making, or is obligated to make, contributions or has made, or been obligated to make, contributions.
Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate.
Multiemployer Plan. Section 2.11(f),.................... 17
Multiemployer Plan. No Employee Benefit Plan is a "multiemployer plan" within the meaning of Section 3(37)(A) of ERISA.
Multiemployer Plan. The term “MULTIEMPLOYER PLAN” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA which is maintained for employees of the BORROWER, or any ERISA AFFILIATE of the BORROWER.
Multiemployer Plan. Seller and Purchaser intend to comply with the requirements of Section 4204 of ERISA in order that the Transaction shall not be deemed a complete or partial withdrawal from the I.A.M. National Pension Fund (the “Multiemployer Plan”), but only to the extent that there are unfunded vested benefits in the Multiemployer Plan that would trigger the occurrence of withdrawal liability, by virtue of a full or partial withdrawal, as a result of the Transaction. Accordingly, Seller and Purchaser agree as follows:
(i) Purchaser will be obligated to make contributions to the Multiemployer Plan in accordance with any Collective Bargaining Agreement relating thereto and shall contribute to the Multiemployer Plan with respect to the business and operations of the Purchased Assets and Purchased Entities on the same terms as Rexam had an obligation to contribute to the Multiemployer Plan prior to the Closing Date.
(ii) Unless and until a variance or exemption is obtained in accordance with Section 4204(c) of ERISA, Purchaser will provide to the Multiemployer Plan, for a period of five plan years commencing with the first plan year beginning after the Closing Date (the “Contribution Period”), a bond issued by a corporate surety company that is an acceptable surety for purposes of Section 412 of ERISA, or an amount held in escrow by a bank or similar financial institution satisfactory to the Multiemployer Plan, as applicable, or such other security as may be permitted under Section 4204(a)(1)(B) of ERISA or regulations thereunder, in an amount equal to the greater of:
(A) the average annual contribution required to be made by Rexam to the Multiemployer Plan with respect to the business and operation of the Facilities, as applicable, for the three plan years preceding the plan year in which the Closing Date occurs, or
(B) the annual contribution that Rexam was required to make with respect to the business and operations of the Facilities under the Multiemployer Plan for the last plan year before the plan year in which the Closing Date occurs, which applicable bond or escrow shall be paid to the Multiemployer Plan if Purchaser (or its applicable Affiliate) withdraws from the Multiemployer Plan, or fails to make a contribution to the Multiemployer Plan when due, at any time during the Contribution Period. Seller agrees to cooperate with Purchaser in connection with any application for a variance or exemption under Section 4204(c) of ERISA made by Purchaser to the Pension Benefi...
Multiemployer Plan. Any plan which is a Multiemployer Plan as defined in Section 4001(a)(3) of ERISA.
Multiemployer Plan. 19 Offer...................................................................... 1