ERISA Default definition

ERISA Default means (a) any of the following (i) the occurrence of a nonexempt “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any Plan to which the Company or any ERISA Affiliate is a “party in interest” (within the meaning of Section 3(14) of ERISA) or a “disqualified person” (within the meaning of Section 4975 of the Code); (ii) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (iii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by the Company or any ERISA Affiliate to make any required contribution to a Multiemployer Plan; (iv) the incurrence by the Company or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Plan; (v) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or to appoint a trustee to administer any Plan under Section 4042 of ERISA; or (vi) the incurrence by the Company or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; and (b) in each case in clauses (i) through (vi), such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect.
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ERISA Default means (a) any of the following (i) the occurrence of a nonexempt “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any Plan to which the Company or any ERISA Affiliate is a “party in interest” (within the meaning of Section 3(14) of ERISA) or a “disqualified person” (within the meaning of Section 4975 of the Code); (ii) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (iii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by the Company or any ERISA Affiliate to make any required contribution to a Multiemployer Plan; (iv) the incurrence by the Company or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Plan; (v) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or to appoint a trustee to administer any Plan under Section 4042 of ERISA; or
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ERISA Default. Any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $25,000,000 (or its equivalent) which it shall have become liable to pay under Title IV of ERISA, notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing, the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material Plan, a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated, or there shall occur a complete or partial withdrawal from, or a Event of Default or Potential Event of Default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which causes one or more members of the ERISA Group to incur a current payment obligation in excess of $100,000,000 (or its equivalent) in the aggregate.
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Examples of ERISA Default in a sentence

  • An OP Credit Agreement ERISA Default (each OP Credit Agreement ERISA Default being hereby incorporated herein by reference) shall occur.

  • The occurrence of any "ERISA Default", as that term is defined in Section 1 of Appendix II (ERISA Matters).

  • Section 7.01 Payments 5565 Section 7.02 Special Covenants 5565 Section 7.03 Other Covenants 5565 Section 7.04 Representations and Warranties 5665 Section 7.05 Cross Default 5665 Section 7.06 ERISA Default 5665 Section 7.07 Change Of Control 5665 Section 7.08 Money Judgment 5665 Section 7.09 Validity of Loan Documents 5666 Section 7.10 Insolvency 5666 ARTICLE VIII.

  • EVENTS OF DEFAULT 39 Section 7.01 Payments 39 Section 7.02 Special Covenants 39 Section 7.03 Other Covenants 39 Section 7.04 Representations and Warranties 39 Section 7.05 Cross Default 39 Section 7.06 ERISA Default 39 Section 7.07 Change Of Control 39 Section 7.08 Money Judgment 39 Section 7.09 Validity of Loan Documents 40 Section 7.10 Insolvency 40 Article VIII.

  • EVENTS OF DEFAULT 65 Section 7.1. Payments 65 Section 7.2. Special Covenants 65 Section 7.3. Other Covenants 65 Section 7.4. Representations and Warranties 66 Section 7.5. Cross Default 66 Section 7.6. ERISA Default 66 Section 7.7. Change in Control 66 Section 7.8. Judgments 66 Section 7.9. Material Adverse Change 66 Section 7.10.

  • EVENTS OF DEFAULT 43 Section 7.01 Payments 43 Section 7.02 Special Covenants and Representations 43 Section 7.03 Other Covenants 44 Section 7.04 Representations and Warranties 44 Section 7.05 Cross Default 44 Section 7.06 ERISA Default 44 Section 7.07 Change Of Control 44 Section 7.08 Money Judgment 44 Section 7.09 Validity of Loan Documents 44 Section 7.10 Insolvency 45 Article VIII.

  • EVENTS OF DEFAULTs 81 Section 7.1. Payments 81 Section 7.2. Special Covenants 81 Section 7.3. Other Covenants 81 Section 7.4. Representations and Warranties 81 Section 7.5. Cross Default 81 Section 7.6. ERISA Default 82 Section 7.7. Change in Control 82 Section 7.8. Money Judgment 82 Section 7.9 Material Adverse Change 82 Section 7.10 Security 82 Section 7.11.

  • EVENTS OF DEFAULT 70 Section 8.1. Payments 70 Section 8.2. Special Covenants 70 Section 8.3. Other Covenants 70 Section 8.4. Representations and Warranties 71 Section 8.5. Cross Default 71 Section 8.6. ERISA Default 71 Section 8.7. Change in Control 71 Section 8.8. Judgments 71 Section 8.9. Material Adverse Change 71 Section 8.10.

  • EVENTS OF DEFAULT 79 Section 7.1. Payments 79 Section 7.2. Special Covenants 79 Section 7.3. Other Covenants 79 Section 7.4. Representations and Warranties 79 Section 7.5. Cross Default 79 Section 7.6. ERISA Default 80 Section 7.7. Change in Control 80 Section 7.8. Judgments 80 Section 7.9. Security 80 Section 7.10.

  • EVENTS OF DEFAULT 66 Section 7.1. Payments 66 Section 7.2. Special Covenants 66 Section 7.3. Other Covenants 66 Section 7.4. Representations and Warranties 66 Section 7.5. Cross Default 66 Section 7.6. ERISA Default 66 Section 7.7. Change in Control 67 Section 7.8. Money Judgment 67 Section 7.9. Validity of Loan Documents 67 Section 7.10.


More Definitions of ERISA Default

ERISA Default means the occurrence of a Reportable Event that results in material liability of Binks or any of its Subsidiaries or their ERISA Affiliates to the PBGC or to any Plan and such Reportable Event is not corrected within thirty (30) days after the occurrence thereof; or the occurrence of any Reportable Event which could constitute grounds for termination of any Plan of Binks or any of its Subsidiaries or their ERISA Affiliates by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer any such Plan and such Reportable Event is not corrected within thirty (30) days after the occurrence thereof; or Binks or any of its Subsidiaries or any of their ERISA Affiliates shall fail to pay when due any material liability to the PBGC or to a Plan; or the PBGC shall have instituted proceedings to terminate, or to cause a trustee to be appointed to administer, any Plan of Binks or any of its Subsidiaries or their ERISA Affiliates; or any Person engages in a Prohibited Transaction with respect to any Plan which results in material liability of Binks or any of its Subsidiaries, any of their ERISA Affiliates, any Plan of Binks or any of its Subsidiaries or their ERISA Affiliates or any fiduciary of any such Plan; or failure by Binks or any of its Subsidiaries or any of their ERISA Affiliates to make a required installment or other payment to any Plan within the meaning of Section 302(f) of ERISA or Section 412(n) of the Code that results in material liability of Binks or any of its Subsidiaries or any of their ERISA Affiliates to the PBGC or any Plan; or the withdrawal of Binks or any of its Subsidiaries or any of their ERISA Affiliates from a Plan during a plan year in which it was a "substantial employer" as defined in Section 4001(a)(2) of ERISA.
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ERISA Default means the occurrence of any of the following events: (a) any Pension Plan maintained by the Company or any of its ERISA Affiliates shall be terminated within the meaning of Title IV of ERISA, or a trustee shall be appointed by an appropriate United States district court to administer any Pension Plan, or the PBGC shall institute proceedings to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan if as of the date thereof the Company's liability or any such ERISA Affiliate's liability (after giving effect to the tax consequences thereof) to the PBGC for unfunded guaranteed vested benefits under the Pension Plans exceeds the then current value of assets accumulated in such Pension Plan by more than $50,000 (or in the case of a termination involving the Company or any of its ERISA Affiliates as a "substantial employer" (as defined in Section 4001(a)(2) of ERISA) the withdrawing employer's proportionate share of such excess shall exceed such amount); or (b) the Company or any of its ERISA Affiliates as employer under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability in an annual amount exceeding $50,000.
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ERISA Default means (a) any of the following (i) the occurrence of a nonexempt “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any Plan to which the Company or any ERISA Affiliate is a “party in interest” (within the meaning of Section 3(14) of ERISA) or a “disqualified person” (within the meaning of Section 4975 of the Code); (ii) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (iii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a
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Related to ERISA Default

  • Funding Default as defined in Section 2.18.

  • Reporting Default means a Default described in Section 6.01(d).

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).