Location de chapiteaux sur Marseille, pour professionnels et particuliers
Lenders want assurance that the borrower is operating in accordance with existing legislation. Credit contracts generally include borrowers` statements that any plan managed by the borrower is in accordance with the existing provisions of ERISA and that there are no outstanding or threatened claims or lawsuits against their plans. These representations are often characterized by a provision on significant negative effects. It is important that the provisions of ERISA are generally plans of the borrower`s subsidiaries and other members of its « controlled group » (for example, parent-sister companies, individuals and trusts and administrative entities) so that, even if it does not propose a defined benefit plan or contributes to a union plan, the borrower may be required to consider whether the provisions of the ERISA are based on plans of erisa partners or other parts of ERISA (for example. B a guarantor and possibly the guarantor`s ERISA partners). (a) Except that there is no reason to expect, individually or globally, a significant negative effect; (i) any plan is in accordance with the current provisions of the ERISA, code and other federal or regional statutes and (ii) any plan designated as a qualified plan under Section 401 (a) of the Code has received a favourable cover letter from the IRS that the form of such a plan, pursuant to Section 401 (a) of the Code, and the associated trust fund has been designated by the IRS as the income tax provided for in the section 501. (a) code, or an application for this type of letter is currently processed by the IRS and, to the borrower`s knowledge, nothing has occurred, which could reasonably result in the loss of such a tax qualification status. It has become increasingly common for the provisions of the ERISA of a credit contract to affect certain non-U.S. provisions. Plans. As a general rule, the types of plans abroad included in the « ERISA » provisions of the loan contract, foreign pension plans and plans, as well as deferred compensation and severance plans and agreements, defer benefits until termination or retirement.