Common use of ERISA and Code Compliance and Liability Clause in Contracts

ERISA and Code Compliance and Liability. Each Plan (i) has been administered in accordance with its terms and (ii) complies in form, and has been maintained and operated in accordance, with the requirements of ERISA and, where applicable, the Code, except where failure to comply would not result in a material liability to Borrower or any ERISA Affiliate and except for the failure to adopt any required amendments for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired. Each Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the Internal Revenue Service (“IRS”) to be so qualified and each trust related to such plan has been determined to be exempt under Section 501(a) of the Code. No material liability has been incurred by any Loan Party or any ERISA Affiliate which remains unsatisfied for any taxes or penalties with respect to any Plan or Multiemployer Plan. Each Loan Party and ERISA Affiliate has complied in all material respects with the applicable requirements of Part 6 of Title I of ERISA.