Common use of No Reportable Event Clause in Contracts

No Reportable Event. Each plan maintained by the Borrower is in compliance with the applicable provisions of ERISA, except for instances of noncompliance, which, singly or in the aggregate, do not and will not have a material adverse effect upon the business, properties, assets, liabilities, profits, financial condition, operations or results of operations, or business prospects of the Borrower to perform its obligations under this Agreement and the Loan Documents. The Borrower has met all of the funding standards applicable to its plans, and there exists no event or condition which would permit the institution of proceedings to terminate any such plan under Section 4042 of ERISA.