Common use of Benefit Plan Liability Clause in Contracts

Benefit Plan Liability. Effective as of the Closing Date, each member of the Company Group shall cease to have any Liability with respect to any Benefit Plan sponsored or maintained by Seller or its ERISA Affiliates, except to the extent provided in the Employee Secondment Agreement and Employee Transfer Agreement. Prior to the Closing Date, Seller shall take or cause to be taken all such actions as are necessary to cause each member of the Company Group to cease to have any such Liability. Notwithstanding the foregoing, effective as of the Transfer Date, Access MLP Operating, L.L.C. or one of its Affiliates, shall assume the Chesapeake Midstream Management Incentive Compensation Plan, as amended and restated, in accordance with that certain MICP Assumption Agreement attached hereto as Exhibit J.