Common use of Pension and Welfare Plans Clause in Contracts

Pension and Welfare Plans. During the twelve-consecutive-month period prior to the Closing Date and prior to the date of any Credit Event hereunder, except as would not reasonably be expected to have a Material Adverse Effect, (a) no steps have been taken to terminate any Pension Plan, (b) no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA, (c) no condition exists or event or transaction has occurred with respect to any Pension Plan which might result in the incurrence by the Borrower or any member of the Controlled Group of any liability (other than any liability that relates to the accrual of benefits), fine or penalty and (d) except as disclosed in Schedule IV, neither the Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Appears in 20 contracts

Samples: Term Loan Credit Agreement (ITC Holdings Corp.), Amendment and Restatement Agreement (ITC Holdings Corp.), Amendment and Restatement Agreement (ITC Holdings Corp.)

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Pension and Welfare Plans. During the twelve-consecutive-month period prior to the Closing Date and prior to the date of any Credit Event hereunder, except as would could not reasonably be expected to have a Material Adverse Effect, (a) no steps have been taken to terminate any Pension Plan, (b) no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA, (c) no condition exists or event or transaction has occurred with respect to any Pension Plan which might result in the incurrence by the Borrower or any member of the Controlled Group of any liability (other than any liability that relates to the accrual of benefits), fine or penalty and (d) except as disclosed in Schedule IVIII, neither the Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Appears in 10 contracts

Samples: Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.)

Pension and Welfare Plans. During the twelve-consecutive-month period prior to the Closing Date date of the execution and delivery of this Agreement and prior to the date of any Credit Event the Borrowing hereunder, except as would not reasonably be expected to have a Material Adverse Effect, (a) no steps have been taken to terminate any Pension Plan, (b) and no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien securing an amount in excess of $1,000,000 under Section 303(ksection 302(f) of ERISA, (c) no . No condition exists or event or transaction has occurred with respect to any Pension Plan which might result in the incurrence by the Guarantor, the Borrower or any member of the Controlled Group of any liability (other than any liability that relates to the accrual of benefits)liability, fine or penalty and (d) except which could reasonably be expected to result in a Material Adverse Effect. Except as disclosed in Schedule IVItem 6.10 of the Disclosure Schedule, neither the Borrower Guarantor nor any member of the Controlled Group has any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Appears in 1 contract

Samples: Noble Energy Inc

Pension and Welfare Plans. During the twelve-consecutive-month period prior to the Closing Date date of the execution and delivery of this Agreement and prior to the date of any Credit Event the Borrowing hereunder, except as would not reasonably be expected to have a Material Adverse Effect, (a) no steps have been taken to terminate any Pension Plan, (b) and no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien securing an amount in excess of $1,000,000 under Section 303(ksection 302(f) of ERISA, (c) no . No condition exists or event or transaction has occurred with respect to any Pension Plan which might result in the incurrence by the Guarantor, the Borrower or any member of the Controlled Group of any liability (other than any liability that relates to the accrual of benefits)liability, fine or penalty and (d) except which could reasonably be expected to result in a Material Adverse Effect. Except as disclosed in Schedule IVItem 6.10 of the Disclosure Schedule, neither the Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement postretirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Appears in 1 contract

Samples: Term Loan Agreement (Noble Energy Inc)

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Pension and Welfare Plans. During the twelve-consecutive-month period prior to the Closing Date date of the execution and delivery of this Agreement and prior to the date of any Credit Event hereunderClosing Date, except as would not reasonably be expected to have a Material Adverse Effect, (a) no steps have been taken to terminate any Pension PlanPlan (other than pursuant to a "standard termination" in accordance with section 4041(B) of ERISA), (b) and no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(ksection 302(f) of ERISA, (c) no . No condition exists or event or transaction has occurred with respect to any Pension Plan which might could reasonably be expected to result in the incurrence by the Borrower or any member of the Controlled Group of any liability (other than any liability that relates to the accrual of benefits)material liability, fine or penalty and (d) except penalty. Except as disclosed in Schedule IVItem 6.11 ("Employee Benefit Plans") of the Disclosure Schedule, neither the Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Appears in 1 contract

Samples: Credit Agreement (Duane Reade Inc)

Pension and Welfare Plans. During the twelve-consecutive-month period prior to the Closing Date and prior to the date of any Credit Event hereunder, except as would could not reasonably be expected to have a Material Adverse Effect, (a) no steps have been taken to terminate any Pension PlanPlan of such Borrower, (b) no contribution failure has occurred with respect to any Pension Plan of such Borrower sufficient to give rise to a Lien under Section 303(k302(f) of ERISA, (c) no condition exists or event or transaction has occurred with respect to any Pension Plan which might result in the incurrence by the such Borrower or any member of the Controlled Group of any liability (other than any liability that relates to the accrual of benefits)liability, fine or penalty and (d) except as disclosed in Schedule IVIII, neither the such Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Appears in 1 contract

Samples: Revolving Credit Agreement (ITC Holdings Corp.)

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