Common use of Plans and Welfare Plans Clause in Contracts

Plans and Welfare Plans. The assets of Borrower do not constitute “plan assets” under regulations currently promulgated under ERISA. Neither Borrower nor any ERISA Affiliate sponsors, maintains, contributes to or is required to contribute to any Plan or Multiemployer Plan nor has the Borrower or any ERISA Affiliate sponsored, maintained, contributed to or been required to contribute to any Plan or Multiemployer Plan within the past six years. There are no pending issues or claims before the Internal Revenue Service, the United States Department of Labor or any court of competent jurisdiction related to any Plan or Welfare Plan that would reasonably be expected to result in a material liability to Borrower. There have been no violations of Section 4980B of the Code or Section 601, et seq. of ERISA by Borrower or any of its ERISA Affiliates that would reasonably be expected to result in a material liability to Borrower. No event has occurred, and there exists no condition or set of circumstances, in connection with any Plan or Welfare Plan under which Borrower or, to the best knowledge of Borrower, any ERISA Affiliate, directly or indirectly (through an indemnification agreement or otherwise), is reasonably likely to be subject to any material risk of material liability under Section 409 or 502(i) of ERISA or Section 4975 of the Code. No Welfare Plan provides or will provide any retiree or post-employment medical, disability or life insurance benefits with respect to any current or former employee of Borrower, or, to the best knowledge of Borrower, any ERISA Affiliate other than (i) coverage mandated by applicable law, (ii) death or disability benefits that have been fully provided for by fully paid up insurance or (iii) severance benefits.

Plans and Welfare Plans. The assets of the Borrower do are not constitute “treated as "plan assets” " under final regulations currently promulgated promulgated, as of the date of this Agreement, under ERISA. Neither Borrower nor Each Plan, Welfare Plan, and, to the best knowledge of the Borrower, each Multiemployer Plan, is in compliance in all material respects with, and has been administered in all material respects in compliance with, its terms and the applicable provisions of ERISA, the Code and any ERISA Affiliate sponsorsother applicable Legal Requirement, maintains, contributes and no event or condition has occurred and is continuing as to or is required to contribute to any Plan or Multiemployer Plan nor has which the Borrower or any ERISA Affiliate sponsoredwould be under an obligation to furnish, maintainedbut has not furnished, contributed a report to or been required to contribute to any Plan or Multiemployer Plan within the past six yearsSyndication Agent under Section 5.1(V). There are no pending issues or claims before the Internal Revenue Service, the United States Department of Labor or any court of competent jurisdiction related to any Plan or Welfare Plan that would could reasonably be expected to result in have a material liability to Borrower. There have been no violations of Section 4980B of the Code or Section 601, et seq. of ERISA by Borrower or any of its ERISA Affiliates that would reasonably be expected to result in a material liability to BorrowerMaterial Adverse Effect. No event has occurred, and there exists no condition or set of circumstances, in connection with any Plan or Welfare Plan under which the Borrower or, to the best knowledge of Borrower, or any ERISA Affiliate, directly or indirectly (through an indemnification agreement or otherwise), is could reasonably likely be expected to be subject to any material risk of material liability under Section 409 or 502(i) of ERISA or Section 4975 of the Code. No Except to the extent that the same would not reasonably be expected to result in a Material Adverse Effect, no Welfare Plan provides benefits (including, without limitation, death or will provide any retiree medical benefits) (whether or post-employment medical, disability or life insurance benefits not insured) with respect to any current or former employee of the Borrower, or, to the best knowledge of Borrower, or any ERISA Affiliate beyond his or her retirement or other termination of service other than (i) coverage mandated by applicable law, (ii) death or disability benefits that have been fully provided for by fully paid up insurance or (iii) severance benefits. No Plan has any Unfunded Benefit Liabilities which, if paid, would reasonably be expected to result in a Material Adverse Effect.