Common use of Employee Retirement Income Security Act Clause in Contracts

Employee Retirement Income Security Act. No material Plan established or maintained by the Borrower or any Domestic Subsidiary, which is subject to Part 3 of Subtitle B of Title I of ERISA, had an accumulated funding deficiency (as such term is defined in Section 302 of ERISA) as of the last day of the most recent fiscal year of such Plan ended prior to the date hereof, or would have had an accumulated funding deficiency (as so defined) on such day if such year were the first year of such Plan to which Part 3 of Subtitle B of Title I of that Act applied, and no material liability to the PBGC, has been, or is expected by the Borrower or any Domestic Subsidiary to be, incurred with respect to any such Plan by the Borrower or any Domestic Subsidiary.

Employee Retirement Income Security Act. No material Plan established or maintained by the Borrower or any Domestic Subsidiary, which is subject to Part 3 of Subtitle B of Title I of ERISA, had an accumulated funding deficiency (as such term is defined in Section 302 of ERISA) as of the last day of the most recent fiscal year of such Plan ended prior to the date hereof, or would have had an accumulated funding deficiency (as so defined) on such day if such year were the first year of such Plan to which Part 3 of Subtitle B of Title I of that Act applied, and no material liability to the PBGC, has been, or is expected by the Borrower or any Domestic Subsidiary to be, incurred with respect to any such Plan by the Borrower or any Domestic Subsidiary.