Common use of Terminability of Welfare Plans Clause in Contracts

Terminability of Welfare Plans. No Employee Benefit Plan, which is an employee welfare benefit plan within the meaning of §3(1) or §3(2)(B) of ERISA, provides benefit coverage subsequent to termination of employment, except as required by Title I, Part 6 of ERISA or the applicable state insurance laws. The Borrower, or an ERISA Affiliate (other than Interpool), as appropriate, may terminate each such Plan at any time (or at any time subsequent to the expiration of any applicable bargaining agreement) in the discretion of the Borrower or such ERISA Affiliate (other than Interpool) without material liability to any Person other than for claims arising prior to termination.

Terminability of Welfare Plans. No Under each Employee Benefit Plan, Plan which is an employee welfare benefit plan within the meaning of §3(1) or §3(2)(B) of ERISA, provides no benefits are due unless the event giving rise to the benefit coverage subsequent entitlement occurs prior to plan termination of employment, (except as required by Title I, Part 6 of ERISA or the applicable state insurance lawsERISA). The Borrower, Credit Parties or an ERISA Affiliate (other than Interpool)Affiliate, as appropriate, may terminate each such Plan at any time (or at any time subsequent to the expiration of any applicable bargaining agreement) in the discretion of the Borrower Credit Parties or such ERISA Affiliate (other than Interpool) without material liability to any Person Person, other than for claims arising benefits which have accrued prior to termination.

Terminability of Welfare Plans. No Under each Employee Benefit Plan, Plan which is an employee welfare benefit plan within the meaning of §Section 3(1) or §Section 3(2)(B) of ERISA, provides no benefits are due unless the event giving rise to the benefit coverage subsequent entitlement occurs prior to plan termination of employment, (except as required by Title I, Part 6 of ERISA or the applicable state insurance lawsERISA). The Borrower, A Borrower or an ERISA Affiliate (other than Interpool)Affiliate, as appropriate, may terminate each such Plan at any time (or at any time subsequent to the expiration of any applicable bargaining agreement, subject to applicable law) in the discretion of the such Borrower or such ERISA Affiliate (other than Interpool) without material liability to any Person other than except for outstanding benefits claims arising prior to at the time of termination.

Terminability of Welfare Plans. No Under each Employee Benefit Plan, Plan which is an employee welfare benefit plan within the meaning of §3(1) or §3(2)(B) of ERISA, provides no benefits are due unless the event giving rise to the benefit coverage subsequent entitlement occurs prior to plan termination of employment, (except as required by Title I, Part 6 of ERISA or the applicable state insurance lawsERISA). The BorrowerParent, the Borrower or an ERISA Affiliate (other than Interpool)Affiliate, as appropriate, may terminate each such Plan at any time (or at any time subsequent to the expiration of any applicable bargaining agreement) in the discretion of the Parent, the Borrower or such ERISA Affiliate (other than Interpool) without material liability to any Person Person, other than for claims arising benefits which have accrued prior to termination.

Terminability of Welfare Plans. No Employee Benefit Plan, which is an employee welfare benefit plan within the meaning of §3(1) or §3(2)(B) of ERISA, provides benefit coverage subsequent to termination of employment, except as required by Title I, Part 6 of ERISA or the applicable state insurance lawslaws and except for continuing medical benefits provided under any severance policy of the Borrower and/or any Subsidiary. The Borrower, or an ERISA Affiliate (other than Interpool), as appropriate, Borrower may terminate each such Plan at any time (or at any time subsequent to the expiration of any applicable bargaining agreement) in the discretion of the Borrower or such ERISA Affiliate (other than Interpool) without material liability to any Person other than for claims arising prior to termination.