Example ContractsClauseswithdrawalVariants
Withdrawal
Withdrawal contract clause examples

Potential Withdrawal Liability. On or before the last day of each calendar year after the Effective Date, the Borrower shall, pursuant to [Section 101(l)] of ERISA, request in writing from the plan sponsor or administrator of each Multiemployer Plan a notice of potential Withdrawal Liability as of the last day of the preceding plan year with an explanation of how such estimated liability was determined and promptly deliver to Lender copies of any such notices received from the plan sponsor or administrator of each Multiemployer Plan.

With respect to each Multiemployer Plan for which Borrower or any ERISA Affiliate has an obligation to make contributions or other liability, within the meaning of [Section 101(l)] of ERISA (a “Contributing Employer”), upon request by Lender in writing, and no more frequently than once in a twelve (12) month period, Borrower shall request, or cause to be requested, in accordance with [Section 101(1)(1)] of ERISA, that the plan sponsor or administrator of the applicable Multiemployer Plan provide an estimate of the amount of the Contributing Employer’s withdrawal liability under Title IV of ERISA if the Contributing Employer were to have completely withdrawn from the applicable Multiemployer Plan on the last day of the plan year preceding the date of the request, and shall provide such information to Agent within 10 days after the receipt from the plan sponsor or administrator of the applicable Multiemployer Plan.

within 15 Business Days after the institution of or the withdrawal or partial withdrawal by the Borrower, any Subsidiary or any ERISA Affiliate from any Multiemployer Plan which would cause the Borrower, any Subsidiary or any ERISA Affiliate to incur Withdrawal Liability in excess of $100,000,000 (in the aggregate for all such withdrawals), a written notice thereof signed by an executive officer of the Borrower stating the applicable details; and

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.