Common use of COBRA Liability Clause in Contracts

COBRA Liability. An event has occurred (as determined by the Required Lenders in good faith) that would causes Borrower or any of its ERISA Affiliates to become a "successor employer" under COBRA and the regulations thereunder with respect to any employee welfare benefit plan of any member of the Controlled Group other than the Borrower or its ERISA Affiliates' employee welfare benefit plans and the Borrower is reasonably likely to have liability in excess of $5,000,000 in the aggregate in connection therewith.