Common use of Assumption of Liabilities and Transfer of Assets Clause in Contracts

Assumption of Liabilities and Transfer of Assets. In accordance with applicable Law, Dover and Xxxxxxx shall have caused, in the manner described herein, the accounts under the Dover 401(k) Plan of each Xxxxxxx Employee to be transferred to the Xxxxxxx 401(k) Plan as of the Plan Separation Date or as soon as practicable thereafter. As of the Plan Separation Date: (i) Dover shall have used reasonable efforts to cause the accounts (including any outstanding loan balances) of each Xxxxxxx Employee as of such date and in the Dover 401(k) Plan to be transferred to the Xxxxxxx 401(k) Plan and its related trust; (ii) the Xxxxxxx 401(k) Plan shall have used reasonable efforts to assume and be solely responsible for all Liabilities under the Xxxxxxx 401(k) Plan relating to the accounts that are so transferred as of the time of such transfer; and (iii) Xxxxxxx shall have used reasonable efforts to cause such transferred accounts to be accepted by the Xxxxxxx 401(k) Plan and its related trust and shall have caused the Xxxxxxx 401(k) Plan to satisfy all protected benefit requirements under the Code and applicable Law with respect to the transferred accounts.